[Ms Stella Creasy: Frankly, the Conservatives’ response leaves something to be desired. After 14 years of stripping the engine of this country’s economy, their response is simply taking the piston. … ]

[ … ]

[Madam Deputy Speaker (Caroline Nokes): I call Sir Julian Lewis.]

Sir Julian Lewis: Congratulations on your election, Madam Deputy Speaker.

I cannot hope to match the splendid double entendre of the hon. Member for Walthamstow (Ms Creasy), but I may I say to the Chancellor that one effect of being here for a long time is a realisation that no one party has a monopoly on wisdom? Given the impartial assessment by the Library that covid cost this country between £310 billion and £410 billion, is she willing to at least concede that the previous Government did a pretty good job in getting inflation down to 2% less than two years after the pandemic?

[Rachel Reeves (The Chancellor of the Exchequer): The pandemic is no excuse for making unfunded spending commitments, which is precisely what the previous Government did. The right hon. Gentleman mentioned the pandemic, during which the Government handed out contracts to friends and donors to their party, putting them in a VIP lane. That is why we are appointing a covid corruption commissioner. We want that money back in our public services, where it belongs.]