The comments made by Jeremy Corbyn, the Independent MP for Islington North, on Twitter on 17 October 2022.
By announcing another wave of public spending cuts, Jeremy Hunt is not just blind to the scale of the cost-of-living crisis. He is blind to the very economic policy that created it.
For 12 years, austerity stole wealth from the 99% and gave it to the 1%.
We want it back.
The statement made by Jamie Wallis, the Conservative MP for Bridgend, on 16 October 2022.
In recent weeks, I have watched as the Government has undermined Britain’s economic credibility & fractured our Party irreparably.
Enough is enough.
I have written to the Prime Minister to ask her to stand down as she no longer holds the confidence of this country.
The speech made by John Shipley, Baron Shipley, in the House of Lords on 10 October 2022.
My Lords, two crucial matters relating to growth were missing in the Minister’s introductory speech. I was surprised, because she said we must get the economy growing again—I think the whole House would agree with that sentiment—but there was absolutely no admission of, first, the impact of Brexit, which, as a number of noble Lords have pointed out, has damaged the country’s growth prospects. Will the Government admit that the forecast by the National Institute of Economic and Social Research that the reduction in GDP as a consequence of Brexit will lie between 4% and 5.5% is correct? It clearly matters in relation to growth.
The second issue, immigration, has been raised by a handful of noble Lords, but in particular my noble friend Lord Fox. Do the Government have an immigration policy? I ask because a major difference of opinion is clearly emerging between the Prime Minister and the Home Secretary. This matter needs to be explained. As the noble Lord, Lord Birt, said, there is a huge need for a bigger labour force in agriculture and a number of other industries, but what is the Government’s policy in relation to that, and to the number of students? I understand that we have record numbers of international students in the United Kingdom, which I welcome. This is a good thing, but they clearly count as part of the immigration numbers. Who is in charge of immigration policy? The problem we have is a problem now, while we address the skills deficit and the lack of productivity we have suffered from in recent years.
I look forward to the Minister’s reply on both those matters, but I will say this on the growth plan: you do not drive growth by making poor people poorer, by making rich people richer or with huge unfunded tax cuts. You do not drive growth by losing the confidence of the markets through a mini-Budget that was not subject to independent scrutiny, leading to the pound crashing, interest rates rising and a pensions crisis requiring £65 billion of emergency intervention. You do not drive growth by cutting corporation tax when it is investment incentives that drive growth, not the exact level of corporation tax.
The Prime Minister has called for “growth, growth, growth”, as though this is something only the libertarian right believes in, but good, clean, green growth is surely central to our future security. Yet achieving net zero seems of no interest or concern to the present Government. That is very worrying, because our country can grow as we deliver net zero.
The mini-Budget has worsened the cost of living crisis, particularly for aspiring home owners. From next year, the average mortgage bill on a new deal will increase by £1,500 a year on a £200,000 mortgage. We face major cuts in public spending. The Government have not said where these might fall—maybe we will find out on 31 October. The Government must drive fairness. We have heard of the number of children who will be pushed into poverty if benefits do not rise with inflation.
The Government have lots of proposals for which the detail is not yet clear. There are investment zones, very similar to enterprise zones, but what is the impact on those areas immediately outside them? Finally, what can the Government do to increase foreign direct investment, bearing in mind that it has increased 72% across the north of England in the last five years whereas in the rest of the country it has dropped?
The comments made by Jacob Rees-Mogg, the Secretary of State for Business, Energy and Industrial Strategy, on Twitter on 17 October 2022.
Ensuring a strong UK economy means having a firm grip on public finances. I am pleased that the Chancellor has announced we will keep energy support for businesses and households in place this winter, with a view to continuing that support in a more targeted way in the future.
The comments made by Nicola Sturgeon, the Scottish First Minister, on 17 October 2022.
Scotland has an abundance of skilled people, innovative businesses, and natural resources. We have everything it takes to be just as successful as comparable independent European countries. Our analysis from the first paper in the Building a New Scotland series shows that a dynamic economy and social justice go hand in hand. Each makes the other stronger.
Scotland’s economy is one of the best performing in the UK – however the UK economy, particularly post-Brexit, is now lagging behind many EU and international comparators. The UK economic model is demonstrably failing and increasingly holding Scotland back. Independence is now essential to build an economy that works for everyone. The paper we are publishing today will help people make a clear, informed choice about independence and how we can forge a path towards becoming a fairer, greener, wealthier country.
The speech made by Brandon Lewis, the Lord Chancellor and Secretary of State for Justice, at the Robing Room at the Palace of Westminster on 17 October 2022.
My Lord Mayor Elect, I am commanded by His Majesty the King to express His Majesty’s express approval of the choice of the citizens of London in electing you to be Lord Mayor for the coming year.
I think we’ll all be acutely aware that the last time those words were spoken, it was on Her Majesty Queen Elizabeth’s behalf – and that this will be the first time in living memory that this ceremony has referred to His Majesty the King.
I am delighted to welcome you, Lord Mayor Elect, as well as your wife and soon to be Lady Mayoress, Felicity and other distinguished guests – to formally convey this message on His Majesty’s behalf.
