argyrotsipi/train-dataset huggingface dataset:
Economy Update — House of Commons, 2022-05-26
Topic: Social Welfare
Melvyn John Stride (Conservative, Centre-right): I broadly commend the announcement. My right hon. Friend has made a significant intervention to channel billions of pounds in a targeted series of transfer payments to those who most need it, but, as he will know, similar approaches were taken in the pandemic and there were many who fell through the gaps and missed out on support I note the additional £0.5 billion increase in the household support fund, which is welcome. Will my right hon. Friend set out to the House how he arrived at that figure and why he feels it will be adequate for the demand On the issue of inflation that my right hon. Friend raised, these transfer payments will stimulate the economy—granted, they will come with some tax increases as well—but will he share with the House his assessment of the inflationary impact of the announcement he has just made Finally, will my right hon. Friend appear before the Treasury Select Committee immediately after recess so that we can look at these matters in greater detail?
Economy Update — House of Commons, 2022-05-26
Topic: Social Welfare
Rishi Sunak (Conservative, Centre-right): I thank my right hon. Friend for his questions and for his thoughtful advice on how best the Government should respond to the current situation. We put extra support into the household support fund because, very specifically, the one group of those on means-tested benefits to whom we cannot deliver money automatically is those who receive only housing benefit, because that is administered by local authorities. That is the main group that needs that specific help, but of course there may well be others, which is why the fund is there On the inflationary impact, I believe it will be manageable, but my right hon. Friend is right to highlight it. That impact is why it is important that the support we provide is targeted where it can make the most difference, and that it is temporary and timely, and gets help to where it is required. That is the right approach: being fiscally responsible is going to help us to combat inflation in the long run.
Economy Update — House of Commons, 2022-05-26
Topic: Macroeconomics
Rishi Sunak (Conservative, Centre-right): I know that, for some people, it will never be enough. That is why the SNP’s plans would leave Scotland with, I think, a 20% budget deficit and bankrupt the country. That is not something that we will ever do to the people of Scotland or the United Kingdom The hon Member’s point on food prices was surprising and slightly puzzling, given I have just returned from a meeting of Finance Ministers from around the world where everyone was talking about increasing food prices. As far as I know, they did not all leave the European Union, but I will leave that to her The hon. Member talked about benefits uprating. Perhaps she did not understand exactly what we were announcing. What we are doing for those on means-tested benefits is more generous than uprating. On average, uprating would be worth just over £500, whereas the one-off payment is worth £650 The hon. Member also talked about timing. She mentioned many things that have happened this week. The other thing that happened this week is that we heard from Ofgem, and we got more certainty on what the price cap will be in autumn. That is the single most important factor in trying to size the support that we are providing to people, because it is energy costs that are the biggest driver of the inflation that we seeing now.
Economy Update — House of Commons, 2022-05-26
Topic: Macroeconomics
John Alan Redwood (Conservative, Centre-right): When the Chancellor approved £150 billion of extra cash to be printed in November 2020 and gave a full guarantee against losses on the bonds, did he think that there could be any inflationary and public spending risk from that? I fully support giving back the huge windfall taxes that he is already collecting on energy, the VAT on fuel, the rip-off at the pumps and the much-enhanced profits tax coming from North sea oil and gas. That should be given back because people need some relief. On inflation, though, what did he think when he printed the money?
Economy Update — House of Commons, 2022-05-26
Topic: Macroeconomics
Rishi Sunak (Conservative, Centre-right): I am grateful to my right hon. Friend for his question. He and I have talked about inflation for quite a while. He will know that I have long been concerned about the potential of rising inflation and interest rates. It is something that he and I discussed very early in my time in this job. That is why, from the beginning, I have been careful to protect our public finances against the costs of rising inflation and interest rates. I am glad that we took those decisions. Now, because of that, we are in a position to act and to support people.
