Category: Speeches

  • Kwasi Kwarteng – 2022 Statement on the Timing of Medium-Term Fiscal Plan

    Kwasi Kwarteng – 2022 Statement on the Timing of Medium-Term Fiscal Plan

    The statement made by Kwasi Kwarteng, the Chancellor of the Exchequer, in the House of Commons on 11 October 2022.

    Today I can inform the House that I have asked the Office for Budget Responsibility to bring forward the date of its next forecast to 31 October.

    Strong growth and sustainable public finances go hand in hand. Alongside the publication of the economic and fiscal outlook, I will set out the Government’s medium-term fiscal plan. This will set out further details on the Government’s fiscal rules, including ensuring that debt falls as a share of GDP in the medium term.

    This forecast, in addition to the forecast that will be commissioned in spring, will fulfil the obligation for the OBR to produce at least two forecasts in a financial year, as is required by legislation.

  • Alison Thewliss – 2022 Speech on the Economic Situation

    Alison Thewliss – 2022 Speech on the Economic Situation

    The speech made by Alison Thewliss, the SNP’s Economic Spokesperson, in the House of Commons on 12 October 2022.

    The Minister talks about the IMF, but not about its criticism yesterday or the pathetic growth it has projected for next year of just 0.3%—funny that.

    The Treasury Committee took evidence this morning from a range of economists, all of whom echoed the concerns of the public about the chaos that this shambolic UK Tory Government have created. I am not sure whether the Minister considers Deutsche Bank as part of his anti-growth coalition, but its chief economist, Sanjay Raja, was very clear this morning that the UK has particular characteristics that are making this crisis worse. He said, “you’ve got a sidelined fiscal watchdog, you’ve got the lack of a medium-term fiscal plan, one of the largest unfunded tax cuts and package of measures since the early 1970s, and it’s sort of the straw that broke the camel’s back.”

    This is chaos that the Minister and his colleagues have deliberately created, and it is impacting people and businesses across these islands, so I ask him: will he bring more money to the devolved institutions to help them tackle the chaos that he and his colleagues have created? Will he commit to uprating benefits by inflation and giving more support to those in the asylum system and those on “no recourse to public funds”? Will he bring certainty to businesses that do not yet know what will happen at the end of the six-month reprieve, because those bills have not gone away?

    The Glasgow Centre for Population Health published some research that attributed about 330,000 excess deaths since 2010 to austerity—the Tory austerity by the Minister and his colleagues over the past 12 years—so will he cancel any further cuts, because they cost Scotland and our neighbours far more than we can ever afford? Scotland did not want this, did not vote for this and cannot trust in the financial stability of the UK, never mind this Tory Government.

    Mr Speaker

    Order. I have the greatest respect for the hon. Lady, but can I just say that she knows the rules give her one minute, not one minute and 45 seconds or two minutes? Please, let us stick to the rules of the House.

    Chris Philp

    The Scottish Government are of course receiving record levels of funding, and that will continue. The hon. Member asked about excess deaths. Well, I think the drug death record of the nationalist Government is, frankly, pretty terrible. She asked about the uprating to welfare. There is a statutory process that happens every year—every autumn—and that decision has not been taken. It will happen in the normal way, as it has been done for every year.

    The hon. Member referenced the IMF’s growth forecast for next year. I have already pointed out that last year we had the highest growth in the G7 and this year we have the highest growth in the G7. If we take the three years together—last year, this year and next year—we will find that the UK, at 11.7% over those three years, still has the highest growth of any G7 country.

    The hon. Member asked about institutions. The Chancellor and the Prime Minister have the highest regard for the OBR and the Bank of England. They are meeting both of those institutions regularly. She referenced the growth plan. Having a competitive tax system, supply-side reforms to unleash the productive potential of our economy and making our energy market function properly once again are essential prerequisites for growth, and I am proud that it is this Government who are promoting them.

  • Rachel Reeves – 2022 Speech on the Economic Situation

    Rachel Reeves – 2022 Speech on the Economic Situation

    The speech made by Rachel Reeves, the Shadow Chancellor of the Exchequer, in the House of Commons on 12 October 2022.

    People are facing insecurity, instability and deep anxiety and they deserve answers. Conservative economic policy has caused mayhem with financial markets, pushed up mortgage costs and put pension funds in peril, and it has wiped £300 billion off the UK’s stock and bond markets—all directly caused by the choices of this Government. The mini-Budget, just 19 days ago, was a bonfire made up of unfunded tax cuts, excessive borrowing and repeated undermining of economic institutions. It was built and then set ablaze by a Conservative party totally out of control—not “disrupters” but pyromaniacs. And that fire has now spread. Yet Government deny all responsibility.

