Bernard Jenkin
Main Page: Bernard Jenkin (Conservative - Harwich and North Essex)Department Debates - View all Bernard Jenkin's debates with the HM Treasury
Budget: Press Briefings
Bernard Jenkin Excerpts(1 day, 9 hours ago)
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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.