Financial Statement

Felicity Buchan Excerpts

Wednesday 23rd March 2022 Commons Chamber

[Rishi Sunak]

As I have said, for those who are most vulnerable we are providing an extra half a billion pounds, and we are doubling the size of the household fund—local authorities are best placed to direct that funding. But we do want to support people into work, which is why I am proud of the record we have.

[Felicity Buchan (Kensington) (Con)]

I warmly welcome the tax cuts announced today, especially with the focus on low and middle earners. I note that the OBR has said today that interest payments on debt will quadruple next year. Does my right hon. Friend agree that with interest payments on our debt at £80 billion we need to maintain discipline on spending going forward?

[Rishi Sunak]

My hon. Friend makes an excellent point. She is absolutely right; the increase in debt payments is historic and it gives a glimpse of some of the risks facing us going forward. That is why it is right that we maintain headroom against our fiscal rules, and the best way to do that, in order to deliver a lower-tax economy, is to remain very disciplined on further public spending.