Oral Answers to Questions Debate

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Department: HM Treasury

Oral Answers to Questions

Jacob Rees-Mogg Excerpts
Tuesday 7th May 2024

(6 months ago)

Commons Chamber
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Nigel Huddleston Portrait The Financial Secretary to the Treasury (Nigel Huddleston)
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I have to say that I find this hypocrisy astounding. First, if the Opposition objected to the national insurance cuts, why did the Leader of the Opposition say that he supported them? If the Opposition are so keen on abolishing tax dodging, why did they not support our Finance Bill, which had measures in place to do just that? They did not support it; they abstained on it.

Jacob Rees-Mogg Portrait Sir Jacob Rees-Mogg (North East Somerset) (Con)
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The Bank of England has said that quantitative tightening is not an official part of its monetary policy targeting, yet it is at risk of costing, fiscally, £179 billion in losses underwritten by the Treasury. That is having a major effect on the fiscal situation of the country. Will His Majesty’s Government encourage the Bank of England to hold these bonds to maturity, taking the carry cost rather than taking the hit from selling them in the market and crystallising an enormous loss?

Bim Afolami Portrait Bim Afolami
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In relation to the asset purchase facility and how that has worked over recent years, it is not His Majesty’s Government’s—or indeed the Treasury’s—intention to change the way in which that works with the Bank of England, but as with all measures, the Chancellor keeps everything under close review.