UK Economy

Debate between Bim Afolami and Christian Wakeford

Monday 19th February 2024 Commons Chamber

[Bim Afolami]

To increase investment we brought in full expensing at the last fiscal event, which should represent an increase over the forecast period of £14 billion of investment and deal with the chronic weakness of our economy over generations. That is what we are doing to increase investment. In relation to green investment in particular, what we are not doing is having a huge unfunded £28 billion plan—or maybe now it is not Labour’s plan; maybe it is a secret plan or maybe the Labour Front Benchers have stopped their plan. We have a responsible costed plan to increase investment; the Opposition do not have one.

[Christian Wakeford (Bury South) (Lab)]

Let’s try this again. Public sector net debt is set to rise from 89% of GDP this year to 92.8% of GDP in 2028-29, according to the most recent Office for Budget Responsibility forecast. In case the Minister does not understand, that number is higher than today’s. The Prime Minister promised to reduce debt, but it is increasing. The plan isn’t working, is it?

[Bim Afolami]

The Prime Minister and the whole Government are committed to reducing debt as we get to the end of this economic forecast period, which is what we are doing.