Oral Answers to Questions
Debate between James Murray and Kwasi Kwarteng(2 years, 1 month ago)
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James Murray (Ealing North) (Lab/Co-op)
The Chancellor’s refusal to publish OBR forecasts just over two weeks ago played a key role in falling confidence in the pound, rising borrowing costs and market panic. His woeful decision to avoid scrutiny by gagging the OBR helped to increase mortgage costs for working people, who are now paying the price for Conservative failure.
The Chancellor’s behaviour has been described by the former Bank of England Governor Mark Carney as “undercutting” economic institutions. Jonathan Haskel, a member of the Monetary Policy Committee, has made it clear that a
“sidelined OBR generates more uncertainty”.
Does the Chancellor accept that they are right?
Kwasi Kwarteng
As I have repeatedly said today, the OBR will have a fully forecasted and scored response to the medium-term fiscal plan in less than three weeks.
Corporate Transparency and Economic Crime
Debate between James Murray and Kwasi Kwarteng(2 years, 9 months ago)
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Kwasi Kwarteng
My hon. Friend will be pleased to learn that, as a consequence of the comprehensive spending review, my right hon. Friend the Chancellor of the Exchequer has increased the amount in anticipation of the reforms that we are bringing in. I am happy to work with my hon. Friend in future to ensure that we get this absolutely right.
James Murray (Ealing North) (Lab/Co-op)
As hon. Members across the House have made clear, the register to make public the overseas owners of property here in the UK is years overdue; it has been a crucial missing part of ridding our system of dirty money. Now that the Government have finally accepted it as a priority, there can be no further excuse for delay. Every day we waste now gives those backing and benefiting from Putin longer to hide their dirty money elsewhere. Will the Secretary of State follow our suggestion and commit to requiring all those owners of foreign property in the UK who need to disclose their details on the new register to do so by 31 March this year at the latest?
Kwasi Kwarteng
As I have said to the House, we are introducing legislation and, in the customary way, there will be plenty of scope for right hon. and hon. Members to move amendments and to tweak the legislation in any way they see fit.