The Economy

Richard Fuller Excerpts

Wednesday 22nd May 2024 Commons Chamber

[Bim Afolami]

I am afraid I disagree with the hon. Lady on points of fact. I have already set out so many statistics that show that things are significantly improving in the economy, and at a faster rate than that experienced by most of our competitors in Europe. I completely disagree with her assessment.

[Richard Fuller (North East Bedfordshire) (Con)]

The Minister was right to update the House on the positive progress that we are making with inflation; right to make the point that people are continuing to find economic difficulties, and that we need to stick with the Prime Minister’s plan; right to point out the terrible risks to the economy posed by the Labour party’s polices on labour markets and taxes; and right to say that there have been external factors, and that policies to tackle one-off external factors are different from one’s policies looking forward.

This Government have ended the period of quantitative easing, or printing money, and moved to quantitative tightening, or paying back money. The IMF’s report says that, by 2025, the balance sheet for the Bank of England should be settled. Will the Minister look at the longer-range forecasts that the Office for Budget Responsibility has put out, and see what flexibility they provide for the Government to cut taxes or increase expenditure?

[Bim Afolami]

I thank my hon. Friend for a characteristically thoughtful and informed question. I will indeed look at what he said about the Bank of England’s balance sheet being settled by 2025, and I will talk to him about that in due course.