Graham Leadbitter
Main Page: Graham Leadbitter (Scottish National Party - Moray West, Nairn and Strathspey)Department Debates - View all Graham Leadbitter's debates with the HM Treasury
Public Finances: Borrowing Costs
Graham Leadbitter Excerpts(1 day, 13 hours ago)
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Darren Jones
I very much agree. That is why fiscal stability and economic responsibility are at the heart of this Labour Government and the Chancellor’s agenda. Members on the Opposition Benches may want to pay attention to that.
Graham Leadbitter (Moray West, Nairn and Strathspey) (SNP)
There is no point beating around the bush: the Chancellor has just lost over £9.9 billion of headroom, and stands on the cusp of breaking her own fiscal rules. She said last year that she would not come back for more tax rises. Will the Chief Secretary be honest and admit, just as the former Bank of England rate setter Martin Weale said today, that this leaves only the option of more austerity? Will he level with people about when and where the next round of cuts will fall?
Darren Jones
As I said, the fiscal rules are non-negotiable. The only reliable sources on future financing will be the OBR forecast on 26 March, the conclusion of the spending review in June, and the Budget, which the Chancellor will present in the autumn. The hon. Gentleman mentioned austerity, but I remind him that this Labour Government have given the Scottish Parliament the largest real-terms increase in funding since devolution. He should be grateful for that.