Economic Update

Debate between Jeremy Hunt and John Stevenson

Monday 17th October 2022 Commons Chamber

[Jeremy Hunt]

We already, with Conservative support, ask wealthier people to pay far more tax than people on low means, but the kind of taxes that the hon. Lady is advocating would destroy the wealth of the overall economy, so we would have less money for the NHS and the people who need it most.

[John Stevenson (Carlisle) (Con)]

I appreciate that the Chancellor has some really difficult decisions to make on tax and spending, but if we are to grow the economy, we must maintain capital expenditure. Up and down the country, there are a number of projects to which we allocated funding three or four years ago. They are now out to tender and can be built in the next 12 to 18 months, but they may have a slight shortfall. Will the Chancellor be sensitive to those projects, because if we are to grow the economy, it is those sorts of capital projects that we need to commence?

[Jeremy Hunt]

I absolutely agree about the importance of capital to the long-term growth of the economy—indeed, not just those projects, but many other projects. So, yes, we will be sensitive to that, but that does not mean that we will not have to make difficult decisions.