Oral Answers to Questions

Debate between Steve Brine and Kwasi Kwarteng

Tuesday 11th October 2022 Commons Chamber

[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.

UK Gas Market

Debate between Steve Brine and Kwasi Kwarteng

Monday 20th September 2021 Commons Chamber

[Kwasi Kwarteng]

The hon. Gentleman is right that I welcome local initiatives. Only a month ago, I spoke at a forum at which representatives of local government were enthusiastic about getting behind net zero. I welcome all initiatives where local leaders are driving the push to net zero.

[Steve Brine (Winchester) (Con)]

We have heard a typically reliable and reassuring statement from my right hon. Friend. He mentioned the Ofgem guarantee for when a supplier fails. Will that guarantee protect customers’ credit balances, and how soon will they be able to access them? Will fixed-term deals that customers have negotiated with their current supplier always be respected through the transfer?

[Kwasi Kwarteng]

My hon. Friend did not mention it in particular, but we have a supplier of last resort process, which has been relied upon over the past few years and involves a transfer of customers in the way he describes. We may well have an updated version of that process in the light of the threats posed to a number of suppliers. I look forward to discussing the details with him when the statement is made.