Lord Cryer
Main Page: Lord Cryer (Labour - Life peer)Department Debates - View all Lord Cryer's debates with the HM Treasury
(2 years, 1 month ago)
Commons ChamberRead Full debate Read Hansard Text Watch Debate Read Debate Ministerial Extracts
Urgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
Each Urgent Question requires a Government Minister to give a response on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
Chris Philp
Public expenditure both in Wales and across the United Kingdom stands at record levels. It has never been higher. In relation to extra funding, we are going to have iron discipline when it comes to public spending so the spending plan set out at the comprehensive spending review 2021, covering this current financial year and the next two, contains the limits we are going to stick to with discipline because it is important that we make the numbers add up.
John Cryer (Leyton and Wanstead) (Lab)
A few minutes ago, in answer to the hon. Member for Hitchin and Harpenden (Bim Afolami), the Chief Secretary said that the costs to the Treasury of the Bank of England’s intervention was not known because it depends on pricing, which I would imagine is fairly blindingly obvious even to him. Does that mean that the Treasury has made no assessment of that cost? If they have, what is it?
Chris Philp
It depends on market prices, as I say. Lacking any clairvoyance about where prices may move in the future, it is not possible to make an assessment not knowing where prices will be in a fast-moving market. I repeat that the volume of gilt purchases by the Bank of England have so far been a great deal below the ceiling that was set out.