Financial Services Reforms

Debate between Meg Hillier and Andrew Griffith

Tuesday 11th July 2023 Commons Chamber

[Dame Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

I draw the House’s attention to the fact that I am a trustee of the parliamentary contributory pension fund. Forgive me if I am a little sceptical about Government involvement in pension funds. We have seen how the annual and lifetime allowances, announced at the Dispatch Box by a former Chancellor, have played out. It was also this Government who took us through McCloud in the public sector. The Minister said that the average earner who starts saving at 18 could increase the size of their pension pot by 12% over their career. Can he give the House examples of the assumptions behind that figure, and will he publish the modelling behind it?

[Andrew Griffith]

The Government Actuary’s Department is the source of those figures, which we published this morning—I draw the hon. Lady’s attention to that fact. Clearly, there are a number of assumptions within that. I do not think it is right to be sceptical. These are reforms that have been formed with wide consultation, including from across the House. I hope that we can form a growing consensus so that the industry receives a signal from this place that it is ultimately time to stop talking and to get on with investing. That is the outcome that we seek.

Economic Responsibility and a Plan for Growth

Debate between Meg Hillier and Andrew Griffith

Wednesday 19th October 2022 Commons Chamber

[Andrew Griffith]

My hon. Friend has made a very important point. I think the whole House will want to acknowledge not only the impact on our economy of covid and the measures that Members on both sides of the House supported, but Putin’s invasion of Ukraine. It does us a great disservice to try to be over-partisan about the impacts of global trends that are happening in every western economy.

[Dame Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

The Minister has a strong track record of being knowledgeable about finance in the private sector, so will he acknowledge that the mini-Budget caused huge chaos in the markets? Notwithstanding the international issues which are a backdrop to this, this Government have scored an own goal by making the position a hell of a lot worse. Surely the Minister, with his financial background, will acknowledge that.

[Andrew Griffith]

The Chair of the Public Accounts Committee has made some fair points. We have acknowledged that mistakes have been made—the Prime Minister herself has said that—and I am happy to say it in the spirit in which the hon. Lady acknowledges that there are wider factors at work in the economy. It ill behoves the House to make those over-partisan points when our constituents are looking to us collectively for what we are able to do.