IMF Economic Outlook

Debate between James Cartlidge and Angela Eagle

Tuesday 31st January 2023 Commons Chamber

[James Cartlidge]

With great respect to my right hon. Friend, who is very consistent on such points, I am bound to point out that, even with the forecast increases, corporation tax will still be the lowest in the G7 headline rates, and, of course, roughly 70% of businesses do not pay that higher rate because of the small business rate that pertains. I have not received any representations from the Opposition, other than a pledge for sound money from a party, which, since promising to put away the great big Government cheque book, has announced almost £50 billion of unfunded spending commitments.

[Dame Angela Eagle (Wallasey) (Lab)]

Despite the Minister’s bluster, the Government Benches are empty. Conservative Members have not come to the Chamber in large numbers to defend the Government’s economic results, because the IMF forecast is devastating, as it lays bare the economic incompetence of this Government. Sanctioned Russia is still doing better than we are. This Government are unfit to run the economy, as unfit as those on the Treasury Bench are to be in the Treasury.

[James Cartlidge]

I am pleased to say that there is very colourful support on our Back Benches today. I am sure that there will further pertinent and brilliant questions to come. The hon. Lady quotes the IMF, but I simply reiterate what its economic counsellor said this morning about the UK. He said:

“Let’s start with the good news: the UK economy has actually done relatively well in the last year. We’ve revised”—

growth—

“upwards to 4.1%...that’s one of the highest growth rates in Europe”.

That is exactly what the IMF said.