Oral Answers to Questions

Stephanie Peacock Excerpts

Tuesday 11th October 2022 Commons Chamber

[Richard Fuller]

Oh, right. Perhaps I can visit my hon. Friend’s constituency to learn what the company does.

More generally, the growth plan focuses on important measures to support small businesses that wish to grow, including by making the £1 million annual investment allowance permanent, by looking to expand the amount of money that can be given through the seed enterprise investment scheme to help small businesses to grow and, most importantly, through the Government’s energy price support this winter.

[Stephanie Peacock (Barnsley East) (Lab)]

T1. If he will make a statement on his departmental responsibilities.

[The Chancellor of the Exchequer (Kwasi Kwarteng)]

This Government are relentlessly focused on growing the economy. Putin’s barbaric war in Ukraine continues to put pressure on gas prices so, with predictions of typical bills reaching between £4,000 and £6,500 a year, people needed immediate support to get them through this winter.

Last month we set out the growth plan, which will focus on breaking out of the high-tax, low-growth cycle in which we are currently trapped. This will put more money into people’s pockets and raise living standards for all our people. This week I wrote to my right hon. Friend the Member for Central Devon (Mel Stride) to inform him that I will set out the medium-term fiscal plan on 31 October, and I wish to remind the House that it will be accompanied by a full economic and fiscal forecast published by the Office for Budget Responsibility.

[Stephanie Peacock]

The Chancellor sat in a Cabinet that committed to increasing social security payments in line with inflation. Why will he not honour that promise?

[Kwasi Kwarteng]

As my right hon. Friend the Chief Secretary to the Treasury and I have repeatedly said, no decisions have been made. The usual statutory process is being undertaken, and we will have more detail at the time of the medium-term fiscal plan.