The Growth Plan

Jeremy Wright Excerpts

Friday 23rd September 2022 Commons Chamber

[Kwasi Kwarteng]

We are discussing support for off-grid properties where people rely on heating oil and other forms of energy. My right hon. Friend the Secretary of State for Business, Energy and Industrial Strategy will be discussing it as well, and will set out the position in more detail very soon.

[Sir Jeremy Wright (Kenilworth and Southam) (Con)]

I welcome the short-term support for energy costs that the Government are pursuing. I also welcome their focus on longer-term growth, but does my right hon. Friend agree that growth is dependent on the confidence not only of businesses, but of the households that spend on the products and services those businesses create? Does he also agree that that confidence will evaporate if people’s mortgage costs increase further than the benefits they gain from tax reductions? Will he do all he can to make sure that does not happen?

[Kwasi Kwarteng]

My right hon. and learned Friend is right. The two interventions I announced today—the energy intervention and reducing the tax burden—will have a positive impact on inflation. He is quite right that there is a risk in respect of interest rates. I regularly speak to the Governor of the Bank of England to seek his views on that. We work closely together and are focused on alleviating the burden on our constituents.