Government Performance against Fiscal Rules Debate
Full Debate: Read Full DebateBernard Jenkin
Main Page: Bernard Jenkin (Conservative - Harwich and North Essex)Department Debates - View all Bernard Jenkin's debates with the HM Treasury
(1 day, 17 hours ago)
Commons ChamberUrgent 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.
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My hon. Friend is right. If any party on the Opposition Benches wants to be competitive in the next election, it needs to set out what it proposes to do with the country and how it will pay for it. Time and again, whether it is the Conservative party, Reform UK, the Green party or any other party, it is all promises of jam tomorrow, with no idea about how to pay for it. The public have been burned by that already because of the last Government, and they will not be burned by it again.
Has the Chief Secretary seen the much longer-term forecasts by the OBR for the growth in public spending and the growth in debt rising to more than 250% of GDP in decades to come and the debt interest rising to 12% of GDP? Now that there is a gaping hole in the Government’s financial plans because of the votes last week and the U-turns on welfare reform, why does he think that he can play for time, instead of acting to give the markets confidence before they lose confidence?
The Treasury obviously monitors all OBR forecasts and considers them in detail. As the hon. Gentleman knows, it is right and proper that the Treasury looks at OBR forecasts in an orderly way when it produces its forecast in line with the fiscal forecast. That is how we bring stability back to the public finances, and that is what we will be doing.