The statement made by Liz Truss, the Prime Minister, on 14 October 2022.
As Prime Minister, I will always act in the national interest.
Growing the economy remains our mission, ensuring people can get good jobs, new businesses can flourish and families can afford an even better life.
The statement made by Kemi Badenoch, the Secretary of State for International Trade, in the House of Commons on 13 October 2022.
The first round of negotiations for a free trade agreement (FTA) between the United Kingdom (UK) and Gulf Co-operation Council (GCC) took place between 22 August and 29 September. The negotiations were conducted virtually.
In this round of negotiations the UK and GCC discussed their objectives for the FTA, and exchanged technical information. Technical discussions were held across 29 policy areas over 33 sessions. In total, more than 100 UK negotiators from across Government took part in this round of negotiations.
An FTA will be a substantial economic opportunity, and a significant moment in the UK-GCC relationship. Government analysis shows that, in the long-run, a deal with the GCC is expected to increase trade by at least 16%, add at least £1.6 billion a year to the UK economy and contribute an additional £600 million or more to UK workers’ annual wages.
Both sides have committed to secure an ambitious, comprehensive and modern agreement fit for the 21st century.
The Government remain clear that any deal will be in the best interests of the British people and the UK economy. We will not compromise on our high environmental and labour protections, public health, animal welfare and food standards, and we will maintain our right to regulate in the public interest. We are also clear that during these negotiations, the NHS and the services it provides is not on the table.
The Government will keep Parliament updated as these negotiations progress.
The statement made by Michelle Donelan, the Secretary of State for Digital, Culture, Media and Sport in the House of Commons on 13 October 2022.
Public telecommunications networks and services are critical to the future prosperity of the UK. 5G offers new technical capabilities through higher data rates, reliable and low latency communications, and machine-to-machine communications. This gives 5G the potential to generate significant economic and social benefits across the digital economy. However, it brings risks as our national infrastructure becomes more dependent on these networks and services.
To manage the risks to UK national security, the Government have issued a designation notice to Huawei and designated vendor directions to 35 public telecommunications providers.
The directions place restrictions on the use of Huawei goods and services by those telecommunications providers. This follows long-standing advice from the National Cyber Security Centre (NCSC) and the Government on the use of Huawei equipment in UK public telecommunication networks. The Government have concluded a targeted consultation with telecommunications providers and Huawei and is now, following the passage of the Telecommunications (Security) Act 2021, placing legal controls on the use of Huawei goods and services for the first time.
I have set dates by which telecommunications providers should meet the requirements in the direction. Having fully considered consultation responses, and following close consultation with the NCSC, the key deadline to remove all Huawei equipment in the UK’s 5G network by 2027 remains unchanged, as do eight other requirements.
For a small number of operators, the interim milestones initially proposed before the coronavirus (covid-19) pandemic could have led to network outages and significant disruption for millions of customers, with delays caused by covid-19 restrictions and global supply chain issues. In light of this, while I am asking providers to continue to meet the original target dates for the removal of Huawei from network cores and the capping of Huawei in the access network to 35% wherever possible (January and July 2023 respectively), I am setting the legally required date for compliance to December and October 2023 respectively to avoid customer disruption. Providers also now have a legal requirement to report to me on progress in January and July 2023, so I can keep Parliament informed of progress. Providers will also work closely with NCSC through this period, who have confirmed that the adjustments represent a sensible balance between network disruption and network security.
The comments made by David Lammy, the Labour MP for Tottenham, on Twitter on 14 October 2022.
Liz Truss went missing for days after her mini- budget and she just ran off stage as quickly as possible after her Press Conference. We really cannot have a Prime Minister who’s palpably scared, confused and out of touch. We need a General Election now.
The comments made by Bernard Jenkin, the Conservative MP for Harwich and North Essex, on Twitter on 14 October 2022.
The appointment of Jeremy Hunt as Chancellor is a wise choice. He is trusted and respected across Parliament. We must now be calm. Rash talk of ditching the PM, or calls for a general election, will not calm the financial markets.
The comments made by Therese Coffey, the Deputy Prime Minister, on 14 October 2022.
The PM is right to act now to ensure our country’s economic stability – key for families and businesses – and reassure the markets of our fiscal discipline, especially in light of the worsening global economic conditions with Putin’s illegal invasion of Ukraine.
The comments made by Liz Truss, the Prime Minister, at the start of the press conference held on 14 October 2022 at Downing Street.
Good afternoon,
My conviction that this country needs to go for growth is rooted in my personal experience.
I know what it’s like to grow up somewhere that isn’t feeling the benefits of growth.
I saw what that meant and I am not prepared to accept that for our country.
I want a country where people can get good jobs, new businesses can set up and families can afford an even better life.
That’s why from day one I’ve been ambitious for growth.
Since the 2008 financial crisis, the potential of this great country has been held back by persistently weak growth.
I want to deliver a low tax, high wage, high growth economy.
It’s what I was elected by my party to do.
That mission remains.
People across this country rightly want stability.
That is why we acted to support businesses and households with their energy costs this winter.
It’s also the case that global economic conditions are worsening due to the continuation of Putin’s appalling war in Ukraine.
And on top of this, debt was amassed helping people through the Covid pandemic.
But it is clear that parts of our mini budget went further and faster than markets were expecting.
So the way we are delivering our mission right now has to change.
We need to act now to reassure the markets of our fiscal discipline.
