Economic Responsibility and a Plan for Growth

Part of the debate – in the House of Commons at 12:52 pm on 19 October 2022.

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Photo of Rachel Reeves Rachel Reeves Shadow Chancellor of the Exchequer 12:52, 19 October 2022

The point is that the Government are leaving billions of pounds of unneeded and unnecessary borrowing on the table. Why leave that money on the table when even the energy giants are saying that they have more money than they know what to do with? All that money has been put on borrowing and debt to be paid back by current taxpayers. Tens of billions of pounds have been left on the table by this Tory Government.

It has always been a question of who pays for support with bills. The Conservatives always put it on the never-never, but in the end it is working people who pay the price. In August, Bloomberg reported that the Government’s estimates of energy company windfall profits in the UK over the next two years could be £170 billion. The last Chancellor disputed that and so did the one before, but neither of them confirmed the actual figure. Why not?

Labour’s fiscal rules would protect the economy and protect families. We should not borrow a penny more than is absolutely necessary. That is why our motion

“calls on the Government to publish the Office for Budget Responsibility forecasts immediately alongside Government estimates of windfall profits for the next two years from energy producers in the UK.”

Doing so is in the public interest. Refusal to publish will only confirm that the Government are again putting the profits of energy giants ahead of the sky-high bills for families, pensioners and businesses.