Patricia Gibson
Main Page: Patricia Gibson (Scottish National Party - North Ayrshire and Arran)Department Debates - View all Patricia Gibson's debates with the HM Treasury
(7 months, 2 weeks ago)
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Marion Fellows (Motherwell and Wishaw) (SNP)
Patricia Gibson (North Ayrshire and Arran) (SNP)
The Chief Secretary to the Treasury (Laura Trott)
The Office for Budget Responsibility expects UK living standards to grow in all years of the forecast period.
Laura Trott
It is good news that energy prices are set to fall. The hon. Lady will know that the Chancellor abolished the surcharge in one of his first Budgets.
Patricia Gibson
The UK is set to have the highest level of inflation in the G7 and the lowest rate of growth in the entire OECD in 2025. Bizarrely, the Chancellor claimed ludicrously that the Tories are winning the war on inflation. With GDP per capita continuing to fall as part of the longest unbroken decline since records began, who does the Minister think in the real world really believes that this plan is working, and that the cost of living crisis is easing?
Laura Trott
It is important to note that inflation has more than halved since the Prime Minister took office, and is now at 3.2%. That will have a material impact on the cost of living pressures on households. In addition, support this year includes cutting national insurance rates across the UK and raising the local housing allowance. Benefits are up by 6.7%, the national living wage is up by 9.8%, and pensions are up by 8.5%. We are on the side of the British people.