Fiscal Rules

Richard Baker Excerpts

Monday 28th October 2024 Commons Chamber

[Darren Jones]

With my hon. Friend’s reference to payday loans, she points to the behaviour of the previous Government. As I have told the House this afternoon, this Government, with their first fiscal rule, will take us to a place where we are not borrowing to pay the bills each month, as had happened for years under the Conservatives. Anyone managing their family finances at home knows that that is the right thing to do, and they will welcome the fact that this Government are bringing that sense of discipline back to the national economy, too.

[Richard Baker (Glenrothes and Mid Fife) (Lab)]

Will my right hon. Friend confirm that as part of their fiscal strategy and within the fiscal rules, the Government will utilise the national wealth fund to lever in private investment, along with public investment from the taxpayer, for key areas of growth in our economy, including, for example, renewables infrastructure, which is of such importance in Scotland?

[Darren Jones]

My hon. Friend knows that the test of a good Government is whether they can secure private sector investment to come alongside them—something that declined under the last Government. That is why the national wealth fund, which the Chancellor has announced, will secure billions of pounds of private sector investment, alongside public sector investment, in the industries of the future.