Oral Answers to Questions

Ellie Chowns Excerpts

Tuesday 10th March 2026 Commons Chamber

[Rachel Reeves]

In the Budget last year, we introduced the Kernow growth fund to support the Cornish economy because of its specific strengths around critical minerals, defence and clean energy. The National Wealth Fund and the wider Government will do everything we can to unlock the huge opportunities that we know exist in Cornwall.

[Dr Ellie Chowns (North Herefordshire) (Green)]

Given the recent Institute for Fiscal Studies report that says that the Treasury’s excessively narrow focus on fiscal rules leads to dysfunctional policy making, and given recent global events showing the uncertainty of fiscal forecasting, does the Chancellor recognise that it is time to move to a more flexible and strategic approach to fiscal rule-making and fiscal policymaking?

[Rachel Reeves]

I totally reject the premise of that question. The fiscal rules that I introduced as Chancellor have unlocked £120 billion for capital investment. We will be spending £50 billion more on day-to-day spending by the end of this Parliament, but at the same time, we are bringing debt down, bringing the deficit down, bringing inflation down, and bringing interest rates down for all our constituents. Economic stability is the way to grow our economy and make working people in all our constituencies better off, and if we forget that, it is ordinary working people who pay the price.