Rachael Maskell
Main Page: Rachael Maskell (Labour (Co-op) - York Central)Department Debates - View all Rachael Maskell's debates with the HM Treasury
(2 years, 1 month ago)
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Chris Philp
We have every sympathy with people who are struggling. That is why we have the energy price guarantee. It is why we have had the £37 billion intervention. It is why we are cutting taxes, particularly for people on lower incomes. It is why the minimum wage increased by so much a few months ago. It is why we have increased the national insurance threshold to help people.
On interest rates, I have explained more than once this afternoon that there is a global cycle that has been going on for about nine months. So far in this calendar year, interest rates in the United States, a comparable economy, have increased one and a half times as much as in the UK: by 300 basis points, compared with 200 basis points. It is very important that the House keeps that context in mind.
Rachael Maskell (York Central) (Lab/Co-op)
Yesterday, when I asked the Chancellor, he could not tell me how private pension schemes will be protected since the Bank of England has confirmed that it is ending its refinancing scheme. The Pensions Regulator has a responsibility to ensure that pension schemes are viable. However, in the current economic situation, without making demands on employers and workers, those pension schemes will collapse. How is the Chief Secretary going to respond?
Chris Philp
I have to say that the speculation in which the hon. Lady is engaging is slightly reckless, if that is perhaps not too strong a word. We have extremely capable regulators: the Bank of England, the Prudential Regulation Authority, the Pensions Regulator and others. Their responsibility is to make sure that our financial system, including pensions, is safe and secure for our constituents. The Government have complete confidence in our regulators, and I think the House should as well.