Autumn Statement

Stephen Timms Excerpts

Thursday 17th November 2022 Commons Chamber

[Jeremy Hunt]

I thank my right hon. Friend—I always listen very carefully to what he says because of his enormous experience in economic posts in Government and in spending posts. The reason why growth matters is that it is not often something that can be delivered in one or two years—a long-term strategy is needed. I talked about Nigel Lawson’s big bang in 1986, but that actually took decades to come to fruition and turn London and the UK into one of the world’s great centres for financial services. Every Government have a duty to lay those foundations and make sure that, as far as possible, there is cross-party support for what they do.

[Sir Stephen Timms (East Ham) (Lab)]

I am puzzled by the Chancellor’s position on his predecessor’s mini-Budget. He appeared to acknowledge its foolhardiness but then attempt to defend it. I agree with him about the importance of tackling inactivity, and we on the Work and Pensions Committee look forward to discussing that with the Secretary of State on Wednesday week. I am relieved that working-age benefits and pensions are to be uprated in line with inflation, and I welcome—at last—the uprating of the benefit cap, which, logically, should happen every year. Will he also uprate the local housing allowance, which has been frozen since the pandemic at a time when rents have surged?

[Jeremy Hunt]

I will write to the right hon. Gentleman on the latter point. On the mini-Budget, let me be very clear that I agree with its priority of growth and with the energy price guarantee, which has given relief to thousands of families, but I do not agree with unfunded tax cuts.