Economy Update — House of Commons, 2022-05-26
Topic: Macroeconomics
David Michael Davis (Conservative, Centre-right): May I give the Chancellor an unreserved welcome for the help for ordinary citizens? I think now, cumulatively, it is worth north of £35 billion all told. However, may I raise two concerns? First, he talked about the risk of excessive fiscal stimulus. How does he reconcile that with the fact that the latest figures show that we are taking more money out of the economy than we ever have in history? Secondly, on the windfall tax, it will raise a small amount of money. Stability of tax and low tax both encourage investment and growth. Is there not a risk that the Exchequer will lose more in growth than it will gain in the windfall tax?
Economy Update — House of Commons, 2022-05-26
Topic: Macroeconomics
Rishi Sunak (Conservative, Centre-right): I thank my right hon. Friend for his question. With regard to the figures on borrowing and stimulus, we are still running a relatively significant budget deficit this year—forecast to be 4% back in spring—so I would not regard that as a particularly tight policy on the fiscal side, and we will add further support today. With regard to tax, it is important to continue to support investment. The way we have designed the energy profits levy, with a doubling of the investment relief, will mean that companies still have a very strong incentive to invest in the North sea.
Economy Update — House of Commons, 2022-05-26
Topic: Energy
Rishi Sunak (Conservative, Centre-right): I know that my right hon. Friend the Energy Secretary is engaged with all the companies on how best to support people through this. With regard to the support that we have announced today, about 7% of households are on non-smart pre-payment meters and we want to make sure that we get their support to them. That has been taken into account and will be delivered through vouchers. The remaining pre-payment meters are smart, and the credit can be put straight on those meters so those people benefit.
Economy Update — House of Commons, 2022-05-26
Topic: Social Welfare
Rishi Sunak (Conservative, Centre-right): My hon. Friend is right. The combination of all the support that we have announced means that almost everybody on means-tested benefits should be in receipt of £1,200 of direct support from the Government. As she says, that is double the support offered by the Labour party.
Economy Update — House of Commons, 2022-05-26
Topic: Macroeconomics
Rishi Sunak (Conservative, Centre-right): Seventy per cent. of those in work will pay less tax this year than they did last year because of the changes that we have made. As I have said, now is the time to act because we have more certainty over what the price cap in the autumn will be. We are two thirds of the way through the observation window. Ofgem has given us a sense, which means that we can scale the support appropriately.
Economy Update — House of Commons, 2022-05-26
Topic: Macroeconomics
Kevin Paul Hollinrake (Conservative, Centre-right): I warmly welcome my right hon. Friend’s statement. The shadow Chancellor made a very fair point: how are we going to fund this £15 billion? Is it not also fair to ask, on the basis that the windfall tax would raise about £3 billion by Labour’s calculations: how will Labour fund all the spending plans that it has announced today and on previous occasions, and the tax reductions that it has announced today and on previous occasions?
Economy Update — House of Commons, 2022-05-26
Topic: Macroeconomics
Rishi Sunak (Conservative, Centre-right): My hon. Friend makes an excellent point. On the last count, we have had, I think, £100 billion of spending commitments or tax reductions from the Labour party. Less than a tenth of that has been funded, despite the shadow Chancellor saying that she is committed to fiscal responsibility. It is the same old story with Labour. Ultimately, they always run out of other people’s money.
Economy Update — House of Commons, 2022-05-26
Topic: Energy
David James Duguid (Conservative, Centre-right): As the Chancellor knows, I have spoken in this House and privately to him against Labour’s proposals for a windfall tax—[Interruption.] I was waiting for the heckle. In my opinion, which I believe the Chancellor shares, they were entirely too blunt an instrument and frankly punitive for the sake of being punitive. I welcome his support for those most affected by the rising costs, his more targeted and specific approach to excess profits in the oil and gas industry and the relief on investment, which is already extensive, as he knows I have two questions. Can my right hon. Friend provide assurance that that charge will be applied to excess profits and that those will be distinguished from the increase in profits that would be expected in the natural cycle since the downturn of the past 12 years? Will he also commit to continuing the constructive dialogue with the industry that has been evident from this Government, in the interests of energy security and the transition to net zero?
