Management of the Economy and Ministerial Severance Payments
Debate between Paul Howell and David Linden(2 years, 1 month ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Paul Howell (Sedgefield) (Con)
We have all acknowledged that the mini Budget caused a short-term reaction by the financial institutions, but other issues have been far more significant to the British and global economies. Indeed, the gilt yields, which were the focus of so much angst, are now back where they were before the mini- Budget.
Fundamentally, the economy is in the state it is in because of the lasting impact of the covid pandemic and the ongoing war in Ukraine. The Government have done everything possible to soften the blow to ordinary households. The hon. Member for Bradford West (Naz Shah) talked about costs being “Up, up, up, up,”, but interest rates have been at record lows for most of the last 12 years. What happened to change that? Oh—was there a pandemic? Was there a war in Ukraine? There were a couple of things that might just have happened. Do we think that food and power going up are not affected by what is happening in Europe. I find it bizarre that we are just ignoring that.
David Linden
The hon. Gentleman spoke about the impact of covid and Ukraine, and I do not deny that they have had an impact on the economy, but does he not also think that the Government’s chaotic handling of Brexit contributed to that as well?
Paul Howell
No—that is the easy answer. There have been many challenges with Brexit, but we voted Brexit through in late 2019. Being in a pandemic three months later did not exactly help the process of getting things done.
Coming back to my point, since the pandemic the Government have spent billions to protect businesses. Are Opposition Members saying that we should not have spent that money—that we should not be in debt because of covid and that we should not have supported businesses and people?