Let me also thank the Recorder of London and High Steward of Southwark for his address – and congratulate on him on being one of the few people in public life with a title as long and complicated as mine.
I would also like to recognise the late Lord Mayor, Vincent Keaveny’s time in office. My late Lord Mayor, your year at Mansion House has been characterised by the theme of “People and Purpose”.
You have visited countless countries to promote the City and UK legal services, received ministers and ambassadors from around the world, and spoken out on a range of issues – from social mobility to climate change and digital trade.
As the first Irish citizen to be the Lord Mayor of London, it was no surprise to see you award the Freedom of the City to Ed Sheeran, who is himself of Irish descent. However, I don’t think there could be anything more British than seeing you lead 1,000 people driving sheep over London Bridge! Thank you again for all that you have done for the City of London.
Now let me turn to the Lord Mayor Elect. Nicholas, I note that you were also born in Ireland – as they say, you wait 692 Lord Mayors for an Irishman and then two come along at once! Your career in the City has spanned more than four decades and your specialism – advising on mergers and acquisitions and raising capital – is indicative of the theme for your year in office: ‘Financing our Future’.
The Lord Mayor is, of course, an ambassador for British business, financial and legal services – exporting all that is best of our great capital city at home and abroad. I know a focus for you will be how we use capital and expertise to boost our economy.
My own job as Lord Chancellor is to promote English and Welsh law and the legal services that underpin our economy; and the Government has been very clear that economic growth is our first priority – so, our aims are very much aligned.
London is, of course, at the heart of that world-beating legal services sector. The facts speak for themselves. Legal services contribute some 29 billion gross value added to our economy each year… Including billions in trade surplus and tax, as well as employing over 350,000 people directly.
It isn’t just British businesses that benefit from the UK’s legal excellence.
Companies from around the world carry out their business transactions here in the UK – because of our system’s reputation for probity and predictability. In fact, last year more than half of all commercial cases in the UK were brought by international businesses.
Our legal services are undoubtedly one of our greatest exports – supporting the growth of global trade and investment not just in London but across the UK. That’s why, through our GREAT Legal Services campaign, we are doing even more to promote the English and Welsh law abroad… and, of course, London as the world’s pre-eminent centre for dispute resolution.
It’s no coincidence that the largest international law firms in London have between 45% and 65% of their lawyers based outside of the country, demonstrating again that London is at the forefront of the way the world does business.
But I know another focus for you, Lord Mayor Elect, will be competitiveness. As ever, we have competition – from the likes of the USA, Germany and Singapore among others. Competition is healthy but, particularly in challenging times – a world still recovering from the pandemic, and now rising to immense cost-of-living challenges – it’s crucial that we do everything to stay ahead of the game.
So, ensuring our legal services continue to keep pace with the rest of the world… That they continue to innovate… and stay at the forefront of new ways of working… Couldn’t be more important. Similarly, we must also make sure that the law evolves to provide certainty on emerging technologies – providing certainty to the businesses that use them.
As Lord Chancellor, I have pledged to do all I can to support legal innovation. I want the UK to be a global hub for lawtech, in the same way it has been with fintech. And I want to see our regulatory system continue to enable legal innovators to do what they do best – to innovate in the interests of better outcomes. It’s this combination of the two that will enable us to keep our world-leading status.
My Lord Mayor Elect, I know you share our goals. The City has a long, successful history and the theme for your year in office – ‘Financing our Future’ – is all about promoting both resource and resilience. Your focus on getting capital and expertise in the right places will undoubtedly drive our economy and make us even more competitive.
As we look ahead, I am convinced that together we can achieve so much for the City of London and for the UK more broadly. I’m looking forward to working in tandem with you to promote UK legal services and get the economy growing again. I think I might give the sheep drive a miss, however!
I wish you and the future Lady Mayoress well for your year in office. Thank you.
The comments made by Nadine Dorries, the Conservative MP for Mid Bedfordshire, on Twitter on 16 October 2022.
I cannot imagine there’s one G7 country which thinks we’re worthy of a place at the table.
The removal of one electorally successful PM, the disgraceful plotting to remove another by those who didn’t get their way first time round is destabilising our economy and our reputation.
The comments made by John Glen, the Conservative MP for Salisbury and South Wiltshire, on Twitter on 17 October 2022.
I welcome the decisions taken by the Chancellor to bring stability to the markets – tackling inflation whilst protecting the most vulnerable have always been my priority. Jeremy Hunt is taking the right decisions in the national interest.
The comments made by George Osborne, the former Chancellor of the Exchequer, on Twitter on 17 October 2022.
Congrats to Jeremy Hunt for taking big bold steps to restore U.K. fiscal credibility – reversing most of mini budget & in effect raising income tax (from the 19p legislated by Johnson gov). Not sensible for PM to hide away – she needs to front this to have any chance of survival.
The comments made by Chloe Smith, the Secretary of State for Work and Pensions, on Twitter on 17 October 2022.
The Government has taken action to ensure economic stability by making the necessary changes to our Growth Plan.
We remain committed to the long term reforms that will deliver economic growth but know that this must be underpinned by stability.