    So will the Minister tell the House, what guarantees will the Government give that the currency slide will stop, and that people’s pensions are safe? How do they expect people to pay £500 more a month, on average, on their mortgages? How many more repossessions of family homes will there be if the Government do not change course? How much more are the Government spending on debt interest because of higher borrowing costs?

    While Ministers desperately try to blame global conditions, why is it that no other central bank in the world has had to step in three times in less than three weeks to protect financial stability?

    The country now faces a very serious situation. Ahead of the ending of the Bank of England’s emergency operations this Friday, what action will the Government take to ensure that their Budget does not have further consequences for financial stability, or for people’s pensions?

    This is a Tory crisis made in Downing Street, but it is ordinary working people who are paying the price. It can be resolved only when the Conservatives put aside their pride and reverse this catastrophic mini-Budget, and they must do so now.

    Chris Philp

    The shadow Chancellor calls for a reversal of the growth plan, yet at the first opportunity—last night—the Labour party voted for it. She asks about mortgage rates, so let me point out to her that mortgage rates around the world have been on an upward trajectory all year. In fact, if we compare base rates in the United Kingdom with those in the United States, we see that in both countries, as she will be aware, the base rate started this year at 0.25%. In the UK the base rate is currently 2.25%, and in the US it is 3.25%, a full percentage point higher.

    The shadow Chancellor referenced borrowing costs. I am sure she is aware that two-year Government bond yields are about the same in the US as they are in the UK—US bond yields have been going up over the course of this year as well. She referenced the currency: the dollar has shown strength against a basket of currencies throughout this calendar year. If she looks at the dollar strengthening against the euro, she will see that it strengthened about 15% this calendar year, and strengthened about 15% against sterling—very similar figures.

    The shadow Chancellor also asked about the cost of living. We are very mindful of that, which is why we have introduced a £37 billion package to help people, disproportionately targeted at those on lower incomes, so that people on the lowest third of incomes receive £1,200. It is why we introduced the energy price guarantee on our second or third day in office, ensuring that people do not pay, on average, more than £2,500, instead of facing bills of £5,000 or £6,000—and not for six months, as the Labour party offered, but for two years. It is why the national minimum wage was increased by a large amount last April. It is why the national insurance threshold was increased to £12,500 in July, so people on lower incomes now pay virtually no national insurance or income tax. That is the package of measures that this Government have introduced, because we stand on the side of working people and have taken the steps needed to support them.

  • Chris Philp – 2022 Statement on the Economic Situation

    Chris Philp – 2022 Statement on the Economic Situation

    The statement made by Chris Philp, the Chief Secretary to the Treasury, in the House of Commons on 12 October 2022.

    The Chancellor of the Exchequer is in Washington, having meetings with the IMF, and is—[Interruption.]—which have been—[Interruption.]—routine meetings, which have been long scheduled.

    Mr Speaker

    Order. I know it is the first Wednesday back; we are all excitable. Let us have a little calm, so that I can hear the Minister. Come on, Minister.

    Chris Philp

    Thank you, Mr Speaker. They are routine meetings that have been long scheduled, and are certainly not a cause for exuberance or over-excitement from the Opposition.

    As we know, the world has faced surging energy prices since Putin’s illegal invasion of Ukraine. We have seen very high inflation across the western world, and we have seen a cycle of increasing interest rates across western economies as well—across many western economies. But let me reassure the House that the fundamentals of the United Kingdom’s economy remain resilient. Unemployment, at 3.5%, is the lowest it has been in my lifetime—and for the record, I was born in 1976. Economic growth last year, the calendar year 2021, was the highest of any G7 country—7.5%. Just yesterday the IMF forecast that economic growth—GDP growth—this current year in the UK would be at 3.6%—once again, for the second consecutive year, the highest of any G7 country. So our economy is in resilient condition.

    But I know that many families are worried about the challenges we face, and that is why, just a few weeks ago—two or three weeks ago—we introduced the energy price guarantee. Families were genuinely fearful that they might face this winter energy bills of three, four, five, six or even seven thousand pounds per year, but that energy price guarantee will ensure that the average household sees energy prices no higher than £2,500 on average—not for six months, like the Labour plan, but for two years.

