Cost of Living: Mortgage Rescue Scheme

Part of the debate – in the Scottish Parliament at on 23 November 2022.

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Photo of Elizabeth Smith Elizabeth Smith Conservative

I thank Labour for bringing this debate to the chamber, as I believe that the public wants us as a Parliament to concentrate on the issues that matter most to them. Undoubtedly, the cost of living is the biggest priority, as was set out in the research that the David Hume Institute published yesterday.

I say that in the middle of a two-week period of parliamentary business in which I understand that concerns have been expressed on all sides about the lack of Government statements on crucial issues such as the teachers’ strike, ambulance staff and two-tier NHS dental provision. I also say that on a day when, yet again, the focus has been on the constitution. Therefore, even if my party has vastly different political views from those of the Labour Party, we support it in bringing this issue to the chamber.

Several members have rightly expressed their concerns about the current state of affairs with regard to the economy. The OBR has been blunt in its analysis of the fragility of the economy, particularly when it comes to the erosion of living standards and the projections of low growth and productivity, and about the fact that, sadly, there is little optimism that the situation will be short lived. The chancellor has also been blunt in his analysis—I welcome his honesty in comparison with previous budget statements—and he is clear that there must be a completely different focus so that those on the lowest incomes are protected and that a greater tax burden is placed on those with broader shoulders. I do not find that easy to say as a Conservative, but I believe that that is the right thing to do.

I think that Alexander Stewart commented on the cautious welcome that was given to that focus in the autumn statement by Age Scotland, particularly when it comes to retention of the triple lock and the energy price guarantee being extended to 2024.

It is fair to make the point, as I think that Fulton MacGregor did, that the Scottish Government has uplifted the Scottish child payment to address issues. He is absolutely right, as doing so can be extremely helpful.

However, on the perspective of Labour and the SNP in this debate—particularly that of Alex Rowley for Labour and Marie McNair for the SNP—I say that the interest rates aspect of the cost of living situation is not solely down to problems with the UK Government. As I acknowledged in the previous cost of living debate, those problems are part of the issue, but they are not the sole problem at all.

The interest rates are down to global trends, which stretch back to the early part of—