Chris Elmore, MP for Ogmore, successfully voted (19/10/22) for the UK Tory Government to release its economic forecast papers so that the country can see how much of a mess UK finances are in. The vote was won when Tory MPs failed to even turn up and vote.
The meltdown in the UK’s economic standing was caused, in part, by the UK Tory Government refusing to publish the Office for Budget Responsibility (OBR) report into the financial soundness of their plans. This caused the markets to rightly spook as there was no evidence that the tax cuts were financed by anything other than maxing out the country’s credit card.
The OBR is an independent body that evaluates any government’s budgets and produces a report on what this means for the nation’s finances.
Before the vote, Chris Elmore MP asked the Secretary of State if he would accept responsibility for the damage his UK Tory Government had caused for families in Ogmore. Mr Elmore described meeting a young couple in his seat who were facing a hike in their mortgage repayments of over £300 per month.
Chris Elmore, MP for Ogmore, said:
“The UK Tory Government is in freefall and taking us all down with it. We must stop this madness now before the cost-of-living crisis worsens and our international reputation is destroyed further still.
A key symptom of the incompetence of the Tories has been the hiking of mortgage rates. This was caused, in part, by their refusal to publish OBR reports. They were hiding their failures, but Labour secured the publication of these papers. In a sign of how dysfunctional this UK Government is no Tories bothered to turn up for the vote.
When I have young couples in Ogmore, who have done the right thing in saving for their first home, approaching me fearing the £300 per month increase in their mortgage repayments we can see it’s all gone wrong. Only a UK Labour Government can fix this mess. We need a General Election now.”
Notes to editors:
You can read Chris Elmore MP’s question in full here: https://hansard.parliament.uk/Commons/2022-10-19/debates/561DB9A7-0FAA-4BBB-BAA1-2F4EF33EB0B5/MortgageInterestRateRises#contribution-8F5E80E4-9F64-4FB4-894B-A10BD8F2828A
The Labour Party motion which passed the Commons stated:
That this House regrets the long-term damage to the economy as a direct result of the mini budget, where mortgage rates for households have risen and the stability of pension funds has come under threat;
notes that despite substantial u-turns in policy since the mini budget, the government’s funding position has deteriorated, the cost of borrowing is expected to be higher for many years and the UK’s fiscal credibility has been undermined all while many energy producers continue to make record windfall profits;
and therefore calls on the Government to take all necessary steps to stabilise the economy and make it work for ordinary working people and business through a plan for growth that puts them at its heart;
and further calls on the Government to publish the Office for Budget Responsibility forecasts immediately alongside government estimates of windfall profits for the next two years from energy producers in the UK.