Fiscal Rules

Debate between Darren Jones and Jim Allister

Monday 28th October 2024 Commons Chamber

[Darren Jones]

My hon. Friend is right. We have a choice at this Budget either to continue with the failed policies of the previous Government or to change them. The British people will not be surprised that our decision is to change them, reflecting on the fact that the cut in investment under the previous Government has led to poor productivity in public services and a lack of growth in the economy. That serves nobody.

[Jim Allister (North Antrim) (TUV)]

This statement speaks of giving the private sector the confidence to invest. Can the Minister explain to the small businesses in my constituency how it will give them confidence if the first act of this Government is to soak them with further national insurance increases? Will that not dent confidence, rather than increase it, along with sustained high interest rates? When he speaks about multi-year spending reviews, does that mean that he now expects the devolved Governments to produce multi-year budgets, which is something that the Stormont Government have been reluctant to do?

[Darren Jones]

I obviously cannot speculate on the Budget, so I invite the hon. Gentleman to come back to the House on Wednesday for the answer to the first part of his question. On the second part, he might know that I lead for the Government on our relationship with the devolved Governments. I have met Finance Ministers from Scotland, Wales and Northern Ireland, most recently in Belfast, where we had a productive meeting. They were all very clear that the reset in the relationship between them and the Westminster Government was positive, given the failed relationships of the past. We made some progress in that meeting, and we will make further such progress in the Budget.