Darren Jones MP: speeches 2025

Speeches

• 21 Jan 2025 · Topical Questions · Hansard source

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  I thank my hon. Friend for raising this issue, which clearly is important to him and his constituents. I confirmed to the House today that the Minister for Trade in the Department for Business and Trade is working with the trustees of the BCSSS to consider options. I will meet the Minister to look at those options and provide further updates to the House in due course.

• 21 Jan 2025 · Topical Questions · Hansard source

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  I thank my hon. Friend, who is an important champion for the Welsh economy. Wales can and will play a vital part in our growth mission. Our two Labour Governments continue to work together as we review the position inherited from the Conservative Government, including on rail infrastructure, and decisions will be set out in the spending review in June.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  One of the issues was that the Conservative party made a whole list of unfunded spending commitments. They promised hospitals and train stations, they had unsettled pay disputes with public sector workers— I could go on and on. That is why the Chancellor took the decision at the Budget to wipe the slate clean, to deal with the mess that we inherited and then to bring forward the manifesto commitments that we set out at the election. If the hon. Gentleman wishes to see more detail about our public spending plans, he is very welcome to come to my statement in June.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  I very much agree. That is why fiscal stability and economic responsibility are at the heart of this Labour Government and the Chancellor’s agenda. Members on the Opposition Benches may want to pay attention to that.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  Thank you, Mr Speaker. It is important, when you are paid by the House, to act responsibly; I agree with you. My hon. Friend the Member for Rugby (John Slinger) makes a really important point, and Conservative Members who have their head in their hands may wish to listen to him. It will be important for the Conservatives to apologise for their behaviour before the British people start listening to them again, but for as long as they wish to grunt and groan and claim that everything was wonderful, the better for us, so long may it continue.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  Restoring economic and political stability is important. When the markets observed the behaviour of the Conservative party in government, it is no wonder they did not want to invest in the UK, and that is why the market crashed, to the detriment of working people across the country. It is very clear that under this Labour Government, not only do we have stable leadership; we have a stable set of policies in our plan for change and fiscal responsibility as the bedrock for the Chancellor’s action. That is a country people can believe in, trust in and invest in, unlike the country that was left to us by the Conservative party.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  As I have said, it seems that the Conservative party is proud of its record on austerity. We do not support austerity, which was blind ideological cuts to public services—3% cuts—irrespective of the outcome for the people who rely on public services. The Chancellor increased investment in public services at the Budget in the autumn, and we will continue to increase investment in them, because we need to get them back on their feet, and they are an important foundation for economic growth. I am pleased that the right hon. Gentleman recognises my statements, and says that they are honest, because of course they are. I look forward to coming back to the House in future months and years to show him the progress that the Government are making.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  I am always grateful to the hon. Gentleman for thinking that I am making such substantive interventions, and for his continued support in that respect. This is not austerity, as he will know full well. Austerity was ideological cuts to public financing and the size of the state. It was 3% cuts, irrespective of what that meant for public services or for people across the country. That is far from what the Chancellor unveiled in her autumn Budget. That was the absolute opposite of austerity; we increased financing for frontline public services, and will continue to do so.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  I lead for the Treasury on inter-ministerial relationships with Finance Ministers in the devolved Governments. I regularly meet my counterparts, and I will meet them in Wales in the coming weeks to talk about our spending plans for the future.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  I am sorry to disappoint the right hon. Member, but I will answer the question none the less. She asked me whether I stand by the Chancellor’s statements, and the answer is yes.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  As I said, the fiscal rules are non-negotiable. The only reliable sources on future financing will be the OBR forecast on 26 March, the conclusion of the spending review in June, and the Budget, which the Chancellor will present in the autumn. The hon. Gentleman mentioned austerity, but I remind him that this Labour Government have given the Scottish Parliament the largest real-terms increase in funding since devolution. He should be grateful for that.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  I think the hon. Member might want to ask his constituents whether they appreciated their doctors and nurses being on strike for so long or whether they wanted them to be able to see their patients. He may want to ask his constituents whether they were grateful to have the trains not working for so many months because the train drivers were on strike. He may want to ask his constituents how pleased they were with the performance of their public services over the last 14 years of government. I think I know the answer they would give him. That is going to change under this Labour Government.