Government Performance against Fiscal Rules

Debate between Neil O'Brien and Darren Jones

Monday 7th July 2025 Commons Chamber

[Darren Jones]

My hon. Friend is right. Whether it is investors, market traders or our constituents, they got sick to the back teeth of chaos under the Conservatives, whether it was the mess of Brexit or the change in Prime Minister and Chancellor every five minutes. Ultimately, that resulted in a Parliament in which people were worse off at the end of the Conservative Administration than they were at the start, and our mortgages and rents were higher as a cost of the loss of control in the public finances. This Labour Government will never let that happen again.

[Neil O’Brien (Harborough, Oadby and Wigston) (Con)]

A £6 billion hole has been opened up because those on the Labour Front Bench cannot get those on the Labour Back Benches to vote for their own policies. As a result, No. 10 is today conspicuously refusing to rule out a wealth tax. If we tell business people and wealth creators that their money will get taxed if they leave it in this country, we drive even more investors away. Is it not the case that even if this measure is not ultimately put in place, over the next couple of months the speculation about a wealth tax itself will drive investment away from this country?

[Darren Jones]

The hon. Member knows that the Chancellor will set out any decisions on tax one way or the other in the Budget, which she will do in the autumn.

Public Finances: Borrowing Costs

Debate between Neil O'Brien and Darren Jones

Thursday 9th January 2025 Commons Chamber

[Darren Jones]

My hon. Friend is right to point out that the Government are in the service of working people. What does that mean? It means that people’s lives—the money they have in their pocket, and the ability to pay the bills, get a roof over their head and seek opportunity—are at the very heart of what it means to be in the Labour party and in this Labour Government. Conservative Members might not have suffered from higher mortgage bills or worried about the cost of living during their supermarket shop each month, but people across the country did, and they suffered as a consequence of the Conservatives’ behaviour. I welcome my hon. Friend’s comment that they should have a period of silence while they learn the lessons.

[Neil O’Brien (Harborough, Oadby and Wigston) (Con)]

I think that I heard the Chief Secretary say that the Chancellor has not gone to China. Will he confirm first that she is still planning to go? Secondly, if she has not gone to China yet, why is she not here? Lots of people would like to hear from her. Thirdly, has the Chancellor talked to the Governor of the Bank of England about market turbulence at any point in the last seven days?

[Darren Jones]

The Chancellor is going to China, as has been well documented. Again, I am sorry that it disappoints the hon. Member that I am here. I refer him and his colleagues to the urgent question, which is about a statement on borrowing costs and public finances. He will know that I am the Minister for public finances, which is why I am here answering his questions.

Fiscal Rules

Debate between Neil O'Brien and Darren Jones

Monday 28th October 2024 Commons Chamber

[Darren Jones]

I will avoid the suggestion that we might go back to putting things on stone tablets if I may, but I will accept the invitation in my hon. Friend’s question, and say that after 14 years, we have seen the failure of the approach taken by the last Government. I noted in my statement that public sector investment would now have been at its lowest in 10 years, under the plans of the now Opposition. That has been a failure for the economy and for the British people, and this Government will rectify it.

[Neil O'Brien (Harborough, Oadby and Wigston) (Con)]

Before the election, the Chancellor said that she would not change the measure of debt in order to borrow more, but now she is talking about doing exactly that. Before the election, she said that she would not increase national insurance, but now she is talking about doing exactly that. Before the election, Labour steered people away from the idea that the Government would cut the winter fuel payment, but they have already done exactly that. They said, before the election, that they would not increase taxes on working people, but now they are planning to do exactly that. Does the Minister understand why so many of my constituents feel that they were misled?

[Darren Jones]

The hon. Member’s constituents will note at the Budget on Wednesday that this party honours its promises—the promises, set out in its manifesto, to protect working people. He might want to reflect on the way that his party failed his constituents at the last election before trying to lecture this Government.