    We also introduced a growth plan to get our economy growing, to see wages sustainably rising, to see good jobs created and to create a sustainable tax base to fund our public services. This Government have a growth plan; the Opposition have no plan.

    We intend to do this in a way that is fiscally responsible, and that is why—[Interruption.]—and that is why, on 31 October, in less than three weeks’ time, the Chancellor of the Exchequer will set out the medium-term fiscal plan, explaining to the House exactly how he will do that, and how we will continue the UK’s track record of having the highest growth in the G7, not just last year but this year as well.

  • Chloe Smith – 2022 Speech to Policy Exchange on the Labour Market

    Chloe Smith – 2022 Speech to Policy Exchange on the Labour Market

    The speech made by Chloe Smith, the Secretary of State for Work and Pensions, at Policy Exchange on 13 October 2022.

    Introduction

    This Government’s mission is to grow the economy, to drive prosperity and deliver opportunity for all.

    And for me, this is about jobs. Delivering our agenda is all about tackling economic inactivity and putting the incentives in place to make sure we help as many British people into work as possible.

    In practical terms, that means providing the tools, support and incentives to ensure people can start, stay and succeed in work – so that whatever a person’s age or career stage, everyone has the chance to fulfil their potential and build greater security for themselves and their families.

    Everyone’s talents must be included in growing our economy – and everyone should have the chance to grow.

    We need to be clear about what we mean when we talk about opportunity for all.

    It’s the difference between someone having a job or not.

    Having a pay rise, or not.

    Getting the education they need – and any skills needed later in life – or not.

    Suffering from barriers like limited childcare choices – or knowing the kids are OK and you can go for it.

    We need to break down the barriers which can hold people back –

    And smash the glass ceilings limiting ambition and advancement.

    So opportunity means successful incentives and support to move off benefits and into work.

    Opportunity means making work pay.

    It’s by helping people increase their own spending power, improve their wellbeing and enhance their life choices that this Government’s Growth Plan will deliver in the practical real world.

    The power of work to deliver opportunity – and the sense of purpose and pride that it provides – is something that has been important to me throughout my whole life, starting indeed at my education. Which, like the Prime Minister, took place was at a comprehensive school, in fact – in her constituency of rural South West Norfolk!

    It’s also a fundamental principle that’s guided me for 13 years as a Norfolk Member of Parliament for Norwich North and most recently, in my previous role as the Minister for Disabled People, Health and Work.

    Now as Secretary of State for Work and Pensions I am absolutely determined to use all those experiences, first and foremost to tackle our labour market shortages, but of course also to protect the most vulnerable in society.

    As the Prime Minister has set out, in this country, you should be able to go as far as your talents will take you.

    No one should be left behind.

    No one should feel like they are at a dead end.

    Nobody should be written off from achieving their potential.

    Recent Challenges

    Over the last two years as a country we have faced significant obstacles. We saw real challenges to lives and livelihoods during the pandemic and we now have the economic headwinds that have stemmed from Putin’s acts of aggression in Ukraine.

    Of course I am primarily here today to talk about my department’s role in achieving growth, I’d also like to start actually by reflecting on how proud I am of DWP’s work in supporting the most vulnerable during the cost of living crisis that’s followed from these events.

    For example, my teams have played key roles in ensuring that the Cost of Living payments have gone out, which offer targeted support for around eight million low-income households, and most recently, the one-off disability payment to six million people.

    The Government is also shielding households and businesses from high energy bills through the Energy Price Guarantee, which will mean a typical household energy bill shouldn’t be more than around £2,500 this winter and next per year, enabling the typical household to save an average of £1,000 a year on their energy bills.

    These interventions are necessary and important – but the best way, the surest and most sustainable way, to increase people’s living standards and put them on a track to success is to help them into a good job.

    That’s why we have to get Britain working, moving and growing again.

    We’re going to get going through renewing our focus on helping people to move into and – crucially – to progress in work.

    Labour Market

    Like the British people themselves, our labour market has remained resilient through the pandemic and beyond.

    In fact, Tuesday’s Labour Market Statistics show that the number of people on company payrolls is at a record high and unemployment is at its lowest rate since 1974.

    There is no doubt that this is good news.

    And it reflects the focus that we have placed on protecting, creating and supporting jobs, including the efforts of our work coaches and jobcentres all around the country to get people into work – and I think a few might even be in the audience here today.

    But challenges remain and we must not stop there. We have very high numbers of vacancies still – 1.2 million and over.

