Middle East: Economic Update
Debate between Rachel Reeves and Carla Lockhart(1 week, 2 days ago)
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Rachel Reeves
When the previous Government intervened in the case of an energy price shock, more than a third of the benefit went to the top third of income earners. That makes no sense at all when Government resources are stretched and when it resulted only in higher interest rates, higher inflation and higher taxes for the exact same people. That is why we are looking at what targeted action could be taken. It is also why, at the beginning of this month, the new state pension increased by up to £575 and we got rid of the two-child limit on universal credit, which will lift almost half a million children out of poverty over the course of this Parliament.
Carla Lockhart (Upper Bann) (DUP)
No farmers means no food, no hauliers means empty shelves, and no construction means a country that is not moving forward. In Northern Ireland, those three industries are now taking to the streets to protest, which is clear evidence that this Government’s inaction is pushing them to the brink. Will the Chancellor today do the right thing and commit to cutting fuel duty, scrapping punitive carbon taxes, and properly supporting the industries and sectors that are fundamental to this country’s security and stability?
Rachel Reeves
In Northern Ireland and across the country, people got £150 off their energy bills in April, and of course Northern Ireland was the biggest beneficiary of the support for heating oil—that support went disproportionately to Northern Ireland, given its greater reliance on heating oil compared with the rest of the country. The British industrial competitiveness scheme will reduce business energy costs for 10,000 manufacturing firms from this year, taking up to 25% off their electricity costs, and decoupling will reduce electricity prices for both businesses and households. When those contracts for difference come in, that will have a direct impact, but in the meantime the higher electricity generator levy that is coming in this year will provide revenues so that the Government can help cushion this shock for businesses and families.
Spring Forecast
Debate between Rachel Reeves and Carla Lockhart(1 month, 3 weeks ago)
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Rachel Reeves
Some 95,000 children in Scotland will be lifted out of poverty, and today we have been able to announce a further uplift in the budget available for the Scottish Government. We can only hope that it is a Labour Government, not an SNP Government, who have the chance to spend that money. Otherwise, I fear more increases in NHS waiting lists and worse results for kids at schools, because that is the SNP’s legacy.
Carla Lockhart (Upper Bann) (DUP)
The Chancellor calls this the right plan, but for whom? Is it the right plan for farmers being taxed to death, WASPI women still waiting for justice, small businesses and hospitality firms barely surviving or hard-working childminders set to lose their 10% tax allowance? The price of energy is rising excessively because of the escalating conflict involving Iran. Families and businesses are already worrying about heating their home or filling their cars, and they have been given no hope—nothing—today. What they see is soaring public spend on housing and support for asylum seekers, and unachievable and expensive net zero spend while their own bills are rising. When will this Government put hard-working British families first?
Oral Answers to Questions
Debate between Rachel Reeves and Carla Lockhart(1 year ago)
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Rachel Reeves
Yesterday, the Prime Minister announced reforms to speed up clinical trials to ensure that the best new drugs can come to this country, benefiting from our NHS. On the issue of mental health treatment, I agree with my hon. Friend about the importance of addressing that, both for the health and wellbeing of individuals and because of the economic benefit that he speaks to. I am happy to arrange a meeting with the relevant Minister.
Carla Lockhart (Upper Bann) (DUP)
On 30 October, the Chancellor upended our economy through tax rises and punitive death taxes. She has delivered a devastating blow to family farms and small family businesses—the very backbone of our economy. When will the Chancellor recognise that she is elected by the people, for the people? Every day that she avoids engaging with the farming community is another day of wilful neglect. Our farmers are being driven out, not by market forces but by a Government blind to their struggles and deaf to their voices. When will she listen and speak with them?
UK-China Economic and Financial Dialogue
Debate between Rachel Reeves and Carla Lockhart(1 year, 3 months ago)
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Rachel Reeves
One of the reasons for such poor investment—the lowest of all the G7 economies—is that our planning system makes it so hard to get anything done in this country. That is why the planning and infrastructure Bill, which is being brought forward by my right hon. Friend the Deputy Prime Minister, will turn that around, making it easier to invest in transport, in digital, in housing and in so much more. That is the way to get our economy growing after 14 years of failure.
Carla Lockhart (Upper Bann) (DUP)
I thank the Chancellor for her statement. She goes to China, New York, Washington, Toronto and Brussels to build economic relationships, yet she will not take the time to speak with the Ulster Farmers Union, the NFU, the Farmers Union of Wales or NFU Scotland to hear at first hand about the devastating impact that her death tax will have on family farms and small businesses. When will she realise that no matter what deals she does around the world—and I welcome them—Rome is burning around her? Agriculture is the backbone of our economy, so will she commit to meet me as a representative of the thousands of farmers whose farms are going to be decimated by her death tax?
Rachel Reeves
I have had the opportunity on a couple of occasions to meet the First Minister and Deputy First Minister of Northern Ireland, and I am sure that the Secretary of State for Environment, Food and Rural Affairs, my right hon. Friend the Member for Streatham and Croydon North (Steve Reed), would be happy to meet colleagues from Northern Ireland. The truth is that we inherited a £22 billion black hole in the public finances from the Conservatives, and in order to stabilise our public finances we had to make difficult decisions on taxes. At the moment we hear from the Opposition that they do not like the increases in taxes but they want increases in public spending. Well, they cannot have it both ways.