Urgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
Each Urgent Question requires a Government Minister to give a response on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
Sir Mel Stride (Central Devon) (Con)
(Urgent Question): To ask the Chancellor of the Exchequer if she will make a statement on briefings to the press about the contents of the Budget.
The Chief Secretary to the Treasury (James Murray)
Every Minister in this Government takes their obligations to this House very seriously. There has been much speculation, as is usual ahead of a Budget, but the Chancellor will come to this House on 26 November and deliver a Budget that will protect the NHS and public services. It will support growth and enable businesses to create jobs and innovate. It will support those struggling with the cost of living, protect families from high inflation and interest rates, and get debt falling, because the less we spend on debt interest, the more we can spend on the priorities of working people.
As you would rightly expect, Mr Speaker, I will not comment on individual measures today. The Chancellor has asked the Office for Budget Responsibility to produce a forecast. The OBR and the Treasury exchange information throughout the forecast process, which is the usual practice, established over many years. The Chancellor will take decisions based on that forecast, and we will set out our fiscal plans at the Budget next week in the usual way. The OBR is making an assessment of the productivity performance of the previous Government, and we will not allow the mistakes of the previous Government to determine our country’s future. The Budget next week will be guided by this Government’s values of fairness and opportunity, and will be focused entirely on the priorities of the British people.
Stability remains at the heart of our approach. By building more resilient public finances with the headroom to withstand global turbulence, we will give businesses the confidence to invest, and leave Government more free to act, when the situation calls for it. We will continue to meet our iron-clad fiscal rules, which allow the Government to invest in homes, transport, energy security and infrastructure. Taking this action means that we can continue to build strong foundations for our economy, because that is the route to securing Britain’s future.
Sir Mel Stride
Given that response, the right hon. Gentleman might try a bit of stand-up in his spare time. The process around the Budget is meant to be the most closely guarded secret in Government, but in recent weeks, we have barely been able to pick up a newspaper without reading a fresh report of the latest policy movements. On 6 November, The Times reported that the Chancellor had included increases in income tax rates in the measures sent to the OBR for scoring. Then, last Thursday, the Financial Times revealed that those proposals have now been removed from the Budget package.
The Chancellor and her officials may think this is a game that they are playing, but it has real-life consequences and impacts markets, as we saw on Friday. More than that, it shows utter contempt for this House. In this place, questions about the Budget are always met with the same answer: “Decisions on tax will be announced at the Budget”. That is right and proper, but it becomes hollow and absurd when those same matters are being openly reported in the national media daily. The Chancellor even delivered a pre-Budget address to the country—not in this House, but in the Downing Street press room.
Given that the Chancellor has chosen not to come to the House today, I will ask the Minister the following questions. Has the Chancellor or any Treasury Minister sanctioned any briefings to journalists on potential Budget tax measures or the contents of the OBR’s forecasts? Have any Treasury officials or special advisers conducted such briefings? Has the Chancellor or the permanent secretary launched an investigation into the source of the leaks, and can the Minister explain why the Chancellor seems to have confirmed that the OBR has downgraded its productivity forecasts before the Budget has even taken place?
Either the Chancellor has been knowingly allowing the Budget process to be briefed out, or serious unauthorised leaks have occurred from her Department. That has fuelled confusion and uncertainty, and disrespects this House.
Mr Speaker
Minister, it is not normal for a Budget to have been put in the press. This is the hokey-cokey Budget: one minute something is in, the next minute it is out. I am very worried. The previous Government also had to be reprimanded for leaking. It is not good policy. At one time, a Minister would have resigned if anything was released. This House should be sacrosanct, and all decisions should be heard here first. Please do pass on the message.
James Murray
Thank you, Mr Speaker; I can reassure you that every Minister in this Government takes their responsibility to this House very seriously.
I will not engage with speculation or comment on the ongoing Budget process, but everyone in this House and beyond can be very clear of what the Chancellor’s priorities are going into the Budget. We will meet the iron-clad fiscal rules, we will make the public finances more resilient, we will reduce inflationary pressures and we will get the costs of borrowing down, because that is the way to focus on the priorities of the British people, which are to protect the NHS, bear down on the cost of living and reduce the national debt.