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  I thank the hon. Member for his question. He will note from the Prime Minister’s plan for change that the NHS is the subject of one of this Government’s key commitments, with commitments to get the elective waiting list down and to invest in the national health service so that we can do so. He will have heard that from the Chancellor at the Budget in the autumn, and he will see that it is a continued commitment from this Government. We can do that because of our commitment to the fiscal rules and because of our investment to grow the economy, which is the only route to long-term, sustainable public financing. The hon. Member was very rudely groaned at by Conservative Members, but when it comes to their performance on the economy, it is not they who should be groaning, but the British people who should be groaning at them for what they did to their family finances.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  The hon. Gentleman will know that this Government’s approach to stimulating growth in the economy is about stability, investment and reform—the political and economic stability the Chancellor has brought to this country; the investment from private sector partners, as well as from the state, where appropriate; and the reform of policy areas such as the planning system, or the financial services reform that the Chancellor set out in her Mansion House speech. He is also right, of course, that we need to improve our trading relationship with countries around the world, which is why the Chancellor is going to China today, and why we have begun negotiations with our friends in the European Union on how we can improve our relationship on a whole host of issues, including trade, energy, defence and security.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  My hon. Friend knows very well that this Government’s approach has been about stability, investment and reform: the stability we have brought following the chaos of the years under the Conservative party, as has been recognised by the British people and by the markets; the investment we have been unlocking, from our global investment summit all the way through to the work we have been doing in the Budget and since; and the reforms we are bringing forward—for example, planning reform—to make sure we can deliver infrastructure better in this country and unlock the investment that private capital has wanted to put forward in the UK for many years, but could not because of the chaos from the Conservatives when they were last in government.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  The Office for Value for Money is an important part of our spending review process, as we undertake for the first time in 17 years a zero-based review of every single pound of public spending. We should focus on that for a moment: not once under the last Conservative Government was there a zero-based review. Not once did they go line by line through every pound of taxpayers’ money and public spending to check it was being spent in the people’s interests. Not once did they think that was a responsible thing to do. That is the first thing we are doing in government.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  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.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  My hon. Friend is right. May I offer some probably unwelcome advice to Opposition Members? The sooner they stop groaning and stop laughing about their performance when they were last in government, and the sooner they apologise for it, the sooner the British people might start listening to them again.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  I am pleased that the hon. Member can afford the subscription to Bloomberg News ; I cannot, unfortunately, so I could not read the article to which he refers. He inadvertently asks me a question about the process of the spending review. [ Interruption. ] That was the question. We are embedding mission-led government, which is what the Prime Minister set out in his missions in his plan for change. That requires Departments to work together to make sure that they are absolutely focused on the delivery of the plan for change priorities, which is why the spending review is being done on a multilateral basis in a new way. I will be giving a speech on this issue in a couple of weeks’ time, and I will make sure that the hon. Gentleman gets an invitation.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  I am very happy to set out the Government’s plan, as I have done repeatedly today. The hon. Member will have seen in the Chancellor’s Budget last autumn a clear plan to wipe the slate clean, to deal with the mess that we inherited, to protect working people, and to invest in our public services. He will have seen it in the Prime Minister’s plan for change, which sets out the direction of this Government over the years ahead. We will put more money in working people’s pockets across the country, get our public services back on their feet and make sure that this country is in a strong position. The hon. Member will know that the Government are working through our spending review, which I run as the responsible Minister. I have already confirmed that we will come back in June to confirm the spending plans for Departments, which will have to live within their means and in line with the fiscal rules in the years ahead. I cannot think what more he would want.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  I am pleased that the right hon. Gentleman enjoyed my performance—I have not even had my first cup of coffee yet this morning. Let me answer some of his questions. [ Interruption. ] Conservative Members might like to listen, if the questions are so important to them. The right hon. Gentleman asked me about the fiscal rules. As I said in my statement, those rules are non-negotiable. As the Chancellor set out at the Budget, we have two fiscal rules: first, that day-to-day spending should be met by tax receipts, and secondly, that debt should be falling as a share of the economy. The right hon. Gentleman talked about the debt burden that this country has. Maybe we should reflect a little on why we have so much debt— [ Interruption. ] From pre-pandemic, Mr Speaker. Let us look at the burden of debt inherited by this Government from the Conservatives. From 2010 onwards, why did the last Government have to borrow so much money every single month, not just to invest but to pay the day-to-day bills? Because of an absolute failure to get growth into the economy. They could not make the numbers add up. They stacked up the country’s credit card and left it to the Labour party to deal with, and we are going to deal with it. That is why those fiscal rules are non-negotiable, and it is why public spending will be within the numbers set out at the Budget. We are starting the spending review now, and it will conclude in June. Public services will have to live within their means—the Chancellor has been very clear about that. That is why with this Government, you get economic stability and absolute clarity on public spending. That is why the British people trust this party and booted that lot out of office.