The Growth Plan

Seema Malhotra Excerpts

Friday 23rd September 2022 Commons Chamber

[Kwasi Kwarteng]

They will be hundreds of pounds better off. The 1p rate provides a £330 benefit. The energy intervention provides roughly £1,200 a household. People all across our society will benefit from the approach that we are adopting. As my hon. Friend reminded the House, and as the socialists have never understood, we cannot tax our way to prosperity.

[Seema Malhotra (Feltham and Heston) (Lab/Co-op)]

It is already clear that this desperate bid for an economic bounce after a decade of failure is based not on a plan for growth, but on a wing and a prayer that if the rich get richer, all will be well. It comes at the price of higher borrowing and inflationary pressures that will result in interest rates and mortgage rates going up. As the Chancellor brings in large tax cuts for the already well-off, what is his message to his mortgage-paying constituents and mine who are stuck on high interest rates? I am thinking particularly of those who are mortgage prisoners with standard variable rates that they cannot change, who will see their mortgage payments rise further and faster, with his policies threatening the very home ownership that he says he supports.