Oral Answers to Questions

Rebecca Paul Excerpts

Tuesday 9th September 2025 Commons Chamber

[James Murray]

As is the normal process in developing any policy, we consider a range of options, but we have decided that this gets the balance right: raising revenue in a fair way while offering generous reliefs within the agricultural property relief and business property relief system. Let me just say that, when I heard the hon. Lady stand up and begin a sentence with, “We Liberal Democrats oppose”, I was hardly surprised.

[Rebecca Paul (Reigate) (Con)]

5. What recent assessment she has made of the potential impact of levels of Government debt interest payments on public finances.

[Sir Desmond Swayne (New Forest West) (Con)]

23. What recent assessment she has made of the potential impact of levels of Government debt interest payments on public finances.

[Rebecca Paul]

I thank the Chancellor for that response. This year, interest on debt is expected to total £111 billion, which is 8.3% of total public spending. What are the Chancellor’s plans to rebuild confidence in the gilt market, and how confident is she that we will not be reliving the worst bits of the 1970s?

[Rachel Reeves]

The best way to make sure that we continue to have confidence in the gilt markets is to keep the Tories and Liz Truss as far away from running the economy as possible. We have brought stability back to the economy, and there have been five cuts in interest rates. This is in sharp contrast to the disaster of Liz Truss and the clown show that we witnessed at the Reform conference at the weekend. Those two parties would lose control of spending, and push up mortgage costs and inflation. They have done it before, and they would do it all over again.