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  I thank the Chair of the Science, Innovation and Technology Committee for her question. She will know that our first commitment in the Labour party manifesto at the last election was to fiscal responsibility. It is the bedrock of this Government and the bedrock of every decision we take. As the Prime Minister set out in his plan for change, the reason people will know the difference that a Labour Government make is that they will have more money in their pockets by the end of this Parliament than when it started.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  I am always grateful to see Conservative Members welcome me to the House. Financial markets are always evolving, as the shadow Chancellor knows, so there is a long-standing convention that the Government do not comment on specific financial market movements, and I will not break that convention today. Financial market movements, including changes in Government bond or gilt yields, which represent the Government’s borrowing costs, are determined by a wide range of international and domestic factors. It is normal for the price and yields of gilts to vary when there are wider movements in global financial markets, including in response to economic data. In recent months, moves in financial markets have been largely driven by data and global geopolitical events, which is to be expected as markets adjust to new information. UK gilt markets continue to function in an orderly way. Underlying demand for the UK’s debt remains strong, with a generally well-diversified investor base. The Debt Management Office’s gilt sales operations continue to see strong demand. The latest auction, held yesterday, received three times as many bids as the amount on offer. The Chancellor has commissioned from the Office for Budget Responsibility an updated economic and fiscal forecast for 26 March incorporating the latest data. Only the OBR’s forecast can accurately predict the effect on the public finances of any changes in financial markets or the economy, and I will not pre-empt that forecast. There should be no doubt of the Government’s commitment to economic stability and sound public finances. That is why meeting the fiscal rules is non-negotiable. May I end by saying that I am pleased that the shadow Chancellor is holding this Government to account on our stewardship of the economy? It is important that he does so. He will remember when his party crashed the economy with unfunded tax cuts, unrealistic public spending plans and a clear disregard for the consequences on family finances. Families across the country are still paying the price for the Conservatives’ disastrous performance on the economy through higher mortgages and bills. If there was one clear reason why the Conservative party suffered such an historic defeat at the last general election, it was their performance on the economy. That is presumably why the shadow Chancellor himself admitted in December that the lack of trust in the Conservative party’s management of the economy has left a “deep and painful scar” in the pockets of every person across Britain. Let me tell the House what has changed. In our first six months, this Labour Government have exposed the £22 billion black hole in the public finances. Not only have we exposed it, but we have dealt with it: the Chancellor’s autumn Budget protects working people, wipes the slate clean of the mess the Conservative party left the country in, and invests in our NHS and schools. We have given the independent Office for Budget Responsibility enhanced powers of oversight, in law, so that we never again get into the situation where that lot left the country: a £22 billion black hole in the public finances. We have set tough new fiscal rules that are non-negotiable, with a budget settlement for public services that they must all live within. We have kick-started growth in this country—this Government’s No. 1 mission —by unlocking investment and bringing forward reforms, such as those to planning and in the Mansion House speech. May I say to the shadow Chancellor that that work stands in stark contrast to the negligent and shameful horror of a circus performance that the Conservative party in government unleashed on this country only a few years ago? Until he can come to the House with an apology for the British people, I will not take any lectures from the Conservative party about how to run the economy.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  I thank the Chair of the Select Committee for her question. As the House knows, we have started the second phase of the spending review, to set public sector budgets from 2026-27 onwards. The Chancellor confirmed in a written ministerial statement before the House rose for Christmas that there will be a forecast from the OBR and a statement on 26 March. As I said in my response, that will be the next time the OBR will give a view about the UK economy and the levels of funding for public services. Between the OBR forecast in March and the conclusion of the spending review in June, the House will be updated in the normal way.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  I can absolutely assure the Father of the House that we are working through this spending review on the basis of the envelope set at the Budget. Public services will have to operate within the means that we are providing to them. The OBR forecast will come in March, which will give us the latest set of information, and we will work to that with Departments. This is why we have set up organisations such as the Office for Value for Money, why we have set tough productivity and efficiency targets for Departments and why we are investing in, for example, technology to improve the productivity of the public services we provide. Public services must live within their means, as set out in the Budget, and that is an absolute guarantee from this Government.