    Those unfilled posts represent unfulfilled potential – for people of course, and for the economy as a whole. My mission is to help businesses up and down the UK to fill the vacancies that would otherwise mean they can’t grow.

    At the same time, we have many thousands of people looking for work, but who are not moving into work.

    We have also seen a rise in the number of people who are economically inactive –

    Meaning they are neither employed nor unemployed – and some who have left the world of work altogether.

    Now this combination of circumstances is holding back people who deserve a chance.

    It’s holding back opportunity.

    It’s holding back British employers.

    And it’s holding back economic growth.

    Improving the labour market – going for Growth

    So today, I would like to set out the three areas that I, and my department, will be focused on to help get the labour market moving –

    and to realise its potential as a gold mine for growth and opportunity.

    Firstly, by reforming work incentives and support within the welfare system will help more unemployed people move into available jobs, and for those already in work, to increase their earnings.

    Secondly, by stopping the flow of people moving into economic inactivity will help people return to the workforce by securing the role that’s right for them and the support that people may need to remain in work – so they can get the benefits of that drive for growth.

    And third, by forging a new deal with employers – we will do our bit by helping businesses to fill their posts quickly, particularly in sectors with the tightest labour markets,

    but in return, we want businesses to play their part in growing the economy.

    Which can include investing in and supporting and retaining workers within a flexible and inclusive workforce, improving occupational health practices so that they don’t fall into being unwell.

    Reforming work incentives and support within the welfare system

    So first, I’ll to turn to the welfare system.

    We have a good track record of getting people into jobs. The Way to Work campaign, for example, got half a million people into jobs in just six months.

    Of course, some people are not able to return to work, and we will always support them with dignity and with compassion.

    And as Secretary of State, I am absolutely determined and passionate that our claimants are given excellent support – and that our welfare works for them.

    That’s also why we have recently made changes so that people nearing the end of their life can focus on sharing the valuable time they may have left with the loved ones who matter most to them – rather than worrying about finances.

    For those who can work, though, we need to make sure we’re doing enough. We need to make sure people have the right incentives and support in place to move into work or increase their earnings, so that they no longer have to rely on Universal Credit.

    Around half the people on Universal Credit who are required to search for work have been claiming for over two years.

    With over 1.2 million vacancies, it is right that we are firm but fair in ensuring people are engaging effectively with the support available to take up the opportunities that are there.

    So that’s why, as the Chancellor announced as part of his recent Growth Plan, we are strengthening the expectations on claimants, including about applying for jobs, attending interviews or increasing their hours – in return for receiving Universal Credit.

    To really get the country really working and growing, it’s not enough just to move people into jobs. We need to help people move up – to up their hours, take a step up the career ladder, to up their pay.

    We know that our Jobcentre programmes work, so to help our claimants, we are increasing the pool of people benefiting from our intensive work search support.

    This means an extra hundred thousand claimants will benefit from crucial time with their work coach, helping them to increase their hours and thrive.

    The Chancellor and I recently announced changes to raise the earnings threshold even higher from January. This will support our claimants to drive their career forward and will also put in place even stronger incentives for staying and succeeding in work.

    We are also rolling out new practical advice and support across all our jobcentres, implementing one of the recommendations of the In Work Progression Commission.

    These reforms will give claimants the best possible opportunity to move into work, boost their hours and grow their incomes.

    Underpinning all of this is our programme to move claimants off the legacy benefits and onto Universal Credit.

    This is vital because Universal Credit removes cliff edges and incentivises work through the taper rate. We have strengthened this work incentive already this Parliament by reducing the taper rate from 63% to 55% – putting more money into the pockets of the lowest earners.

    The taper rate also allows employees and businesses to be more flexible about the hours that work for them – and ensure that the amount of benefits they get change according to the amount of income they earn.

    Ultimately, though, the welfare system has always had a bottom line – if people don’t engage, if people don’t keep their promise in the Claimant Commitment – then they are not holding up their end of their bargain and benefits can be reduced.

    Stopping the flow of people moving into economic inactivity

    Turning to economic inactivity, how do we achieve what we’ve set out when it comes to in work progression and help stop that flow from employment to inactivity?

    Through listening to businesses, we know that the tight Labour Market across the UK is making it more difficult to fill vacancies – as I’ve said there’s 1.2 million vacancies, a very large amount.

    Coupled with this, there are now 9 million working-age people who are economically inactive, which is up by 630,000 since the start of the pandemic.

