The Economy

Matt Rodda Excerpts

Thursday 24th October 2019 Commons Chamber

[Geraint Davies]

rose—

[Matt Rodda (Reading East) (Lab)]

rose—

[Sajid Javid]

I will give way when I have made some progress.

We have turned the economy and the public finances around, and I am not prepared at all to throw away that hard work. The Queen’s Speech puts fiscal responsibility at the heart of our plans, with a clear commitment to ensuring that we keep control of borrowing and debt. I will set out our detailed plans in the Budget.

--- Later in debate ---

[Sajid Javid]

I will make some progress and then I will give way.

I want to contrast our approach with that of Labour Front Benchers, who have demanded higher borrowing and higher taxes at every Budget and Queen’s Speech for the past 40-odd years. Their tax rises would hit hard-working families, and they will not be clear on that. Their tax avoidance plans contain a £2.5 billion mistake, and that is according to the Institute for Fiscal Studies. Their spending promises would cost far more than they say. Their manifesto contained £1 trillion of spending commitments. For the shadow Chancellor’s benefit, let me say that that is £1,000 billion of spending commitments. They have not costed expensive promises such as renationalisation, and they have made dozens of unfunded promises since the last election. And you know what is even worse than that? The shadow Chancellor has admitted that the huge borrowing plans that he has are just “the first step”—he means the first step back to the road of ruin.

[Matt Rodda]

I wonder whether the Chancellor remembers the following statement, which is from his own website; it is still there today:

“The only thing leaving the EU guarantees is a lost decade for British business”.

Perhaps he would like to comment on that.

[Sajid Javid]

I will comment on that because, probably like the hon. Gentleman, I campaigned for remain, and I lost the argument; but I am a democrat, unlike the hon. Gentleman.