Economy Update — House of Commons, 2022-05-26
Topic: Macroeconomics
Rishi Sunak (Conservative, Centre-right): My hon. Friend is an excellent champion of the industry, and he is right to be so, because it is an important industry for the success of our future economy. It employs hundreds of thousands of people and it invests an enormous amount. We want to see that industry succeed and I know that, with his support and this Government’s, we will make sure that that happens.
Economy Update — House of Commons, 2022-05-26
Topic: Macroeconomics
Duncan Charles Baker (Conservative, Centre-right): I warmly welcome the Chancellor’s statement. He said that into the autumn he will think about tax cuts, which would be very welcome. Will he think about raising the income tax personal allowance for millions of hard-working families? It has been kept the same for the last two tax years, but in lifting it we would start to see those families able to take more of their income home with them, which is very much needed.
Economy Update — House of Commons, 2022-05-26
Topic: Macroeconomics
Rishi Sunak (Conservative, Centre-right): My hon. Friend is right that we want to ensure that our constituents keep more of their hard-earned money. That is why in July we will raise the national insurance primary threshold to equalise it with the income tax threshold—a tax cut for 30 million people, worth around £330 each.
Economy Update — House of Commons, 2022-05-26
Topic: Macroeconomics
Robert Edward Jenrick (Conservative, Centre-right): There were two tasks for the Chancellor today. The first was to provide support for the poorest households, who are facing a period of extreme hardship, and on that front I think he has made all the right judgments. Direct payments are simple, easy to administer and non-recurring; the experience of doing something not dissimilar in the United States was generally positive. The second task, however, is to inject some confidence into the economy, which is facing a recession or a long period of stagnation. On that front, does he agree that we need a steady hand from the Bank of England, so that there is no further quantitative easing, with its inflationary pressures? We urgently need the supply-side reforms that he alluded to, we need delivery of the energy plan he and the Prime Minister have set out and we need to think about the tax burden in the years ahead. The Chancellor’s announcement today is heavily redistributive; that is a good thing for hard-working families and the vulnerable, but it is being paid for by higher taxes on higher earners and businesses, and in the long term we need to address that.
Economy Update — House of Commons, 2022-05-26
Topic: Social Welfare
Rishi Sunak (Conservative, Centre-right): I am sure my right hon. Friend the Work and Pensions Secretary is the best person to talk about the implementation of benefits, but the right hon. Gentleman will know that next year, benefits will most likely be uprated by September’s consumer prices index, subject to review. That will mean a very significant increase in benefits next year, in excess of the rate of inflation, which will be very positive for those in receipt of them.
Economy Update — House of Commons, 2022-05-26
Topic: Macroeconomics
Natalie Cecilia Elphicke (Conservative, Centre-right): Does my right hon. Friend agree that, in addition to the vital, significant and welcome help with the cost of living, it is also important to continue to invest and create jobs in the economy? Will he join me in welcoming the £80 million investment made by the Treasury and Her Majesty’s Revenue and Customs in the White Cliffs HMRC border facility, which will bring 400 jobs to Dover and Deal and help to secure customs and tax revenue, border control standards and the UK tax base?
Economy Update — House of Commons, 2022-05-26
Topic: Labor
Rishi Sunak (Conservative, Centre-right): I know that is something my hon. Friend rightly cares passionately about for her community. She is right that the best way of helping people with the cost of living—indeed, the best way to help them to provide a better life for their families—is through well-paid work. That is why we are so focused on helping people into work and providing jobs. It is worth bearing in mind that someone moving off universal credit and into work is £6,000 a year better off. That is why we are wholeheartedly focused on moving people into work, and my right hon. Friend the Work and Pensions Secretary deserves enormous credit for that.
Economy Update — House of Commons, 2022-05-26
Topic: Energy
Rishi Sunak (Conservative, Centre-right): We will put a backstop sunset clause in the legislation with the energy profits levy. It will remain in place until prices return to a more normal level. In the past, that was specified specifically. We will take the time to get that right, but it will not be automatic in 12 months. It will depend on when prices return to a more normal level.