    While we have lower rates of inactivity than the OECD average, they have not returned to pre-Covid levels like other countries have seen, reversing the downward trend in inactivity which the UK saw in the 2010s.

    So my job is to help both claimants and employers her – and we’re doing all we can to match the right people with the right roles.

    We’re helping businesses to fill their gaps and mobilising untapped talent.

    We know that 1.7 million people – who are not active yet in the labour market, want to work. That is a waste of talent across the country.

    Now economic inactivity is a rising is a rising trend. We cannot afford for more people to join it. It stands at 9 million.

    As I say, but just this week new figures suggest a quarter of a million more people joined that number, so it now stands at well over a fifth of the working age population.

    Let me turn to who makes up this number:

    Almost 2.5 million people are students, a further 2.5 million people are long-term sick. This is in addition to the 1.7 million people who are looking after somebody, and almost 1.2 million working age people who have retired.

    Now each person within those numbers, behind those statistics, will have their own story, but in each case they may be held back from securing a fulfilling job that they want.

    And this is all despite the outstanding progress we have made in increasing labour market participation, particularly of disabled people.

    For example, we not only met – but exceeded – our 2017 manifesto commitment to see a million more disabled people in work over 10 years – in fact, we saw that happen in just five years.

    But it is not only getting disabled people into jobs, but making sure their workplace and society is as accessible as possible.

    When I was the Minister for Disabled People, I saw how deaf people too often were left out, too often excluded in work, education or wider society.

    And that’s why I was so proud to help lead the changes represented by the British Sign Language Act, along with my friends cross-party like Rosie Cooper MP.

    But we need to do more to help disabled people, or those looking to return to work after suffering from a long-term health condition.

    Perhaps it’s the moment to touch on my own return to work following a period of sickness.

    In October 2020 I was diagnosed with breast cancer, particularly poignant this year again because October is Breast Cancer Awareness Month.

    I am stood here as one of the lucky ones, caught it early, able to get the treatment you need to go on I hope to live a long and healthy life. But I also understand what it is like to return to work after being ill, and I am committed to putting the measures in place to help others with what they may face.

    So that’s why we’re investing £1.3 billion over three years in more targeted employment support for disabled people and people with health conditions.

    I’ve come to see the extent to which the health and disability benefits system can itself be something of a barrier to employment because it genuinely focuses on what people cannot do, instead of what they can.

    And I want to turn that on its head so we are focused on what people can do, so they are supported to take up the opportunities that are right for them, that they deserve, guided by the knowledge that employers need their talents.

    With this can-do approach, I think we can achieve some more incredible things, together.

    Older Workers

    I want to turn next to older workers. Older workers have a wealth of experience that is crucial to our labour market. That experience is a key part of the diverse workforce that we need to be able to deliver growth.

    The Government and business must work together to do all we can to support older people to stay in the labour market. Both recruitment and retention are very important.

    In my department we understand the value that older workers bring, and provision already exists to help them be part of growth.

    For example, our new and refreshed, 50 PLUS Champions network provides dedicated support to work coaches across all of the jobcentres in the country. Supported by these champions, DWP is expanding the delivery of the Government’s mid-life MOT, which encourages those 40 and above to take stock of their finances, skills and health – That’s both of us David as I’m now definitely 40 and above.

    We’re building on this solid base of support, with even more help announced in the cross-government Growth Plan to support older workers to get jobs.

    We are stepping up support for the over-50s, with millions of pounds of measures to help tackle joblessness, including referring those who are long term unemployed to our Restart programme so they get the support they need to find a job.

    Forging a new deal with employers

    As I set out briefly before, in return for the government helping businesses fill their vacancies, we are expecting employers to invest in their workforce’s progression and health. And doing so is a crucial step to ensure we don’t face similar labour market challenges in the future.

    We can pull out all the stops to help businesses fill their vacancies, we need employers to help people to start and stay and succeed.

    Businesses can play their part in reducing inactivity and growing the economy by making the labour market more accessible and inclusive. Many already do.

    On top of helping prevent people from falling into unemployment due to sickness, this means recruiting people based on attitude and potential –seeing past disabilities and age.

    It means making reasonable adjustments, which are the right thing to do, and also which help to retain workers and cost a fraction of the costs of recruiting replacement.

    It means investing in the workforce in terms of training and supporting career options.

    This will enable workers to progress into better-paid and better-quality jobs, while also enhancing growth and productivity.

    This in turn delivers more jobs, higher wages and the economic growth to fund vital public services and allow us in turn, to put more money into the pockets of hardworking people.

