Second Reading

The Government opened the debate by emphasizing the importance of fiscal responsibility and economic stability, which they see as the foundation for sustained growth and improved living standards. The Chief Secretary to the Treasury, Darren Jones, introduced the Budget Responsibility Bill, which aims to hardwire fiscal responsibility into law by requiring independent scrutiny from the Office for Budget Responsibility (OBR) for any significant fiscal announcements. The official opposition, represented by Gareth Davies, acknowledged the importance of the OBR but raised some concerns about the definitions and scope of the Bill. While supportive of the OBR, the Conservatives argued that the Bill does not go far enough to prevent future economic crises and that it could allow the Government to use the OBR as a "shield" for its own decisions. The wide-ranging debate that followed saw many new Members of Parliament deliver their maiden speeches, providing a tour of constituencies across the UK. Several themes emerged, including the importance of civility and unity in politics, the need to restore trust in democratic institutions, and the challenges facing communities such as poverty, infrastructure, and public services. Members from both sides of the House emphasized the importance of fiscal responsibility, with the Government arguing that the Bill will prevent a repeat of the "disastrous mini-Budget" under the previous administration. The opposition, while supportive of the Bill, expressed concerns about the potential for "mission creep" by the OBR and the risk of the Government using the legislation for political purposes. The debate also touched on issues such as the impact of Brexit, the role of the devolved administrations, and the need to support industries like hospitality and manufacturing. Overall, the discussion highlighted the shared desire to rebuild the economy and public services, while debating the best means of achieving those goals. In closing, the Exchequer Secretary to the Treasury, James Murray, reiterated the Government's commitment to fiscal responsibility and economic stability, stating that the Bill will "draw a line under the economic recklessness of recent years." He expressed confidence that the legislation will prevent any future government from "playing fast and loose with the public finances."