Budget Resolutions

Debate between Karin Smyth and Mel Stride

Thursday 7th March 2024 Commons Chamber

[Mel Stride]

My hon. Friend is absolutely right. At the beginning of my speech, I invited the shadow Chancellor to explain to the House what she will do, given that the non-dom status will be abolished and windfall taxes on oil and gas will come forward. Will she once again U-turn and run for the hills, as she did with the £28 billion, or will she raise taxes or borrowing? Answer came there none.

[Karin Smyth (Bristol South) (Lab)]

When the Minister has time, he might want to read the shadow Chancellor’s speech in Hansard and help his colleagues who will be speaking later.

May I take him back to the subject of ordinary people? As a result of last year’s mini-Budget, people who remortgage are now paying £240 more—real money for them—than they were previously. If he does not accept that there is a £46 billion hole as a result of yesterday’s announcement, will he tell us what he thinks the figure is? Can he assure people who are remortgaging this year that they will not be further impacted by yesterday’s announcement and that there will not be a further scare on those markets?

[Mel Stride]

I can reassure all mortgage holders up and down the country that this Government are absolutely determined to see inflation return to its target. The OBR’s economic and fiscal outlook, published yesterday, makes it clear that we will meet the 2% target one year earlier than it forecast in the autumn. The significance of that for interest rates is obvious: interest rates will come down faster if inflation recedes quicker, and that is exactly what has happened.