Replacement of the Chancellor of the Exchequer

Debate between Penny Mordaunt and Keir Starmer

Monday 17th October 2022 Commons Chamber

[Keir Starmer (Holborn and St Pancras) (Lab)]

(Urgent Question): To ask the Prime Minister to make a statement on the replacement of the Chancellor of the Exchequer during the current economic situation.

[The Leader of the House of Commons (Penny Mordaunt)]

With apologies to the Leader of the Opposition and the House, the Prime Minister is detained on urgent business—[Interruption.]—and they will have to make do—[Interruption.]

[Penny Mordaunt]

I afraid you will have to make do with me, Mr Speaker.

The Prime Minister has taken the decision to appoint my right hon. Friend the Member for South West Surrey (Jeremy Hunt), one of the longest serving and most experienced parliamentarians, as her Chancellor. Their overriding priority is to restore financial stability in the face of volatile global conditions. We will take whatever tough decisions are necessary, and have made changes to the growth plan, which the Chancellor is waiting to update the House on as soon as this urgent question finishes.

[Keir Starmer]

I thank the right hon. Lady for answering the question put to the Prime Minister; I guess that under this Tory Government everybody gets to be Prime Minister for 15 minutes.

The country is in an economic crisis made in Downing Street. Because they have lost all credibility, Government borrowing costs have soared, mortgage rates have ballooned, markets need reassuring, and there is long-term damage that cannot be undone. Once you have crashed the car at 100 mph, you have damaged it for good and will be paying much more on your insurance for years to come. It is working people who will pay, left wondering if they can afford to stay in their homes—if their hopes of owning a home have not already been crushed.

Now, it is time for leaders to lead, but where is the Prime Minister? She is hiding away, dodging questions, scared of her own shadow; the lady’s not for turning—up! Now, it is time to be honest about the mistakes they have made, but what does the Prime Minister say? She says, “My vision is right, my mission remains, I sacked my Chancellor but I can’t tell you why.” Now is a time for consistent messaging. But what do we get? A Prime Minister saying, “Absolutely no spending reductions,” a Chancellor saying that there will be cuts, a Prime Minister saying that she is in charge, and a Chancellor who thinks that he is the chief executive officer and the Prime Minister is just the chair. How can Britain get the stability it needs when all the Government offers is grotesque chaos? How can Britain get the stability it needs when instead of leadership we have this utter vacuum? How can Britain get the stability it needs when the Prime Minister has no mandate from her party and no mandate from the country?