European Council: Article 50 Extension

Debate between Kwasi Kwarteng and Owen Smith

Friday 22nd March 2019 Commons Chamber

[Kwasi Kwarteng]

Obviously, if the House is asked to decide a way forward, it would be surprising if those votes were not free votes. Again, though, my hon. Friend will understand that the ultimate decision is for the business managers and will be taken as and when the debate takes place. [Interruption.] I said it would be a matter of surprise to me.

[Owen Smith (Pontypridd) (Lab)]

Reports state that yesterday evening the Prime Minister left European leaders deeply unimpressed with her performance. That described a familiar situation for those of us in the House who are used to questioning the Government. Did the Minister really say a moment ago, from the Dispatch Box, that he anticipates that the Government will have a free vote on the withdrawal agreement when it comes back?

[Kwasi Kwarteng]

With respect, the hon. Gentleman utterly misheard, or certainly misunderstood, what I said. I was not referring to the meaningful vote; I was referring to the indicative votes suggested by my hon. Friend the Member for Chelmsford (Vicky Ford) in her question.

Finance (No. 4) Bill

Debate between Kwasi Kwarteng and Owen Smith

Wednesday 18th April 2012 Commons Chamber

[Owen Smith]

We do not know—[Laughter.] Conservative Members might laugh, but I would like to see them present some evidence on this, instead of the flannel and rhetoric that we are hearing—[Interruption.] The Minister is waving the HMRC report. Will he point to the part of it that gives definitive data on the impact on competitiveness of any rate of tax? There is nothing about that in the report, which is why he is not getting up to point it out. Come on! Let him show me the part of the report that substantiates the point made by the hon. Member for South West Norfolk (Elizabeth Truss).

[Kwasi Kwarteng (Spelthorne) (Con)]

rose—

[Owen Smith]

Is the hon. Gentleman about to—

--- Later in debate ---

[Kwasi Kwarteng]

rose—

[Owen Smith]

No, there is more from the Chancellor. Conservative Members ought to listen to this, because it is their very competent Chancellor speaking. A year later, in October 2010, he said:

“The public must know that the burden is being fairly shared. That’s why I said last year: we are all in this together. And I am clear…that those with the most”—

like those on the Treasury Bench—

“need to pay more. That is why… I have stuck with the 50p tax”.

Have I missed something over the past 18 months since this Chancellor has been in trouble? As far as I have seen, the economy has flatlined, growth is at absolutely zero, business investment is going nowhere and inflation is rising. The only thing that has fallen recently is unemployment. Thanks be to goodness that it has dipped today, but it is still at 2.6 million, and as I pointed out to the Minister on Monday night, 2,500 people were queuing for 200 jobs at a supermarket in my constituency last week. That is the reality of the economy under this Government, unfortunately.

The Economy

Debate between Kwasi Kwarteng and Owen Smith

Wednesday 22nd June 2011 Commons Chamber

[Kwasi Kwarteng]

I accept the hon. Gentleman’s point about Ireland, but let us look at what happened last year and the situation that we faced going into the general election in May. The shadow Chancellor quite rightly observed that the market price of gilts was rising and that interest rates on them were coming down in the period before the election. It is true that in the six weeks before the election, interest rates on gilts came down, but that was only because the market realised that there would be an end to the Labour Government. The market anticipated the result of the general election, after it became clear that, as a consequence of Labour’s total irresponsibility, the end of a Labour Government would mean a new Government who were serious about dealing with our financial position. It is true—I remember this—that the rates came down from mid-March, but that was only as a consequence of people in the markets literally rejoicing because Labour was going to leave. The shadow Chancellor was quite right to make that point; I just felt that we needed a bit more context.

[Owen Smith]

Will the hon. Gentleman give way?

[Kwasi Kwarteng]

The hon. Gentleman has had his say, but I will give way to him.

[Owen Smith]

I cannot help but point out that if the markets had been so omniscient and all-seeing, surely they would have spotted that the Tory party was not going to win the election.

[Kwasi Kwarteng]

The only question that the markets were interested in at that point was whether Labour would be re-elected. When it became obvious that Labour would not secure a majority in the House, they started buying lots of British Government debt, and the interest rates in the six weeks before the general election came down quite rapidly. Those are the facts, and one could find them out from the Financial Times, Bloomberg or any other information provider in financial services.