Kirsty Blackman
Main Page: Kirsty Blackman (Scottish National Party - Aberdeen North)Department Debates - View all Kirsty Blackman's debates with the HM Treasury
(1 day, 8 hours ago)
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Rachel Reeves
We are in a better position than we were when Russia invaded Ukraine for two reasons. The first is our macroeconomic situation. For the first time since 2019, our deficit is below 5% of GDP. It came down by 1 percentage point of GDP just this year, and the OBR has forecast that it will fall every year, which gives us a bit more of a buffer. Of course, I set out how the headroom against the fiscal rules—both the stability rule and the investment rule—had increased at the spring forecast compared with the Budget. The other way we are better prepared is that more of our electricity comes from contracts for difference, which are not linked to the volatile and rising gas prices. That means that bills will be less affected, but I come back to the point that de-escalation will have the greatest impact on my hon. Friend’s constituents in Dartford and people elsewhere in getting their bills down.
Kirsty Blackman (Aberdeen North) (SNP)
Families are already struggling with the ongoing cost of living crisis, and the Chancellor has failed to bring down energy bills in the way that was promised in the manifesto. As prices continue to soar and international events cause people real anxiety as they look on, people are struggling and feeling the squeeze from the cost of living more than ever before. Will she now recognise that this is a crisis for families and put in real support to help them through the cost of living crisis?
Rachel Reeves
With respect to the hon. Lady, on 1 April, energy prices will fall by an average of £117 thanks to the action that I took in the Budget, and will be frozen at that point until the end of June. As the former Chancellor, the right hon. Member for Godalming and Ash (Sir Jeremy Hunt), and other Members have said, the most important thing we can do now is de-escalate the crisis. If she really believes in energy security, she should back Labour’s plans to invest in nuclear energy, as well as the jobs that it would create in Scotland.