Steve McCabe
Main Page: Steve McCabe (Labour - Birmingham, Selly Oak)Department Debates - View all Steve McCabe's debates with the HM Treasury
(1 year, 7 months ago)
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Urgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
Each Urgent Question requires a Government Minister to give a response on the debate topic.
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Chris Philp
On the energy bills for the dry cleaner in the hon. Member’s constituency, she must be aware that the whole world has been experiencing the energy price crisis as a result of Putin’s illegal invasion. That is driving energy prices higher. The dry cleaner should be the recipient of the business energy guarantee scheme in relation to their bill. It should not see bills rising as high as she suggested, so if she writes to the Secretary of State for Business, Energy and Industrial Strategy or to me about that case, I will be very happy to look into it to make sure that the business—like businesses in all our constituencies—is being properly protected.
Steve McCabe (Birmingham, Selly Oak) (Lab)
Further to the question from my hon. Friend the Member for Halton (Derek Twigg), will the Minister give us a few details of the Government’s back-up plan to protect people’s pensions, should the run on gilts continue when current Bank of England support ends, despite dire warnings from the pensions industry?
Chris Philp
As I said, the Chancellor of the Exchequer is in regular contact with the Governor of the Bank of England and his officials. The Bank of England has responsibility for financial system stability and I have complete confidence in its ability to manage that.