Public Finances: Borrowing Costs

Patrick Spencer Excerpts

Thursday 9th January 2025 Commons Chamber

[Darren Jones]

Thank you, Mr Speaker. It is important, when you are paid by the House, to act responsibly; I agree with you.

My hon. Friend the Member for Rugby (John Slinger) makes a really important point, and Conservative Members who have their head in their hands may wish to listen to him. It will be important for the Conservatives to apologise for their behaviour before the British people start listening to them again, but for as long as they wish to grunt and groan and claim that everything was wonderful, the better for us, so long may it continue.

[Patrick Spencer (Central Suffolk and North Ipswich) (Con)]

I have heard that the Minister is the future, but all he wants to talk about is the past. The fact of the matter is that, today, borrowing costs are up, business confidence is down and growth is going nowhere. Is it not time to admit that this lefty economic experiment is not working? It is time to cut taxes and cut spending.

[Darren Jones]

I did not realise that the hon. Member knew my mum and that I am apparently the future. It is very kind of him to say so; very few have that in their thoughts. He talks about lefty experiments. Fiscal responsibility is not a lefty ideology. Economic responsibility is not a lefty ideological and political experiment; it is what the British people expect. One of the reasons why the Conservatives had such a historic defeat at the last election is that they lost all control and all sense when it came to the public finances. For a party that is supposedly the best-performing in western democracy, and which has had great leaders in the past, is it not a great shame what the Conservative party has become? Given its performance over 14 years and its descent into disinformation, I feel very sorry for Opposition Members.