Public Finances: Borrowing Costs

Kevin Bonavia Excerpts

Thursday 9th January 2025 Commons Chamber

[Darren Jones]

The right hon. Gentleman may not wish to reflect on his party’s performance in government, but I am afraid he has to. Although this is a new Government—we have been in office for six months—the reality is that we are having to clear up the mess that the last Government left us. That is why we have to talk about it, and explain to the country why the actions taken by the Conservative party not only affected family finances, but decimated the British economy and pushed public services on to their knees. We are taking responsibility for clearing up their mess, and that is why we will keep talking about it.

[Kevin Bonavia (Stevenage) (Lab)]

A key ingredient of economic growth has to be responsible government. People in Stevenage and across the country are still paying the price for 14 years of irresponsible government—the terrible decisions, the mini-Budget—and now we have a party in opposition that still does not get it. Opposition Members responded to this party’s Budget by saying that they accepted the improvement in public services, but they would not say how they would pay for it. Can my right hon. Friend assure us that this Administration will be committed to responsible government for the rest of the parliamentary term?

[Darren Jones]

Yes, I can. There is no denying that the economic inheritance that we were given by the Conservative party makes life very difficult for us: it means that we have to take difficult decisions. The fiscal rules are non-negotiable and public services have to live within their means because that is that the bedrock of any approach in government. Is that going to be easy for us? No, it is not, but it is part of our responsibility in clearing up the mess left by the Conservatives, and from that we can build for the future, as is set out in the Prime Minister’s plan for change.