Taxes

Debate between James Murray and Joe Robertson

Wednesday 12th November 2025 Commons Chamber

[James Murray]

I am very aware of the foundation of debt that we inherited at the election last year—of around 100% of GDP. That, combined with global borrowing prices, leaves us in this position. We are determined to change that because we know that the less we have to spend on debt interest, the more we can spend on the priorities of working people, the more we can invest in our infrastructure and industry, and the more resilient we can make our public finances, building the headroom to withstand global turbulence while giving businesses the confidence to invest.

[Joe Robertson (Isle of Wight East) (Con)]

The Minister seems to be telling us that we can expect debt cutting measures in the Budget. Will he also confirm from the Dispatch Box that there will not be measures to increase national insurance, taxes on hard working people, or VAT?

[James Murray]

We are back to questions about what will be in the Budget. The answer, again, is very straightforward. The Chancellor set out the values that will guide her in taking the decisions at the Budget on 26 November. She set out the challenges that we face, being straight with the British people about that. The details will all be announced by the Chancellor on Budget day in the normal way.

We know that there is much more for us to do as a Government, but we can see the tough choices we made last year showing early signs of progress. We are set to deliver the largest primary deficit reduction in both the G7 and the G20 over the next five years. Our stewardship of the economy has helped the Bank of England cut interest rates five times, meaning lower mortgage payments and cheaper borrowing for families and businesses; real wages rose more in the first 10 months since the election than in the first 10 years of the previous Government; and the average person’s disposable income is now £800 higher in real terms than just before the election, meaning living standards have begun to rise. We have increased public capital investment by £120 billion over the Parliament and supported the NHS to achieve a reduction in the total elective waiting list of more than 206,000 since July 2024.