Richard Burgon
Main Page: Richard Burgon (Independent - Leeds East)Department Debates - View all Richard Burgon's debates with the HM Treasury
(2 years, 2 months ago)
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Chris Philp
I thank my right hon. Friend for his question. As Chairman of the Education Committee, he is a tireless campaigner for education and skills. I agree that the purpose of economic growth is to grow all parts of the economy, to help people across the entire income spectrum—rich and poor alike—and to ensure that the burden of taxation on those people is as light as it can be. That is why we have increased the minimum wage by such a large amount—from £5.93 an hour when Labour left office to £9.50 an hour today—and why we have lifted so many people on lower incomes completely out of taxation through increasing the income tax and national insurance thresholds to £12,570. All that disproportionately helps people on lower incomes.
We are seized of the importance of ensuring that education is properly funded. It is an investment in our country’s future and our children’s future, and I assure my right hon. Friend that that is very much at the front of our minds as we think about the fiscal plan.
Richard Burgon (Leeds East) (Lab)
Like many others, I have listened with disbelief to much of what the Chief Secretary has said. While we have been in the Chamber, the Bank of England has again linked the economic turmoil to the Government’s disastrous mini-Budget. Will he explain to us all and to the public why he is right and the Bank of England is wrong?
Chris Philp
As I have explained before, we are in a global cycle of interest rate increases and there has been global dollar strength. We have taken action in the energy intervention and in the growth plan to protect our constituents, get our economy growing and build on our record as the fastest growing G7 economy last year, this year and over the three-year period as a whole.