Economy Update Debate

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Department: HM Treasury

Economy Update

Lilian Greenwood Excerpts
Thursday 26th May 2022

(2 years, 3 months ago)

Commons Chamber
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Rishi Sunak Portrait Rishi Sunak
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My hon. Friend speaks with experience on this matter, given his previous roles.

I will give a couple of examples. One we have touched on, which is energy supply and making sure that we can improve it, but there is also the labour market, which we know is tight. That is why it is important that we move people off welfare and into work and reform high-skill migration. Beyond that, we will go after all opportunities across all sectors where we can deregulate and improve our productive capacity.

Lilian Greenwood Portrait Lilian Greenwood (Nottingham South) (Lab)
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On the Chancellor’s watch, we have had 15 tax rises, and this year the UK is the only G7 country to be raising taxes on working people. He has known for months that our constituents are going hungry, sitting in the cold, worried sick about their bills and facing the biggest fall in their living standards since the 1950s. Why did it take the Prime Minister’s boozy lawbreaking being all over the news for him to finally impose a windfall tax on the bumper profits of energy companies?

Rishi Sunak Portrait Rishi Sunak
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Well, we did act, and that is why there is already £21 billion of support to help people with the cost of living this year. We are adding £15 billion to that today, after having more certainty about what energy bills will be in the autumn, and that is why we have acted now.