Dame Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)
There has been either a leak or wild speculation about the Budget, and it would be helpful if the Minister could advise us which it is. In doing so, could he outline—as he will obviously not go into detail, quite rightly, a week before the Budget—what this Budget’s strategic objectives are for the country?
James Murray
I thank my hon. Friend for her question. Regrettably, there is always noise and speculation ahead of a Budget, but I am not going to comment on that speculation. As the Chancellor set out in her speech earlier this month, although we face challenges going into the Budget, we are very clear about the priorities of this Government, which are to make the public finances more resilient, to reduce inflationary pressures and to bring down the costs of borrowing, because that is the way we can focus on the priorities of the British people—the NHS, the cost of living and getting debt down.
Mr Speaker
I remind the Liberal Democrat spokesperson that the time limit is one minute, not one minute and 50 seconds.
James Murray
Like the hon. Member, I regret the fact that there is always noise and speculation ahead of a Budget, but I am not going to add to that speculation here in the Chamber today. Our focus as a Government is to build the strong foundations that our economy needs, because that is the way to secure Britain’s future.
Josh Fenton-Glynn (Calder Valley) (Lab)
I am often put in mind of that scene in “Casablanca” where the official expresses surprise at gambling taking place in the casino when I hear Conservative Members say that briefing might have taken place. Perhaps in 2017, when the key stamp duty measure in that Budget was leaked, the right hon. Member for Central Devon (Sir Mel Stride) was equally surprised, as he was then the Financial Secretary to the Treasury. While there is always briefing, I am sure the Minister agrees with me that the job of the Chancellor is to get the best deal for this country.
Steve Barclay (North East Cambridgeshire) (Con)
As the Minister will know, leaks of market sensitive data obviously carry a much higher premium than other leaks that may occur in Government. Again, could he address the shadow Chancellor’s question as to why the Cabinet Secretary and the permanent secretary have not been asked to launch an inquiry into these leaks?
James Murray
As I said, I am not going to comment on the ongoing Budget process, but what the markets know is that the Chancellor’s commitment to her fiscal rules is iron-clad. They have been met at every fiscal event since this Parliament began, and they will be met next Wednesday.
Justin Madders (Ellesmere Port and Bromborough) (Lab)
The problem that we have is an insatiable 24/7 media who want stories and will sometimes generate their own. All this speculation has created uncertainty that has hampered investment, which I know is not what the Treasury wants. Will the Minister be clear from the Dispatch Box that any further speculation we read about will not have been authorised by anyone in Government?
James Murray
Mr Speaker, as I made clear, every Minister in this Government takes their responsibility to this House very seriously and I am not going to engage in further speculation today, but what we are seeking to achieve in the Budget next week is to ensure that, in meeting her iron-clad fiscal rules that the Chancellor has committed to, we provide extra headroom to give more resilience to the public finances, reduce inflationary pressures and get the cost of borrowing down.
John Glen (Salisbury) (Con)
Two weeks ago, the Chancellor held a press conference from which everyone inferred that income tax was going to go up. On Friday, every newspaper said that income tax was not going to go up. It is plainly obvious to the general public and anyone who reads any of the papers that everything is being briefed from the Treasury or No. 11. Surely the Minister needs to come to terms with that and face up to the fact that it has a horrendous effect on business and consumer confidence, which is doing the economy a lot of damage.
James Murray
As I said earlier, regrettably there is always noise and speculation ahead of a Budget. In reference to the Chancellor’s speech earlier this month, the reason she set out the challenges we face as a country was to be straightforward with the British people about the challenges we face and clear about her priorities, which are to protect on the NHS, bear down on the cost of living and get national debt down.
John Slinger (Rugby) (Lab)
Does the Chief Secretary agree that the Tories are still as irresponsible as they were under Liz Truss, blindly promising £47 billion of cuts to justify their wacky fiscal policies? Does he agree that that is back of the fag packet territory? Does he agree that the Chancellor will deliver an excellent Budget next week?
James Murray
I agree entirely that the Conservative party has learned nothing, and nor has it apologised at all for what happened under the short-lived Government of Liz Truss. For the Conservatives to talk about the savings they have apparently identified recently, including welfare savings, is frankly not credible when the shadow Chancellor is the man who presided over the biggest increase in the welfare bill in decades.