Economy Update — House of Commons, 2022-05-26
Topic: Social Welfare
Anthony Edward Timpson (Conservative, Centre-right): Over and above the up to 30 hours of free childcare for three and four-year-olds and 15 hours for disadvantaged two-year-olds, there is also tax-free childcare that could help to alleviate the pressure of the cost of living for many families in Eddisbury and across the country, but only one in five eligible families take up the scheme. That has led to an underspend of about £2.5 billion over the past four years. What is my right hon. Friend going to do to help those families get the support they are entitled to to help them through this difficult time?
Economy Update — House of Commons, 2022-05-26
Topic: Social Welfare
Rishi Sunak (Conservative, Centre-right): My hon. Friend is rightly passionate about that subject, which he knows a lot about. Both the Education Secretary and the Exchequer Secretary are working hard to combat the low take-up of tax-free childcare. It is a generous benefit worth up to £2,000 a year and we want to make sure that everyone who can benefit from it does so.
Economy Update — House of Commons, 2022-05-26
Topic: Macroeconomics
Robert James MacGillivray Neill (Conservative, Centre-right): The London Borough of Bromley has the highest percentage of pensioner households in the whole of Greater London, and my right hon. Friend’s well-targeted initiative will be very much welcomed by my constituents. Equally, of course, in the longer term, inflation is a threat to their pensions and fixed incomes. Will my right hon. Friend assure me that as well as dealing with the immediate pressures now, we will pursue a policy of non-inflationary growth? Above all, that must surely come from market and other reforms to improve our comparatively low level of productivity. Will he make that a priority going forward?
Economy Update — House of Commons, 2022-05-26
Topic: Macroeconomics
Rishi Sunak (Conservative, Centre-right): My hon. Friend is absolutely right and I know that he is a champion for pensioners in his constituency. I hope that he will be pleased by today’s news that they will receive an extra £300 this winter to help get them through. His point about the long run is right. My belief is that if we can get businesses to invest more, train more and innovate more, spurred on by tax reductions and reforms this autumn, we will be able to drive up our growth and productivity.
Economy Update — House of Commons, 2022-05-26
Topic: Energy
Andrew Campbell Bowie (Conservative, Centre-right): It will come as no surprise to the House that I have had my concerns about the implementation of a windfall tax on the oil and gas industry, so I thank the Chancellor for his engagement with me and colleagues, including my hon. Friend the Member for Banff and Buchan (David Duguid), and for resisting the ideologically driven smash-and-grab raid proposed by Labour. I also thank him for doubling the investment allowance to encourage people to invest in the North sea. There is still worry in the industry and in my constituency, so will the Chancellor commit to come to the north-east of Scotland to meet me and industry leaders to ensure that we retain the higher skill, high-wage jobs in my part of the world and ensure that we invest in an industry that is driving us towards net zero and making us more energy independent.
Economy Update — House of Commons, 2022-05-26
Topic: Energy
Rishi Sunak (Conservative, Centre-right): My hon. Friend is a champion for the industry and is right to be so. I am happy to come and meet him and representatives from the sector, because I share his view that the industry is an important part of our economy and of our future. As he said, it helps us transition to net zero and improve our energy supply.
Economy Update — House of Commons, 2022-05-26
Topic: Energy
Rishi Sunak (Conservative, Centre-right): No, we are not giving consideration to that. As I said, we are giving consideration to excess energy profits being made in other parts of the sector, on the generation side. As I said, we will examine the scale of that challenge and the right steps to address it.
Economy Update — House of Commons, 2022-05-26
Topic: Macroeconomics
Richard Grosvenor Plunkett-Ernle-Erle-Drax (Conservative, Centre-right): I warn my right hon. Friend that throwing red meat to socialists by raising taxes on businesses and telling them where to invest their money is not the Conservative way of encouraging those who create our prosperity and jobs to do just that. Does he agree that by setting this bar we are in danger, were we ever to lose power, of allowing the socialists to raise it, which they would do with relish again, again, and again?
