Steve Brine
Main Page: Steve Brine (Conservative - Winchester)Department Debates - View all Steve Brine's debates with the HM Treasury
(2 years, 2 months ago)
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Kwasi Kwarteng
I have two points to make on that. First, the Bank of England certainly did not say that the mini-Budget increased risk. Secondly, as rates are rising throughout the world, there is exposure. That is precisely why we thought that it was absolutely right to have the energy intervention, which is for two years—let us not forget that the Labour plan was for only six months —and to reduce the burden on people by reducing taxes.
Steve Brine (Winchester) (Con)
Talking to people working in the housing industry in Winchester, I have found that they are not convinced that the stamp duty reduction will help first-time buyers while inflation and particularly mortgage rates are creeping up. Lenders are coming back with some good rates, and the Chancellor will know that, but when he delivers his statement on 31 October, will he ensure that it has confidence at its heart and that it is—knowing him, it will be—a relentlessly positive statement, so that we can push confidence right the way through the market?
Kwasi Kwarteng
It will be relentlessly upbeat. These are challenging times, but we have to live within our means and there will be an absolute iron commitment to fiscal responsibility.