Lisa Smart (Hazel Grove) (LD)
On one level, this is all just a bit embarrassing, is it not? But on another level, this is having a real impact on business confidence and the ability of local businesses to make decisions about investment and their future. Does the Minister agree that this is all just a bit self-defeating?
James Murray
I am not quite sure what I am supposed to say in response to that question. I would rather this urgent question had not been asked today—there are other things that we could be doing—but it is important to underline to you, Mr Speaker, that every Minister in this Government takes their responsibility to this House very seriously.
Tulip Siddiq (Hampstead and Highgate) (Lab)
I was astonished to hear those on the Opposition Benches cheer and jeer as the Chief Secretary made his statement. If I remember correctly, when we first took office after the election, we were told about how they had mishandled the economy, mishandled Brexit, mishandled the pandemic, spent the reserves three times over and promised money for sensitive schemes when they did not have the money, just to try and win the election. Will the Chief Secretary tell the House how decisions are made in the Budget process, and what we were left with when we first took office?
James Murray
My hon. Friend is absolutely right that our priority is to take the right decisions to provide stability and secure foundations for the long-term future of this country. It is true that we inherited a mess from the Conservative party. Indeed, the Office for Budget Responsibility is now looking at the previous Government’s record on productivity. We have been clear that we will not let the mistakes of the previous Government determine this country’s future. We will take the right decisions for the future of this country.
Dame Harriett Baldwin (West Worcestershire) (Con)
The speculation was inflamed by the Chancellor herself giving a speech at the press conference. Surely one of the most damaging pieces of speculation in the media was that there might be an exit tax on wealthy people fleeing the country. That has only just been ruled out, but many, many people have fled in the interim. There has been a real cost to the Exchequer from all the speculation, so will the Minister confirm that there will be a leak inquiry?
James Murray
As I made clear, I am not going to comment on the ongoing Budget process, nor am I going to engage in speculation about Budget measures. I note that this urgent question is about speculation, which I am not engaging with. It is actually Conservative Members who seem to be fanning the speculation, and I would discourage them from doing that.
Mr Speaker
Order. Can I just say that we have had leak inquiries previously when major statements have come out? The reports may be contradicted within days, but they are obviously coming from somewhere. It is worth while thinking about it.
Laurence Turner (Birmingham Northfield) (Lab)
The Minister said in his response that the Treasury and the OBR are exchanging information, but that did not happen in the period immediately before the last election, when spending pressures were withheld from the OBR in a way that the chair said may have broken the law. Will the Minister confirm that that failure is being corrected under this Government?
James Murray
I thank my hon. Friend for his question. He is right to point out that the process between the OBR and the Treasury has been strengthened to be more robust and transparent under this Government. Of course, it is an iterative process whereby the OBR shares its forecasts with us and we share with it our proposed measures. It iterates throughout the Budget process, culminating in the Budget itself on 26 November.
Stephen Flynn (Aberdeen South) (SNP)
There is no doubt that the chaos and uncertainty of this Budget process is having enormous consequences for the credibility of the Labour party, and maybe even for the Minister at the Dispatch Box. I am, surprisingly, less interested in that and more interested in the damage that the Government’s policies are having on my constituents and their livelihoods. I am not asking him to speculate but to clarify: does he acknowledge that if the energy profits levy continues in its current form, more of my constituents will lose their jobs?
James Murray
I am not going to take lessons on credibility from the right hon. Gentleman. What I will say is that he is inviting me to speculate on Budget measures, and I will not do so.
Janet Daby (Lewisham East) (Lab)
Can the Chief Secretary confirm that this will be a Budget that prioritises economic growth?
Sir Bernard Jenkin (Harwich and North Essex) (Con)
Can I ask the Minister whether I have got this right? The Chancellor made a speech to try to reassure the markets that she was going to plug the enormous black hole in the Government’s finances. It reassured the markets to an extent, and the forecasted borrowing costs fell. The OBR adjusted its forecasts, and then the Chancellor decided that she did not need to take the measures she had announced in her speech, and the markets have now reacted adversely. This is all against the background of the cost of borrowing being higher today, as it has been all year, than the peak under the supposedly disastrous Budget of Liz Truss. What sort of confidence is that going to give the British economy?