    A healthy workforce supports a healthy and growing economy.

    Sickness absence has been found to cost employers an estimated £9 billion a year – and that was before the pandemic! We know this holds businesses back – which in turn, holds back growth.

    To underline once more, out of that 9 million economically inactive group, around 2.5 million people are long term sick, which is up by 378,000 since before the pandemic.

    Many employers are doing great work to support the health and wellbeing of their workforce.

    But to truly address this issue and prevent even more people being inactive due to long term poor health and to prevent even more businesses facing shortages in what they can recruit and the talent that they need, more needs to be done.

    So this is why we’ve set out plans to reform the occupational health market to support employers, particularly smaller ones, to purchase high quality and cost-effective occupational health services.

    I think most businesses understand this and for really good reason.

    I’m aware of the challenges for small businesses in particular, in delivering high-quality occupational health, but I want to help them by aiming high – every business will want to make great provision available for employees.

    We know that one of the biggest causes of people being long term ill is mental ill health – and so to counteract this, I am delighted that there is some great examples of small companies who are really going the extra mile to look after their staff.

    As an example you can see Sawdays, a Bristol-based travel company that employs 65 people. The company has a number of policies in place to support wellbeing, including up to four sessions of private counselling for anyone who may need it, a trained mental health first aider in each team, and contact with a mental health support specialist.

    Another principal cause of people becoming long-term sick is Muscular Skeletal issues.

    But, again, there are things employers can really do to help in that area.

    For example – aware of the detrimental impact of spending many hours in front of the computer – the Cornwall-based print supplier Forms Plus have organised an ‘on your feet day’ where every hour staff get together to do two minutes of exercises.

    When businesses put in place a holistic approach to looking after their staff – it increases the chances that common issues will be avoided, talent can be retained, people have a better opportunity to reach their potential and the company will thrive.

    So I challenge all employers to join me in rolling out the best provision that they can.

    Conclusion

    So I am determined in conclusion, that DWP needs to play its full part in delivering a new era for Britain focused on growth. To go further and faster, we need to work across the Government and be led by the evidence.

    By reforming welfare to create stronger incentives, extra support and clearer expectations on people to move into work and increase their hours because a good job is the best way to be resilient against changes in the Cost of Living.

    By acting to reduce economic inactivity so we can help businesses to fill their vacancies and grow.

    By ensuring that the health and disability system focuses on what people can do rather than on what they can’t so their talent is not wasted.

    By continuing to protect the most vulnerable at a time of many pressures and anxieties.

    With businesses working with us, we can play that full part together.

    We can unleash the full potential of our labour market.

    We are an aspiration nation.

    We are going for opportunity, and we’re going for growth.

    Thank you.

  • James Cleverly – 2022 Statement on the UN General Assembly Vote on Ukraine

    James Cleverly – 2022 Statement on the UN General Assembly Vote on Ukraine

    The statement made by James Cleverly, the Foreign Secretary, on 12 October 2022.

    Today’s UN General Assembly vote is a powerful demonstration of the international community’s widespread condemnation of Russia’s outrageous, illegal attempts to annex the Ukrainian regions of Donetsk, Luhansk, Kherson and Zaporizhzhia.

    This is an important show of international unity against an aggressor that seeks to destabilise the international norms that protect us all. In the face of President Putin’s unprovoked aggression, 143 nations across the globe have come together in defence of the UN Charter and in solidarity with Ukraine.

    The vote is indisputable evidence of what we have known for some time – Putin stands alone on the international stage and his actions are driving his country further into self-inflicted isolation.

  • Shaista Gohir – Maiden Speech in the House of Lords (Baroness Gohir)

    Shaista Gohir – Maiden Speech in the House of Lords (Baroness Gohir)

    The maiden speech made by Shaista Gohir, Baroness Gohir, in the House of Lords on 10 October 2022.

    My Lords, it is a huge honour and privilege to be among you. I thank noble Lords for their warm welcome across the Benches, whether they have found me wandering the corridors or sat next to them, and for the warm welcome that I have received today. I want to particularly thank the noble and learned Lord, Lord Judge, the noble Baroness, Lady Watkins, and the many members of staff who have supported me in so many different ways. I also appreciate the words of wisdom and advice that have been offered to me so far. I am listening and I am learning: thank you.

