Autumn Statement

Part of the debate – in the House of Commons at 1:27 pm on 22 November 2023.

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Photo of Harriett Baldwin Harriett Baldwin Chair, Treasury Committee, Chair, Treasury Committee, Chair, Treasury Sub-Committee on Financial Services Regulations, Chair, Treasury Sub-Committee on Financial Services Regulations 1:27, 22 November 2023

What a difference a year makes. We have seen a reduction in the rate of inflation from 11.1% this time last year down to 4.6% this month, and we heard yesterday from the Governor of the Bank of England that he expects inflation to return to its target over the course of the next year or so. I was interested to hear that there are 110 measures in the announcement today which will drive growth in the UK economy. I welcome the fact that the Office for Budget Responsibility is now forecasting that this year we will see growth in the UK economy, in contrast to its forecast this time last year of a recession. The Committee looks forward to examining the 110 growth measures in detail next week, when we hear from both the OBR and the Chancellor himself. Can the Chancellor tell the House overall how much his measures will improve growth and how much they will help to drive down inflation over the course of next year?