Fiscal Rules
Noah Law Excerpts(3 weeks, 3 days ago)
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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.
Oral Answers to Questions
Noah Law Excerpts(2 months, 2 weeks ago)
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Rachel Reeves
A huge amount of inward investment goes to Northern Ireland, as the hon. Gentleman knows, and it is important that young people are able to take advantage of those huge opportunities in our economy, whether in financial services, advanced manufacturing, shipbuilding or the many other sectors that are important to Northern Ireland. It is a travesty that something like one in five young people today are not in employment, education or training. The Secretary of State for Work and Pensions will be bringing forward a White Paper to ensure that everyone who can work does work and is given the support to succeed, both in Northern Ireland and across the United Kingdom.
Noah Law (St Austell and Newquay) (Lab)
The Economic Secretary to the Treasury (Tulip Siddiq)
The Government are already taking action to fix Britain’s economic foundations, with a new approach to growth with three pillars: stability, investment and reform. Sustainable public finances are necessary for economic stability and long-term growth, and the Government will set out the difficult decisions needed to secure the public finances in the Budget on 30 October. The Government have already announced a fiscal lock to support policy stability by ensuring that fiscally significant announcements are subject to an independent Office for Budget Responsibility assessment.
Noah Law
Given the fiscal inheritance that we have been left, the Chancellor has already had to make some difficult decisions to ensure that economic stability. Workers and pensioners just above the personal allowance threshold have already borne much of the brunt of the previous Government’s cost of living crisis and fiscal drag, putting many in a precarious position. What steps are the Government taking to ensure that, if there is to be further fiscal drag, these groups are prevented from shouldering further burdens?
Tulip Siddiq
I should have welcomed my hon. Friend to his place.
It was the previous Government’s decision to maintain tax thresholds at their current levels until 2028. We have inherited an extremely difficult fiscal situation, meaning that we cannot undo everything they did, but the Prime Minister has been clear that those with the broadest shoulders should bear the heavier burden. The Government are providing £0.5 billion, including the estimated Barnett consequential, to extend the household support fund in England for another six months, to 31 March 2025. It continues to be our aim to support those who are most in need. The household support fund is specifically used by local authorities to help the most vulnerable households cover the cost of essentials such as food, energy and water.