    Let me introduce myself to noble Lords who do not know me. I am the CEO and one of the founding members of Muslim Women’s Network UK, a national charity based in Birmingham. We operate a national helpline and counselling service, conduct research—most recently on maternity experiences—and conduct awareness-raising campaigns. We also have a national membership. The late Baroness Afshar was also one of our founding members. I was really excited to tell her that I was going to be following in her footsteps and joining her on the Cross Benches, but I did not get to share my good news with her because, just a few days before the public announcement of my appointment, she sadly passed away. However, I will be continuing her fight for gender justice and women’s equality.

    As a women’s rights campaigner, I also work with many women’s organisations on many different issues. So I will be concentrating on women’s lived experiences, whether of the criminal justice system, the education system or the health service, or in employment. I will also be focusing on the economic impact on women of laws and policies. I will do all that I can to advance the rights of all women and girls and advocate for a fairer society.

    However, society will be fairer only if more money goes into the pockets of women, because money is power—the power to increase life chances. However, over the last decade or so we have consistently seen more money, and hence more power, go into the pockets of predominantly wealthy men. In real terms, money has been taken out of the pockets of the poor, especially women. According to analysis by the Women’s Budget Group, the spending cuts on public services and freezes to social security over the last 10 years or so have hit women the hardest because they are most likely to use public services, work in the public sector and depend on social security for a bigger portion of their income.

    Public spending may have gone up briefly during the pandemic, but a return to the pattern of cutting public spending while cutting taxes will continue to benefit men because women earn less and are more likely to work part time. Research by the Women’s Budget Group along with the Runnymede Trust shows that cutting spending and taxes at the same time hits women in every income group harder than men, hits the poorest hardest and hits minority-ethnic women, disabled women and lone parents hardest of all. That means women will struggle to pay for food, energy bills, rent and mortgages. Children will go to school and to bed hungry and they will be cold. Because children cannot keep warm, they will get sick. Families will become homeless.

    If that situation is not bad enough, part-time workers have been told that if they do not increase their hours, their benefits will be cut. But many women work part time because they have caring responsibilities. They are looking after children, the sick, the disabled and the elderly. Women are not sitting idly by; they are working, but it is unpaid work that is not valued.

    If we want to see a fairer society, Budgets must reduce inequalities and not exacerbate them. I look forward to seeing one day—I hope not too far in the future—an intersectional and feminist approach to the Budget. The empowerment of women will be crucial if Britain is to recover from the current economic challenges. I will therefore be returning to these issues again and again. I know there are many allies in the House, and I look forward to working with noble Lords across the Benches on many different issues, including the ones that I have mentioned today.

  • Jane Hutt – 2022 Statement on Funding for Warm Hubs in Wales

    Jane Hutt – 2022 Statement on Funding for Warm Hubs in Wales

    The statement made by Jane Hutt, the Welsh Minister for Social Justice, on 12 October 2022.

    On 20th September we announced an initial £1m of funding to support Warm Hubs. Today I am announcing how that funding will be distributed and what it will be used for.

    With domestic fuel prices increasing, it is expected many people will struggle to keep their homes at a healthy temperature this winter, particularly those people at home all day, the elderly and the vulnerable. Many organisations including local authorities, community councils, faith groups, sports clubs, community centres are already setting up, or looking to set up, Warm Hubs within local communities. Warm Hubs are intended as places in local communities where people can find a safe, accessible and warm environment during the day to help reduce the cost of heating their own homes and to help those facing extreme fuel poverty this winter.

    Early discussions with stakeholders have indicated That Warm Hubs should be an inviting place to spend time. They should be open and inclusive and take into account local and cultural needs.

    Warm Hubs might offer:

    Refreshments and snacks (as a minimum) but may extend to a more substantive meal where relevant or possible.
    Advice and support services to those who attend, this can be for example advice and support on financial matters, health and well-being or digital accessibility.
    Activities such as exercise, or arts and cultural activity (subject to location and availability).
    Much of the expertise on where Warm Hubs should be placed, and what should be provided within Warm Hubs, rests within local communities. Local authorities working in partnership with the public sector, voluntary sector and community partners will be best placed to gauge and understand local needs, existing provision and to design and deliver local solutions.

    Funding for Warm Hubs will therefore be distributed via local authorities in Wales. Funding will be distributed in line with local authority agreed existing formula. As part of the funding local authorities will be required to engage with their local partners, including County Voluntary Councils (CVC’s), in the development of Warm Hubs and in the provision / distribution of funding at a local community level to local community groups wishing to operate / establish a Warm Hub.