Economy Update — House of Commons, 2022-05-26
Topic: Social Welfare
Rishi Sunak (Conservative, Centre-right): I thank my hon. Friend. What I would say to him is that I believe that a pragmatic and compassionate Conservative Government would act to provide support to the most vulnerable at a time of great need and that a fiscally responsible Conservative Government would look to try to fund as much of that as possible in as fair a way as possible.
Economy Update — House of Commons, 2022-05-26
Topic: Energy
Peter James Guy Aldous (Conservative, Centre-right): I welcome the measures, although I sense that my right hon. Friend will need to keep the situation under constant review with further measures possibly required, such as a social tariff and support for those on prepayment meters, as well as initiatives to trigger significant investment in energy efficiency. Transitioning and renewable energy in the North sea is bringing good long-term jobs to coastal communities such as Waveney. I urge him to work with energy companies, as he has indicated that he will, to ensure that their investment is maximised and not undermined.
Economy Update — House of Commons, 2022-05-26
Topic: Energy
Rishi Sunak (Conservative, Centre-right): I am happy to give my hon. Friend that assurance and to work with him and the industry, because we want to create a pro-investment environment. On energy efficiency, we are investing £6 billion over the course of this Parliament to improve the energy efficiency of public sector buildings and individual people’s homes.
Economy Update — House of Commons, 2022-05-26
Topic: Labor
Rishi Sunak (Conservative, Centre-right): I know that my right hon. Friend the Secretary of State for Work and Pensions is constantly ensuring that those entitled to those benefits do get them, and I am sure she will keep everything under review.
Economy Update — House of Commons, 2022-05-26
Topic: Macroeconomics
Edward Julian Egerton Leigh (Conservative, Centre-right): There is ample evidence that the big retailers, which dominate the nation’s forecourts, have not passed on the cut in fuel duty, and we know that from the Platts price. I urge the Chancellor to take action to put pressure on these companies, but given our experience in this matter, does that not rather underline the fact that we Conservatives understand that there are enormous difficulties in interfering in the marketplace and that the best way to help people is an overall reduction in the tax burden?
Economy Update — House of Commons, 2022-05-26
Topic: Energy
Rishi Sunak (Conservative, Centre-right): While I broadly agree with my right hon. Friend that that is the best way to help people over time, in a particular circumstance such as this, and given the types of people we are trying to help, I believe that direct cash transfers are the right way, rather than going through the tax system. I have talked to my right hon. Friend the Energy Secretary about the issue that my right hon. Friend raises. He is right to raise it, and I know that the Energy Secretary is focused on ensuring that the fuel duty cut is passed on.
Economy Update — House of Commons, 2022-05-26
Topic: Social Welfare
Rishi Sunak (Conservative, Centre-right): The warm home discount is an existing scheme that covers only 3 million households. It is also funded by other billpayers. What we are doing today is setting out Exchequer-funded support to all those on means-tested benefits, so that anyone on those benefits will benefit from the £650. Additionally, those in receipt of any other disability benefits, which are non-means-tested, will receive £150.
Economy Update — House of Commons, 2022-05-26
Topic: Energy
Mohammad Saqib Bhatti (Conservative, Centre-right): I thank the Chancellor for this package. Clearly he is a Chancellor who listens and a Chancellor who does. Will he confirm that this Government will continue to focus on energy sector reform, so that we can meaningfully reduce the impact of energy costs on household bills in Meriden and across the country in the medium and long term?
Economy Update — House of Commons, 2022-05-26
Topic: Energy
Rishi Sunak (Conservative, Centre-right): My hon. Friend is absolutely right, and that is why the Business Secretary and the Prime Minister announced the plan to reform the energy market so that we can reduce those bills over time and also double down on our initiatives to improve the energy efficiency of people’s homes, which can save them £200 or £300 relatively quickly.