Public Finances: Borrowing Costs Debate

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Department: HM Treasury

Public Finances: Borrowing Costs

Nick Timothy Excerpts
Thursday 9th January 2025

(1 day, 14 hours ago)

Commons Chamber
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Darren Jones Portrait Darren Jones
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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.

Nick Timothy Portrait Nick Timothy (West Suffolk) (Con)
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The issue here is spending. Will the Chief Secretary confirm that the Labour manifesto said that a Labour Government would increase spending by £9.5 billion a year, and the Treasury Red Book is increasing that to £76 billion? Is that not the issue?