Third Reading

In the House of Commons debate, the Government, represented by Darren Jones, emphasized the importance of the Budget Responsibility Bill in restoring economic stability and delivering economic growth. Jones argued that sustained growth is the only way to improve the living standards of the British people, and that economic stability is key to achieving this. He criticized the previous government's unfunded fiscal commitments and sidelining of key economic institutions, which he said had threatened the public finances and people's incomes and mortgages. The official opposition, represented by Alan Mak, acknowledged the contributions of new members who had made their maiden speeches. Mak argued that sound public finances, fiscal responsibility, and independent forecasts are the foundation of economic stability, and that it was a Conservative government that had created the Office for Budget Responsibility (OBR) more than a decade ago. Mak accused the Labour government of not being serious about the public finances, and claimed that the purpose of the Bill was to distract from Labour's economic record and pave the way for tax rises in the autumn Budget. Mak then outlined what he described as nine acts of economic vandalism by the Labour government in its first nine weeks in office, including removing the winter fuel allowance from pensioners, failing to commit to the 2.5% of national income on defence, and cancelling infrastructure upgrades. Mak invited the Chief Secretary to the Treasury to rule out raising taxes on working people, such as drivers, savers, and business owners, and to rule out changing the fiscal rules to allow for more government borrowing and debt. The debate touched on the importance of economic stability, the role of the OBR, the economic records of the previous and current governments, and the potential for tax rises and increased government borrowing under the new Labour administration. Both sides sought to make their case and criticize the other's approach to economic management.