Oral Answers to Questions
Debate between Rachel Reeves and Ashley Fox(2 days, 18 hours ago)
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Sir Ashley Fox (Bridgwater) (Con)
The Chancellor of the Exchequer (Rachel Reeves)
When we entered office, debt was at highs not seen since the 1960s. My commitment to the fiscal rules is non-negotiable, and we will drive debt down to a sustainable level. There have been movements in global financial markets, and the UK is not immune. The Office for Budget Responsibility will produce a forecast in the usual way, and I will respond with a statement to Parliament on 26 March. I will not be giving a running commentary on that forecast.
Rachel Reeves
Let me have a go. There have undoubtedly been moves in global financial markets this year, and the UK is not immune to those movements. The OBR has not yet started its forecast. It will update that in due course, and I will make a statement on 26 March.
Sir Ashley Fox
Since coming to office, the Chancellor has increased taxes by £40 billion and borrowing by £30 billion and her Employment Rights Bill has increased the costs of employers by a further £5 billion. Does she accept that her decisions have led to a loss of confidence in the British economy and an increase in our borrowing costs?
Rachel Reeves
I do not think the borrowing costs in every major country in the world can be explained by the decisions made by this Government. As I said to the hon. Member for Hinckley and Bosworth (Dr Evans) last week, the hon. Gentleman has to get real. There have been global movements in financial markets that have affected the United Kingdom, but if he looks at the PWC report from yesterday, the most recent report on market confidence, global CEOs see the UK as the second best place in the world to invest, after the US.
Oral Answers to Questions
Debate between Rachel Reeves and Ashley Fox(2 months, 3 weeks ago)
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Sir Ashley Fox (Bridgwater) (Con)
During the last election campaign, Labour candidates across Somerset said that a Labour Government would cut energy bills by £300. Will the Chancellor set out the timescale for fulfilling that promise?
Rachel Reeves
I thank the hon. Gentleman for his question, and I note the number of Labour MPs we now have in Somerset and across the south-west of England. We will set out more detail in the Budget tomorrow, but our commitment to investing in home-grown energy will boost our energy security, create good jobs here in Britain and begin to reduce people’s bills, as will our programme to better insulate homes, which the previous Government failed to do.
Oral Answers to Questions
Debate between Rachel Reeves and Ashley Fox(4 months, 2 weeks ago)
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Sir Ashley Fox (Bridgwater) (Con)
The Chancellor’s decision to cut the winter fuel payment is forecast to save £1.5 billion. Can she advise the House what other options she considered for making savings in the Department for Work and Pensions budget before deciding to make this cut?
Rachel Reeves
The black hole we inherited was £22 billion. We announced in the statement on 29 July £5.5 billion of savings to reduce the size of that black hole, but the hon. Gentleman can see there is still work to be done and we will be setting out further measures in the Budget on 30 October to get a grip of the public finances.