Economic Update

Stephen Timms Excerpts

Thursday 3rd February 2022 Commons Chamber

[Rishi Sunak]

With the greatest respect to my hon. Friend, I also believe that it is a Conservative approach to be responsible with this nation’s public finances. I believe that, after recovering from the worst economic shock in 300 years, where borrowing spiralled to levels that we have not seen since world war two, it is right and responsible to tackle that and get our borrowing and debt down to sustainable levels. That is why I have had to make difficult decisions, but also fund the country’s No. 1 priority: the NHS and the unacceptably high and growing number of people waiting for operations. That is what that funding will do. It is right that we provide a secure, long-term, sustainable funding stream for the country’s No. 1 priority, and people should be reassured that every penny of that levy is going to go to the thing that they care most about.

[Stephen Timms (East Ham) (Lab)]

There is an obvious unfairness in the massive profits being made by the oil and gas companies at a time when families are facing such great hardship. Surely the Chancellor must make an intervention to address that. He has announced a discretionary fund for local councils. Worried families will have no idea how much that will benefit them, if at all. Will he instead introduce an uplift in universal credit, having cut it so unfairly just four months ago?