Kevin Hollinrake
Main Page: Kevin Hollinrake (Conservative - Thirsk and Malton)Department Debates - View all Kevin Hollinrake's debates with the HM Treasury
(2 years, 5 months ago)
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Rishi Sunak
Seventy per cent. of those in work will pay less tax this year than they did last year because of the changes that we have made. As I have said, now is the time to act because we have more certainty over what the price cap in the autumn will be. We are two thirds of the way through the observation window. Ofgem has given us a sense, which means that we can scale the support appropriately.
Kevin Hollinrake (Thirsk and Malton) (Con)
I warmly welcome my right hon. Friend’s statement. The shadow Chancellor made a very fair point: how are we going to fund this £15 billion? Is it not also fair to ask, on the basis that the windfall tax would raise about £3 billion by Labour’s calculations: how will Labour fund all the spending plans that it has announced today and on previous occasions, and the tax reductions that it has announced today and on previous occasions?
Rishi Sunak
My hon. Friend makes an excellent point. On the last count, we have had, I think, £100 billion of spending commitments or tax reductions from the Labour party. Less than a tenth of that has been funded, despite the shadow Chancellor saying that she is committed to fiscal responsibility. It is the same old story with Labour. Ultimately, they always run out of other people’s money.