Replacement of the Chancellor of the Exchequer

(Urgent Question): To ask the Prime Minister to make a statement on the replacement of the Chancellor of the Exchequer during the current economic situation.

With apologies to the Leader of the Opposition and the House, the Prime Minister is detained on urgent business—[Interruption.]—and they will have to make do—[Interruption.]

Order. I must hear the answer to why the Prime Minister is not here.

I afraid you will have to make do with me, Mr Speaker.

The Prime Minister has taken the decision to appoint my right hon. Friend the Member for South West Surrey (Jeremy Hunt), one of the longest serving and most experienced parliamentarians, as her Chancellor. Their overriding priority is to restore financial stability in the face of volatile global conditions. We will take whatever tough decisions are necessary, and have made changes to the growth plan, which the Chancellor is waiting to update the House on as soon as this urgent question finishes.

I thank the right hon. Lady for answering the question put to the Prime Minister; I guess that under this Tory Government everybody gets to be Prime Minister for 15 minutes.

The country is in an economic crisis made in Downing Street. Because they have lost all credibility, Government borrowing costs have soared, mortgage rates have ballooned, markets need reassuring, and there is long-term damage that cannot be undone. Once you have crashed the car at 100 mph, you have damaged it for good and will be paying much more on your insurance for years to come. It is working people who will pay, left wondering if they can afford to stay in their homes—if their hopes of owning a home have not already been crushed.

Now, it is time for leaders to lead, but where is the Prime Minister? She is hiding away, dodging questions, scared of her own shadow; the lady’s not for turning—up! Now, it is time to be honest about the mistakes they have made, but what does the Prime Minister say? She says, “My vision is right, my mission remains, I sacked my Chancellor but I can’t tell you why.” Now is a time for consistent messaging. But what do we get? A Prime Minister saying, “Absolutely no spending reductions,” a Chancellor saying that there will be cuts, a Prime Minister saying that she is in charge, and a Chancellor who thinks that he is the chief executive officer and the Prime Minister is just the chair. How can Britain get the stability it needs when all the Government offers is grotesque chaos? How can Britain get the stability it needs when instead of leadership we have this utter vacuum? How can Britain get the stability it needs when the Prime Minister has no mandate from her party and no mandate from the country?

Let me start by saying that I am quietly confident that the Leader of the Opposition will not have his 15 minutes of fame. With regard to questions raised on economic policy, I will defer to the Chancellor. Hon. Members will want time to question him fully and hear the detail, and I do not wish to eat into that time. Our constituents will want to hear about the issues facing them—their bills, mortgages and benefits, and their businesses—so I had wondered what else the Leader of the Opposition wished to discuss in an urgent question that would delay such an important statement.

In his urgent question, the Leader of the Opposition paints a contrast, so let me paint one, too. The decision taken by our Prime Minister would have been a very tough one politically and personally, yet she took it, and she did so because it was manifestly in the national interest that she did. She did not hesitate to do so because her focus is on the wellbeing of every one of our citizens. It was the right thing to do, and whether you agree with it or not, it took courage to do it.

In contrast, what the right hon. and learned Gentleman has done today, at this most serious moment, took no courage or judgment or regard to the national interest. Three years ago, when this Parliament was paralysed by Brexit, a general election would have been in the national interest, and he blocked one. Today, when the country needs some stability and urgent legislation to put through cost-of-living measures, and while we are in the middle of an economic war levelled at every school and hospital in the country, he calls for one and for weeks of disruption and delay.

We will take no lectures from the right hon. and learned Gentleman on working in the national interest. I could point to his frustration of our leaving the EU and his campaigning for a second referendum. I could point to his support for the right hon. Member for Islington North (Jeremy Corbyn) and his positions on NATO, his arguments against our leaving lockdown, or his support for our involvement with the EU vaccines agency, all of which were against the national interest. Nor will we take any lectures on consistency of policy or messaging. He has abandoned every single one of his pledges made during the Labour leadership contest—[Interruption.]

Order. I think the country wants to hear what is being said and, if I cannot hear, they cannot hear. Can we please listen to the Leader of the House? I am sure that she is coming to the end now.

I am, Mr Speaker.

Are you coming to the subject now?

Order. Mr Perkins, if you want to go and get a cup of tea, I am more than happy to pay for it.

That is why, even on our toughest and most disappointing days, I will always be proud to sit on the Government side of the House. We will put the national interest first. Now, let us get on and hear from the Chancellor.

First, I want to hear from the Father of the House, more importantly: Sir Peter Bottomley.

I am not sure I am more important, but can I say to my right hon. Friend that the Leader of the Opposition has reversed most of the things he said he would do if he became leader? If Members have a short memory, only nine months ago, some of his senior colleagues were circling to see whether they could be a better Leader of the Opposition than him. When circumstances change, it is right for policy to change and, if what is announced today leads to lower inflation, a lower cost of borrowing and a greater chance that this country can get back to prosperity, it is worth doing.

I agree with the Father of the House. The right hon. and learned Member for Holborn and St Pancras (Keir Starmer) has reversed his position on economic justice, social justice, climate change, promoting peace and human rights, common ownership, defending migrants’ rights, strengthening the rights of workers and trade unions, radical devolution of power, wealth and opportunity, equality and effective opposition to the Tories.

We now come to the SNP spokesperson, Kirsten Oswald.

Today, Scotland’s First Minister set out an optimistic, ambitious and credible economic plan for Scotland’s future—a leader who spent over an hour setting out and answering questions on the positive case for our country’s independence. That is in stark contrast to a Prime Minister hiding in Downing Street, terrified to answer for the mess she has made—the mess that will cause so much harm to all our constituents. Mr Speaker, I am going to keep this short and to the point. Can the Leader of the House tell us: where on earth is the Prime Minister? If she does not even have the backbone to show up here today, is there really any point in her showing up here again? Surely, time’s up. She needs to go and let the people decide.