Public Finances: Borrowing Costs

Ben Spencer Excerpts

Thursday 9th January 2025 Commons Chamber

[Darren Jones]

I did not realise that the hon. Member knew my mum and that I am apparently the future. It is very kind of him to say so; very few have that in their thoughts. He talks about lefty experiments. Fiscal responsibility is not a lefty ideology. Economic responsibility is not a lefty ideological and political experiment; it is what the British people expect. One of the reasons why the Conservatives had such a historic defeat at the last election is that they lost all control and all sense when it came to the public finances. For a party that is supposedly the best-performing in western democracy, and which has had great leaders in the past, is it not a great shame what the Conservative party has become? Given its performance over 14 years and its descent into disinformation, I feel very sorry for Opposition Members.

[Dr Ben Spencer (Runnymede and Weybridge) (Con)]

I hope that the Minister can quickly turn this situation around for my constituents and the country, and I wish him all the best in doing so. Given the challenges of business confidence and the markets, I had hoped that he would come to the House this morning with a plan that lays out the scope of the problem and the solution to fix it. Instead, he has spoken more about the Conservative party, rather than Labour’s plan for the economy. Is that because the Chancellor is not here today? When will she come back?

[Darren Jones]

I am very happy to set out the Government’s plan, as I have done repeatedly today. The hon. Member will have seen in the Chancellor’s Budget last autumn a clear plan to wipe the slate clean, to deal with the mess that we inherited, to protect working people, and to invest in our public services. He will have seen it in the Prime Minister’s plan for change, which sets out the direction of this Government over the years ahead. We will put more money in working people’s pockets across the country, get our public services back on their feet and make sure that this country is in a strong position. The hon. Member will know that the Government are working through our spending review, which I run as the responsible Minister. I have already confirmed that we will come back in June to confirm the spending plans for Departments, which will have to live within their means and in line with the fiscal rules in the years ahead. I cannot think what more he would want.