Business of the House

John Glen Excerpts

Thursday 3rd September 2026 Commons Chamber

[Sir Alan Campbell]

I will indeed join my hon. Friend in congratulating Liam Burns and everyone associated with the Big Golf Race, and thank them for raising so much money for such a worthy cause.

[John Glen (Salisbury) (Con)]

It is 55 days till the Budget. Given the market’s reaction to the Prime Minister’s statement on Tuesday, and given that our gilt rates are higher than those of our peers in the G7, could we have a debate on the implications of higher taxes for growth? Given that the Prime Minister says that he will stick to the previous Prime Minister’s borrowing rules, I think the country is very concerned that we are at grave risk of higher taxes, which will compound the problem that he is trying to fix.

[Sir Alan Campbell]

The right hon. Gentleman will have to wait for the Budget for some of the reassurances that he seeks, but I would gently point out to him—and he should know this, given the jobs he did in government—that there are international pressures, such as concerns about inflation, and competition around the world for money to invest in things like artificial intelligence. The difference between this Government and others in comparable situations is that the rates he talks about are the direct result of the Liz Truss Budget. Businesses and households are still living with that, and with higher mortgage rates than are necessary.