I have therefore decided to keep the increase in corporation tax that was planned by the previous government.
This will raise £18 billion per year.
It will act as a down-payment on our full Medium-Term Fiscal Plan which will be accompanied by a forecast from the independent OBR.
We will do whatever is necessary to ensure debt is falling as a share of the economy in the medium term.
We will control the size of the state to ensure that taxpayers’ money is always well spent.
Our public sector will become more efficient to deliver world-class services for the British people.
And spending will grow less rapidly than previously planned.
I met the former Chancellor earlier today. I was incredibly sorry to lose him.
He is a great friend and he shares my vision to set this country on the path to growth.
Today I have asked Jeremy Hunt to become the new Chancellor.
He is one of the most experienced and widely respected government ministers and parliamentarians.
And he shares my convictions and ambitions for our country.
He will deliver the Medium-Term Fiscal Plan at the end of this month.
He will see through the support we are providing to help families and businesses including our Energy Price Guarantee that’s protecting people from higher energy bills this winter.
And he will drive our mission to go for growth, including taking forward the supply side reforms that our country needs.
We owe it to the next generation to improve our economic performance to deliver higher wages, new jobs and better public services, and to ease the burden of debt.
I have acted decisively today because my priority is ensuring our country’s economic stability.
As Prime Minister, I will always act in the national interest.
This is always my first consideration.
I want to be honest, this is difficult.
But we will get through this storm.
And we will deliver the strong and sustained growth that can transform the prosperity of our country for generations to come.
The comments made by Nicola Sturgeon, the Scottish First Minister, on Twitter on 14 October 2022.
The best thing Liz Truss could do for economic stability now is resign. Her decisions have crashed the economy and heaped misery on people already struggling with a cost of living crisis.
The only decent thing for Tory MPs to do now is call time on her govt and allow an election
The speech made by Lucy Powell, the Shadow Secretary of State for Digital, Culture, Media and Sport on 13 October 2022.
As family bills rocket as a result of the economic crisis made in Downing Street Labour is today calling on the government and Ofcom to stop a broadband bombshell hitting families and firms with a three-point plan to reign in expected broadband price increases and ease the cost of living crisis.
Ofcom reports that nearly a third of households (8 million households) are having problems paying for their broadband, phone and streaming bills, double the number last year, and the highest since their records began. In a recent Lloyds Bank survey, 26 per cent of adults not using the internet in the past three months gave “it’s too expensive” as a reason. At the same time, 97 percent of eligible low-income families are currently missing out on a social tariff. Meanwhile, it has been reported that broadband firms are in line for a £1.7 billion windfall as a result of above inflation price rises.
Labour is calling for:
1) A reversal of changes the government made in 2019 which allowed regulated wholesale prices to rise with CPI rather than costs, so that telecoms wholesalers and internet service providers don’t get a windfall from sky high inflation whilst families and firms struggle to pay their bills.
2) Ofcom to investigate and take action to strengthen consumer protections including taking action on mid contract price rises, early termination costs for social tariff customers, and loyalty penalties where long term customers pay more than new customers.
3) An industry wide social tariff for low-income families. Industry including wholesalers like Openreach, must work with Ofcom and consumer groups to develop a mandatory well-advertised broadband social tariff for low-income families, or the Party will set and legislate for one in government.
Broadband is the newest utility, an essential for everyday life, not a luxury. Yet the Conservative cost of living crisis means that many families are finding internet access increasingly unaffordable, or impossible. Without access to the online world, children can’t do homework, parents can’t access the labour market, social security, or the best rates for services or goods, and grandparents can’t stay in touch face to face with family over distances.
Broadband wholesale price increases used to be capped at costs with prices stable over many years. However, in 2019, the government changed regulation so the price of existing Openreach networks could increase in line with CPI inflation instead. Wholesale prices for 2023 will be set this October with inflation estimated to reach a peak of 13 percent. As a result it has been reported that broadband bills could increase by a quarter.
Lucy Powell MP, Labour’s Shadow Secretary of State for Digital, Culture, Media and Sport, said:
“Internet access is a necessity not a luxury, yet the economic crisis made in Downing Street is making it increasingly difficult for families to make ends meet and stay connected.
“Our three-point plan will ease the broadband bombshell facing families and firms, at a time when they are already facing eye watering energy bills, and mortgage and rent increases. Whilst the Conservatives crash our economy, Labour will ensure accessing and connecting to digital infrastructure powers growth across our economy to ensure people and places aren’t left behind.”
In her Labour Conference speech Shadow Digital, Culture, Media and Sport Secretary Lucy Powell pledged a new settlement for the digital age, building on our digital infrastructure to make Britain one of the most connected nations in the world for gigabit broadband, and industrial 5G.
The comments made by Caoimhe Archibald, Sinn Fein’s Economic Spokesperson, on 14 October 2022.
The Tories are now on their fourth Chancellor in four months as the fall-out of the reckless ‘mini-budget’ has resulted in Kwasi Kwarteng getting the sack.
For the past three weeks since the announcement of the ‘mini-budget’ there has been utter chaos which will punish ordinary workers, families and businesses by pushing up mortgages and hiking business borrowing costs.
It has been clear for some time that Liz Truss and the Tory government needs to scrap this plan, end their shameless policy of lining the pockets of the rich and halt the attack on our public services.
Instead, they should support workers, families and small businesses who are struggling and introduce a windfall tax to cut the eye-watering profits of the big energy corporations.