17:30 Angela Richardson (Guildford) (Con)

The fact is that unprecedented international conditions have led to instability in our economy. Given the global world in which we live, any international crisis can and will have an impact at a national level sooner or later. I am proud that the UK has long been at the forefront of work to forge an international system characterised by stability and co-operation. This Government have always taken very seriously their responsibilities as a member of the G7, the G20 and the Commonwealth of Nations. This Government proudly took on the leadership of COP26 and rallied the world’s Heads of State and Government to take action on climate change.

[Source]

17:53 Ben Spencer (Conservative)

Do the Opposition really believe that this is solely a national issue? They seem to forget that we have had a pandemic, war in Europe and a resulting energy crisis. Our Conservative Government did not cause any of those, but they did respond, not by playing politics or by pointing fingers, but by delivering for people and protecting households. When people needed help, we provided covid support to households and businesses, the largest increase in benefits and the state pension for 32 years, direct support with energy bills for every household, and direct cash payments of at least £900 to the most vulnerable households. We lowered the universal credit taper rate, increased the minimum wage and froze fuel duty, and we are now investing in more affordable childcare so that parents can return to work knowing that their children are getting a great start in life, too. But unlike Labour, we do not simply spend with no plan for tomorrow: we work to rebalance our economy after each shock. That is why we have a plan to halve inflation, grow the economy and reduce debt. We are supporting research and development and promoting the UK as the future for life science and STEM industries. We are leading on green energy and carbon capture, and delivering new jobs and investment through freeports and investment zones.

[Source]

18:36 Justin Madders (Labour)

Let us look at what is happening around the world. With his Inflation Reduction Act, President Biden is taking steps to prepare the United States for an extremely challenging future. We have nothing approaching that scale or that ambition, at least not from the Government Benches, but those of us on the Labour Benches do have ambition. We are ready to face the challenges of global competition and climate change; we are seeking to reduce our dependence on fragile international supply chains with our plans to buy, make and sell more in Britain; we will have a real go at funding the step change in home insulation that is needed for this year’s and every subsequent year’s energy bills; and we will end the chronic disease of low-paid, insecure employment.

[Source]