Spring Forecast

Siân Berry Excerpts

Tuesday 3rd March 2026 Commons Chamber

[Rachel Reeves]

My hon. Friend knows that if we can improve living standards and also reduce how much we are spending on servicing the debt racked up by the Conservatives, we will have more money to spend on the priorities of people in Chesterfield and elsewhere. The numbers today confirm that we will be spending £4 billion less on debt interest next year than was forecast even in the Budget just a couple of months ago, and that is because of the stability that we have managed to return to the economy. Under the Conservative Government, before Liz Truss, we were spending the average of the G7 on our debt servicing costs. That rocketed under Liz Truss. We have already managed to reduce some of that borrowing premium, but if we continue, we have a £15 billion prize on offer, and that will be money to spend in our communities, on the priorities of working people, whereas under the previous Government, we just spent more and more on servicing debt interest costs.

[Siân Berry (Brighton Pavilion) (Green)]

The result in Gorton and Denton shows that voters want bolder action from politicians against sky-high privatised bills and rents and want no families to be left struggling in poverty. Will the Chancellor listen and scrap her dysfunctional fiscal rules, starting with scrapping the overall family benefit cap, which still means that over 200,000 children are not getting the help they need to live if not a nice life, at least one without needless grinding hardship?

[Rachel Reeves]

I believe in fair taxes, and I believe the wealthy should pay their fair share, but I believe in bringing that about in a credible way that actually delivers for our constituents. That is why, in my two Budgets, I have ended the non-dom loophole, charged VAT and business rates on private school fees, raised capital gains tax and introduced a high-value property tax, which I believe the Green party opposes in London. The hon. Member failed to mention her party’s policy on defence and defence spending. This is important, especially now. We know that the Green party wants to leave NATO. She does not want to say it, but it is her party’s policy.