Economic Update

Part of the debate – in the House of Commons at 11:41 am on 3 February 2022.

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Photo of Kevin Hollinrake Kevin Hollinrake Conservative, Thirsk and Malton 11:41, 3 February 2022

I welcome my right hon. Friend’s announcement today. Does he agree that a cut in VAT to solve this crisis is a completely flawed policy, as evidenced by the three economists who spoke to the Treasury Committee this week, including Torsten Bell from the Resolution Foundation, who wanted something far more targeted, such as what my right hon. Friend has announced today? It is clear that one factor in this crisis is Russia’s willingness to weaponise its gas supplies. Will he confirm that if there is any incursion into Ukraine, this country, with our international allies, will look at weaponising our banking system, which would be economically catastrophic for Russia?