    It is important that the approach to the delivery of Warm Hubs is joined up and meets local needs. In the same way that it is expected local authorities will work with local stakeholders, it is expected that any organisation wishing to put Warm Hub provision in place will contact their local authority or their local CVC to ensure they are delivering as part of the overall area approach and not duplicating local provision. It may be more appropriate in some places for organisations and volunteers to work with existing Warm Hubs rather than establish additional ones.

    For more information on the local arrangements for Warm Hubs and local funding, I would encourage people to contact their local authority to register their interest.

  • Colm Gildernew – 2022 Comments on Adult and Social Care Services

    Colm Gildernew – 2022 Comments on Adult and Social Care Services

    The comments made by Colm Gildernew, the Sinn Fein MLA for Fermanagh and South Tyrone, on 12 October 2022.

    The Adult and Social Care sector is provided by community organisations who support vulnerable people to live independently.

    We have heard that the services they provide are under huge pressure and on the brink of collapse.

    The negative impact of this failure is being felt by patients and their families who are not getting the respite they need.

    It is shameful for the DUP to sit on their hands while people are being forced to remain in hospital beds, which are sorely needed.

    Many health and social care workers are facing burnout as they struggle to support a health service which is already on its knees.

    They need immediate support.

    The DUP should respect the democratic outcome of the Assembly election and work with others to help fix the health service.

    Sinn Féin is ready to form an Executive today to invest an extra £1 billion in the health service over a three-year budget, to tackle waiting lists, recruit more doctors and nurses and support and support mental health and cancer services.

  • Sharon Bowles – 2022 Speech on the Growth Plan (Baroness Bowles of Berkhamsted)

    Sharon Bowles – 2022 Speech on the Growth Plan (Baroness Bowles of Berkhamsted)

    The speech made by Sharon Bowles, Baroness Bowles of Berkhamsted, in the House of Lords on 12 October 2022.

    My Lords, the Government have U-turned on some of their insensitive Reaganomics, giving tax cuts and perks to the wealthy during a cost of living crisis for the wider population, but a harsh right-wing agenda is an integral part of the Tory Brexit plan. It may not have headlined beyond the Singapore-on-Thames misnomer—thought just to mean light-touch financial regulation—but disruption and asset price adjustment are part of it, as the Prime Minister has revealed in various things that have been said.

    Those kinds of adjustments are painful and require a long policy horizon, broad and deep support and good communication, as do any challenges to market orthodoxy. But done naively, two years before an election, with none of the accompanying platform—no wonder the markets took flight. The mini-Budget and growth plan set in train faster and further falls in sterling and gilt prices, and rises in interest and mortgage rates, than would otherwise have happened.

    The gilt glitch triggered Bank of England intervention to save defined benefit pension funds that had tried to manage mark-to-market gilt valuations with derivatives and borrowing, collateralised by the gilts themselves: an incestuous systemic linkage, which sounds crazy anyway, inherently vulnerable to a doom loop, created and perpetrated by and around regulated entities, warned about to the Bank of England, and deemed acceptable or untouchable by regulators.

    This was a systemic accident waiting to happen. Dodgy derivatives, shifting risk horizons, timelines and effective ownership change—has nothing been learned from 2007? The issue that has driven the invention of liability-driven investments and the recent gilt-sale doom loop is the mark-to-market requirement of accounting standards and applying it to hold-to-maturity gilts within pension fund assets. It has caused 20 years of instability in the pensions sector.

    Gilts held to maturity are not volatile; the coupon and end return are either fixed or linked to inflation. As Terry Smith pointed out in his opinion piece in the FT last week, LDIs are not hedging risk—which is the total realised end return—but attempting to hedge the accounting valuation with all its short-term noise and volatility. The only gainers are the peddlers of exotic products; the losers are the public and pensioners who foot the cost of the rescue and the finagling.

    Why is this done? Because of universal mark-to-market accounting standards dogma, also embedded in other regulation. Maybe it makes audit less work, requiring less judgment, but what good is that when the consequences and get-arounds open the door to extreme systemic events?

    I know that the noble Lord, Lord Callanan, follows the infallibility of accounting standards mantra of BEIS—it is probably being scribbled down in the Box right now—but there are dangerous flaws and absurdities, and it is negligent if government, BEIS, the Treasury, regulators and the Bank will not get their heads around issues in accounting standards. It is no defence to say that accounting standards are independent; they are a closed shop defended by their acolytes. We are not all bamboozled, but those with power must take off their blinkers.