James Murray
The hon. Gentleman is incorrect to say that the Chancellor announced measures in her speech earlier this month. All measures are announced on Budget day. What the Chancellor set out in her speech earlier this month were the challenges we are facing as a country and the priorities that will guide her—those are to make the public finances more resilient, with more headroom, to reduce inflationary pressures and to get the cost of borrowing down.
Jacob Collier (Burton and Uttoxeter) (Lab)
The Chief Secretary will be aware of the vital role that beer and pubs play in my constituency, the beer capital of Britain. As the Chancellor finalises the Budget, will she ensure that this sector, which faces significant pressure, receives the support that it deserves in order that it can thrive and continue serving our communities?
James Murray
While I have made it clear that I will not speculate on what will be in the Budget, I note my hon. Friend’s passionate case for support for the pub sector, which is so important to all of us and our constituents.
Sir Andrew Mitchell (Sutton Coldfield) (Con)
Does the Minister have any understanding at all of the impact of this incontinent briefing and leaking—the contradictory rumours about pensions, inheritance tax and housing—which is enraging so many of my constituents in the royal town of Sutton Coldfield? Does he not agree that normally an omnishambles happens once the Budget speech has been delivered, not while it is still being crafted?
James Murray
As I have said, there is always noise and speculation ahead of a Budget, but I will not engage in speculation about what the Chancellor will announce on 26 November, because that is when she will set it all out.
Chris Vince (Harlow) (Lab/Co-op)
I promise the Chamber that I will not repeat any of the stories about my mum’s career in His Majesty’s Revenue and Customs. However, the Minister will know that I take tax evasion very seriously. He will be aware that it costs the Treasury billions of pounds each year. I appreciate that he cannot speculate on what will be in the Budget, but will he commit his Department to looking seriously at how we tackle tax evasion, with serious investment in HMRC?
James Murray
My hon. Friend is right that I cannot speculate on the contents of the Budget, but I can thank his mother for her years of service to HMRC. I can also reassure her, him and the whole House that tackling tax avoidance and evasion and closing the tax gap is a top priority for the Government.
Bobby Dean (Carshalton and Wallington) (LD)
The Minister is right to point out that speculation ahead of a Budget is not abnormal, but we have had speculation throughout most of this year. I wonder whether he will accept that part of the reason for that is how the Chancellor has both constructed and applied her fiscal rules. She set them up, with good intentions—we do need fiscal rules in place—but left herself with minimal headroom in a pretty volatile global economy, which has driven speculation all year round about how she would fill the gaps that have emerged throughout the year. Does he think that was a mistake?
James Murray
The hon. Gentleman is right to point to the importance of fiscal headroom to ensure that public finances are resilient. That is exactly why the Chancellor set out that one of her priorities in the Budget, in meeting the iron-clad fiscal rules, is to ensure that we have more resilient public finances so that the Government are freer to act when the situation calls for it.
Sir Desmond Swayne (New Forest West) (Con)
Given the blatant breach of pre-Budget purdah, will the Chancellor follow the proper example set by Hugh Dalton?
James Murray
I fear that my history is not good enough to know exactly what that question means. [Interruption.] I am embarrassed to admit it. I am not entirely clear, but I suspect that I do not agree with the right hon. Member, whatever it was. I will leave it at that.
Richard Tice (Boston and Skegness) (Reform)
Given the chaos around the Budget, none of us would be at all surprised if the date itself changed. Nevertheless, is the Treasury aware how incompetent it looks in the eyes of the markets, which are utterly aghast, and in the eyes of businesses, which have stopped investing and stopped hiring?
James Murray
I can assure the hon. Gentleman that the Budget is next week, on Wednesday 26 November. I can also reassure him that businesses are welcoming the Chancellor’s iron-clad commitment to her fiscal rules.
Joy Morrissey (Beaconsfield) (Con)
Does the Chancellor recognise that her trailing of a mansion tax for houses that are nothing of the sort has caused deep anxiety for thousands of people, including many pensioners in my constituency, who could not afford a potential doubling of their council tax?
James Murray
As I made clear earlier, the level of noise and speculation ahead of the Budget is regrettable, but I will not engage in further speculation on these measures today.
