Spending Round 2019

Jeremy Lefroy Excerpts

Wednesday 4th September 2019 Commons Chamber

[Sajid Javid]

I welcome the scrutiny from the hon. Lady’s very important Committee. She might not have enough time, but there is a lot of detail in the book has been published alongside my statement today. She referred to a figure of 85% for the ratio of debt to GDP. I think the last Office for Budget Responsibility forecast in March had it at 82.2% and on a declining trajectory. On the changes to the fiscal rules, I have set out that I am looking at the fiscal rules in time for the Budget. There may well be changes, but I do not want to set out what they will be today, because we have not decided.

[Jeremy Lefroy (Stafford) (Con)]

I welcome the Chancellor and his statement. Does the spending round contain any provision for the establishment of a UK development and investment bank, which I believe would be an extremely strong vehicle to make the kinds of investments that he talks about in the public and private sectors and internationally?

[Sajid Javid]

Today’s statement does not focus on capital, but my hon. Friend’s suggestion would certainly involve capital investment if it happened. I know that he has spoken to the Economic Secretary to the Treasury about this, and we are happy to have further discussions.