Budget Resolutions

Wes Streeting Excerpts

Wednesday 11th March 2020 Commons Chamber

[Sajid Javid]

I was pleased to hear the Chancellor say that this Budget is within the fiscal rules, but as my right hon. Friend the Member for Maidenhead (Mrs May) said, we do not yet know the impact of these emergency measures. We also do not know the impact of the term funding scheme announced today by the Bank of England. A lot of the fall in debt over the next few years is because of the term funding scheme coming to an end, but that might now change, so it is worth keeping that in mind.

The British economy is in a strong position to weather the current storm, but we must not forget that my right hon. Friend the Chancellor is only able to deploy the firepower that he has today because of the choices that consecutive Conservative Chancellors have made—choices to control spending, to control borrowing and to control debt. That is why the fiscal rules that we set out in our manifesto are important. Sticking to those rules in normal times is what separates us from Opposition parties. They help us to keep our economy strong and to keep taxes low, and they preserve our flexibility for when we need it most. It is not always possible to forecast when the next threat will emerge, nor what form it will take, but it is possible to prepare, and I know that the Chancellor and I are grateful that our predecessors had the foresight to do so.

[Wes Streeting (Ilford North) (Lab)]

Will the right hon. Gentleman give way?

[Sajid Javid]

I will not give way.

The British people have responded to the coronavirus crisis with stoicism and selflessness, as well as a distinct sense of humour—especially when it comes to toilet rolls. The British people are following the lead that has been set by right hon. Friends the Prime Minister and the Chancellor who, in the most challenging of circumstances, have resolved to act prudently on the basis of evidence and to act in the national interest. I have every faith that in the coming months they will do the right thing and that, whatever happens, as a country we will emerge stronger on the other side.