Sir Julian Lewis (New Forest East) (Con)
I am disappointed that the Minister does not know of the example of the Chancellor who resigned from Attlee’s Government for inadvertently or otherwise leaking details of the Budget. Does he at least appreciate that there is a difference between speculating about the contents of a Budget and leaking a Budget, and does he think that there should be any punishment for people who leak a Budget, irrespective of whatever the details were?
James Murray
I repeat what I said about the approach of Ministers—every Minister in the Government takes their responsibility to the House seriously—and I will not engage in further speculation about the contents of the Budget.
Dr Al Pinkerton (Surrey Heath) (LD)
I have had meetings with businesses and constituents in Surrey Heath who tell me that they have changed their decisions based on the speculation they have heard in recent weeks and months. We have heard about the rage that some people have felt; in my constituency, I have heard anxiety from people who have drawn down their pension pots and perhaps not pursued the house purchase that they were looking at. Does the right hon. Gentleman agree that, whatever the reality—whether speculation or leaks—this situation is deeply regrettable? If he can do anything at all, will he please ensure that this never happens again?
James Murray
I can reassure the hon. Gentleman that I am not adding to the speculation around the Budget. It is regrettable that there is noise and speculation around the Budget, because the right way for Budgets to be conducted is for those measures to be iterated with the Office for Budget Responsibility in the normal way, with the forecasts and measures being exchanged between the Treasury and the OBR, and for the package of measures in full to be announced by the Chancellor on Budget day.
Nick Timothy (West Suffolk) (Con)
In some ways at least, this Chancellor is improving: her Budget last year unravelled within a day, and this year the Budget has unravelled before it has been announced. We know why the Chief Secretary is refusing to answer the question about the leak inquiry. It is because the Chancellor knows exactly who leaked the details of the Budget, because she sees that face every day in the mirror. This all goes back to last year’s Budget. Labour said in its manifesto that it would limit spending increases by the year 2028-29 to £9.5 billion a year. In the Budget, the Government increased spending by £76 billion a year. That is eight times higher. Before the Chief Secretary starts spouting about the £22 billion fiction, £9.5 billion plus £22 billion equals a lot less than £76 billion, doesn’t it?
James Murray
At the Budget last year we took the right decisions to fix the public finances and to get the NHS and public services back on their feet. We could not carry on with public services as they were when we inherited them. We could not carry on with public finances as they were when we inherited them. We have restored stability because that is a prerequisite for functioning public services, for investment and for growth.
Wendy Morton (Aldridge-Brownhills) (Con)
Leaks, unauthorised briefing and speculation—or maybe not speculation—are creating instability, chaos, volatility and uncertainty for the markets, for businesses and for households in my constituency, so why will the Minister not answer the shadow Chancellor’s question about having an inquiry into what has actually happened? Let us get to the bottom of this.
James Murray
As I have said, I am not going to comment on the ongoing Budget process. However, the right hon. Lady mentioned stability, and stability is at the heart of our approach, which is why building more resilient public finances with the headroom to withstand global turbulence is so important in giving businesses the confidence to invest.
Dr Caroline Johnson (Sleaford and North Hykeham) (Con)
There appears to have been a lot of speculation about this Budget, and it seems to have been the same measures that have been speculated on by a number of different news sources, which leads to suspicions of a leak. The Minister must surely recognise that there was a possibility of a leak, in which case either he knows who the leak was and that is why he does not want to investigate, or he does not know who the leak was, in which case he should want to investigate. I am not asking him to speculate on the contents of the Budget, so he should please not give me that answer again. Why will he not institute a leak inquiry?
James Murray
A number of the hon. Lady’s colleagues have asked the same question today, and my answer has been consistent throughout, which is that I am not going to comment on the ongoing Budget process.
Seamus Logan (Aberdeenshire North and Moray East) (SNP)
The chaos and confusion at the heart of this Government are deeply damaging to Scotland, to its economy and to its public services. The constant leaks, briefings and U-turns flowing from the Treasury make the Scottish Government’s task all the more difficult, and this is worsened by the Chancellor’s refusal, to date, to meet the Scottish Secretary for Finance. Can the Minister succeed in persuading the Chancellor to have this meeting, please?
James Murray
In my role as Chief Secretary to the Treasury, I have met Ministers in the Scottish Government to discuss the fiscal situation. We have a fiscal forum every quarter, with representatives from the Scottish Government as well as from Wales and Northern Ireland, and that is the right way for us to have routine discussions about matters of shared interest.
