Economic Update

Debate between Jeremy Hunt and Stephen Kinnock

Monday 17th October 2022 Commons Chamber

[Jeremy Hunt]

Absolutely, and only a couple of weeks ago I was sitting in a café in Cheltenham having a cold sandwich with my hon. Friend. I want to thank him for his incredible articulacy in lobbying for the needs of the people of Cheltenham.

[Stephen Kinnock (Aberavon) (Lab)]

Does the Chancellor think that it is morally justifiable to lift the cap on bankers’ bonuses while refusing to confirm that he will link benefits to inflation?

[Jeremy Hunt]

I understand why the hon. Gentleman has asked the question. I believe that wealthier people should pay more as we go through a difficult period, but the mechanism of the cap, with which we were doing that, was not working. We will get more money out of the pockets of those rich bankers through what we are going to do now.