Fiscal Rules

Noah Law Excerpts

Monday 28th October 2024 Commons Chamber

[Darren Jones]

What I can confirm is that what affected interest rates and mortgage payments so severely was the chaotic behaviour of the hon. Gentleman’s party in government before the last election. That is why we have had to legislate to make sure that if they ever returned to Government, they could not behave in similar ways. We are taking a responsible approach to public spending, as I have set out today, and we will never return to the activities of his party in government.

[Noah Law (St Austell and Newquay) (Lab)]

There appears to be some confusion among those on the Opposition Benches when talking about their track record and about the records they have broken on the relationship between the nominal and the real. On the point about being realistic, does the Minister agree that in our reform of the fiscal rules, we must, unlike the last Government, provide that realism and stability and ensure that wild unfunded commitments, such as the abolition of national insurance, do not occur?

[Darren Jones]

My hon. Friend points rightly to the £22 billion black hole that we are having to clear up after the Tory party. In the Budget on Wednesday, the Chancellor will set out how we are resetting public finances and fixing the foundations, so that we can get on and deliver our manifesto.