Economic Growth

Debate between Mark Pritchard and Emma Reynolds

Monday 7th September 2026 Commons Chamber

[Emma Reynolds]

My hon. Friend is right to raise this matter. The cost of energy for UK businesses is higher than for those elsewhere. That is why the Business Secretary, working hand in hand with the Treasury, is bearing down on that cost through the British industrial competitiveness scheme, particularly for the industrial strategy’s eight growth sectors—we have done that for automotive, aerospace and other sectors that are key to driving economic growth.

[Mark Pritchard (The Wrekin) (Con)]

Is it not the case that the bond markets are losing faith in the Government’s economic policies, and that the cost of borrowing, as we have heard from the shadow Minister, is at an 18-year high? That means, of course, that mortgage rates will increase, putting even more financial pain on many of our constituents. What does the Minister say to my constituents, who are likely to see three or four mortgage rate increases over the next 12 months?

[Emma Reynolds]

What the right hon. Gentleman is observing underlines the need for the Government to stick to our fiscal rules. The Chancellor is right to say that fiscal discipline is the bedrock of our economic security and national security. That is why we have committed to meeting those fiscal rules. In fact, we are meeting one of them early.