Oral Answers to Questions

Stephen Flynn Excerpts

Wednesday 21st June 2023 Commons Chamber

[Mr Speaker]

I call the SNP leader.

[Stephen Flynn (Aberdeen South) (SNP)]

In February, the Prime Minister told this House that

“borrowing costs are…back to where they should be”.—[Official Report, 8 February 2023; Vol. 727, c. 904.]

In March, he boasted

“we are on track to halve inflation by the end of this year.”—[Official Report, 22 March 2023; Vol. 730, c. 330.]

In May, he said that “economic optimism is increasing.” Given the dire economic reality of today, is it not now clear that he has taken his honesty lessons from Boris Johnson?

[The Prime Minister]

The hon. Gentleman also fails to mention that it is not just the Bank of England, not just the Office for Budget Responsibility and not just the OECD but the IMF that have all upgraded their growth outlook for the United Kingdom economy this year. While he and others were predicting that this country would enter a recession, the actions of this Government have meant that we have, so far, averted that. We continue to be on track to keep reducing inflation, because that is the right economic priority.

[Mr Speaker]

I want Members to be a little more cautious in what they say. These are questions to the present, serving Prime Minister. There is a danger that the way the question was put could mislead.

[Stephen Flynn]

From listening to the Prime Minister’s answer, I do not think he quite grasps the reality of the economic situation facing households across these isles—how could he? But it does not need to be like this and it did not need to be like this. Because mortgage deals in Ireland are not sitting in excess of 6%—they are at about 4.5%. Inflation in the euro area is not sitting at 8.7%—it is sitting at closer to 6%. Britain is broke. Seven years after the Conservatives’ EU referendum, will he finally admit that it was Brexit that broke it?

[The Prime Minister]

Again, I do not think that the hon. Gentleman was paying attention earlier; interest rates in this country are at similar levels to those in America, Canada, Australia and New Zealand. The rise in inflation and interest rates is a global phenomenon. But that is why, early, I set out that bringing inflation down was the right economic priority to have. That is what this Government will do, but that requires difficult and responsible decisions. That is what leadership looks like—I do not think the SNP will ever do the same thing.