fiscally responsible across departmental spending. you know that. the debt we are servicing this year will be 83 billion and last year will be 83 billion and last year it was 20 billion. four times increase in debt servicing. that is important to remember. that is the backdrop, the canvas with which i at the moment and responsible. i will also want to ensure. you talked about corporation tax earlier. companies make investment decisions over the long term. one of the taxes they compare globally is corporation tax and i want to take a careful look at all the measures i can bring to bear, to bear down on inflation but also return to that dynamic economy that delivers growth. it sounds to me like you are thinking more about corporation tax cuts than income tax cuts? i
expectations about what the workforces are affected ought sensibly to be offered. the government will then review those recommendations and individual departments will respond to them. i absolutely think that we can get to absolutely think that we can get to a situation where people get good pay office but we have to remind you of the fact we spent £83 billion per year on our debt interest payments after the pandemic, we have high inflation and in the context of those very serious challenges, that everybody needs to be aware of what we are trying to do here which is, in the end, to avoid a problem that will damage the whole of our economy and society. we do not want to see entrenched inflation. you and society. we do not want to see entrenched inflation. entrenched inflation. you say there is no lan entrenched inflation. you say there is no plan for entrenched inflation. you say there is no plan for the entrenched inflation. you say there is no plan for the intervene - entrenched
clearly, we monitor the situation very, very closely, recognising it as fast evolving and to some extent of course it s linked to how long covid disruption continues in places like shanghai and obviously the progress of the war in ukraine. we will always act as a situation demands. i think we have shown that frankly during the course of the last two dreadful years with the pandemic. the treasury will step up as a situation warrants. it s obviously vital that when we do act that we do it in the most targeted way we can because we spent 400 billion responding to the pandemic which means our debt interest payments this year are £83 billion. when spending taxpayers money, making this next round of decisions, we have to be conscious of the pressure the public finances are under as well and that means targeting is essential. £31 under as well and that means targeting is essential. of course. you did mention targeting is essential. of course. you did mention national- targeting is essenti
billion. it is a 480% year over year. that is 500% increase. are you kidding me? check out shell, it ain t it earned 83 billion dollars. that is twice the projections. do you have an explanation for this disconnect? do you think high gas prices are here to stay? i m talking to people in the energy industry about what s going on here. everyone looks at these gargantuan profits and what a lot of people don t realize is that this industry just got hammered from 2015 to 2020. exxon lost 22 billion dollars in 2020. it was the worst lost ever. what happened during the period of time is that the industry overproduced. it lost a lot of money, a lot of companies went out of business. the industry is now saying that we are not going to get stuck in that trap again. they know that just because oil and gas prices go high for a little while, it does not mean that they will stay there. they are very reluctant to put the money into new capacity right now because, number one, there is no guarantee t
autumn to see if anything else can be done is a sign of somebody who is out of touch. trio. be done is a sign of somebody who is out of touch- out of touch. no. we should not lose siaht of out of touch. no. we should not lose sight of several out of touch. no. we should not lose sight of several important out of touch. no. we should not lose sight of several important dynamics. sight of several important dynamics in this which is that 22 billion is an enormously substantial package of measures which includes the action taken on energy bills as you say, but also the forthcoming cuts to national insurance which will take effect in july national insurance which will take effect injuly which means that national insurance which will take effect in july which means that 70% of people will be paying less in national insurance, even accounting for the new health and social care levy to deal with the covid backlogs but it s also taken on universal credit to cut the taper rate so people kee