Harriet Cross (Gordon and Buchan) (Con)
The Government have clearly lost control of this Budget process. While they have been flying kites, businesses across the UK have been sending up distress flares. The £40 billion of tax from them in the last Budget saw hiring down, confidence down and investments down, and we are now seeing the same again. If any business in this country went to find backing and made as many U-turns as this Government are producing, it would not have a chance of finding an investor, so how can any business across the country have confidence in this Government?
James Murray
Businesses can have confidence in this Government because when we say we are going to stick to our fiscal rules, we mean it. When we say we are going to have more headroom to make our economy and our public finances more resilient, we mean it. And when we say we are going to get national debt down, we mean it—unlike the Conservatives when they were in government.
Max Wilkinson (Cheltenham) (LD)
I host a regular business forum with Cheltenham constituents, who tell me that the late date of the Budget and the speculation around it have undermined their ability to make decisions, in particular on investment. They also note that there has been nearly no speculation about pro-business measures for those trying to start or grow a business. Might the Chief Secretary to the Treasury take this opportunity to speculate on something that might be useful for the small and medium-sized enterprises and larger businesses in my constituency?
James Murray
While the hon. Gentleman would not expect me to speculate on details, I can reassure him that our Budget will support growth by enabling businesses to create jobs, innovate, invest and grow.
Dr Luke Evans (Hinckley and Bosworth) (Con)
This urgent question is about Budget press briefings. The Minister has repeatedly said that he takes his responsibilities very seriously. He was asked by the shadow Chancellor whether he could rule out any of the ministerial team or special advisers having leaked any of the information out to the press. Will he do so from this Dispatch Box in honour of what he has been saying in his answers this afternoon?
James Murray
I did not say just that I take my responsibility to this House very seriously; I said that every Minister in this Government takes their responsibility to this House very seriously. I am not going to engage in further speculation ahead of the Budget.
Mr Peter Bedford (Mid Leicestershire) (Con)
In the past year, a record £70 billion has been withdrawn from pension schemes through the tax-free lump sum as a result of the fear driven by the uncertainty of recent months. Does the Minister understand that the constant leaks and policy kite flying are leading to this adverse effect on pensioners’ savings?
James Murray
As I have said already today, there is, regrettably, always noise and speculation ahead of the Budget, but I am not going to contribute toward that speculation.
Mr Joshua Reynolds (Maidenhead) (LD)
Businesses in Maidenhead tell me that what they want to see in the Budget—the one bit of speculation that they want to hear at the moment—is for the Chancellor to just leave them alone. That is an outrageous thing for them to have to think, and it is because of what they think the Chancellor will do at the Budget. Given the damage that has been caused by our current Brexit deal, does the Minister understand that we could look to generate £25 billion a year for our economy by negotiating a new EU-UK customs union? It is very simple.
James Murray
The hon. Gentleman will be aware of the Government’s red lines on not rejoining the customs union. I can reassure him that, in approaching this Budget, the Chancellor’s commitment to her fiscal rules will ensure that we prioritise having extra resilience in terms of headroom, reduce inflationary pressures and get the costs of borrowing done.
Jim Shannon (Strangford) (DUP)
Last week, VAT was to increase; this week, it is not. Pensions increases were to feature in the Budget; then they were not. Income tax was to feature; then it was not, and then it was again. The one thing that we are sure of is that retailers faced £7 billion in extra costs from the 2024 Budget, with employers responding by increasing prices and slashing jobs. How are the Government and the Chancellor going to breathe life into our high street and not sound the death knell for struggling small businesses? There is a very real fear that this Budget will bring a different kind of Black Friday for businesses across the UK in the form of closing down sales, which can never be allowed to happen.
James Murray
It does not count as me engaging in speculation if I assure the hon. Gentleman that, as we have already preannounced, we will set out our new business rates multipliers at the Budget, with permanently lower business rates for retail, hospitality and leisure businesses, in order to help high streets across the country. That is a really important measure for us to take to support those businesses; more widely, however, it fits within the economic stability that we will provide, which is so important for businesses. That is why, as well as meeting our iron-clad fiscal rules, it is so important that we ensure that the public finances are more resilient, reduce inflationary pressures and get the costs of borrowing down.