Richard Fuller MP: speeches

Speeches

• 7 Sept 2026 · Economic Growth · Hansard source

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  I thank the Minister for her statement and for early sight of it. On a day when the country was listening for a message of change, it was the same old, same old: a continuity Chancellor, with continuity policies and a continuity team of Ministers in the Treasury. Does the Minister recognise the harsh irony that—given the Government could find plenty of money to hire 14,000 more civil servants in SW1—the Chancellor chose to go to the west midlands, just a few miles away from Jaguar Land Rover, but had nothing at all to say about it? The Minister talked about Government borrowing falling to its lowest levels, but I wonder: can she also talk about the cost of Government borrowing? Can the Minister confirm that the cost of Government borrowing for 30 years is now at its highest rate for 28 years? The Minister talks about there being nothing progressive about spending £1 in every £10 on debt interest—well, amen to that—but why then did this Government choose to increase borrowing by £500 billion over the course of this Parliament? The Minister talked about the northern scale-up fund, which is an interesting initiative, but can she advise us who will be making the investment decisions and assure the House that they will not be subject to political direction? The Minister talks about a National Wealth Fund with new strategic partnerships and a permanent transfer of power and resources from Whitehall to the regions. Did she listen to the Secretary of State for Housing, Communities and Local Government say that local government reform is on hold? Can she confirm to the House what proportion of the country will qualify under that measure to be part of Labour’s largesse? My fear is that many parts of the country will not. The Minister did talk, smartly, about removing the thicket of consultation and looking at judicial review and the consultation culture. The Opposition will be supportive of measures that she comes forward with in that regard. But then, after a brief moment of common sense, the Minster talked about reducing the discount rate from 3.5% to 3%. Can she confirm that the cost at which the Government are borrowing is going up and up—5.9% for 30 years—yet she has chosen this moment to reduce the rate at which the Government expect to get money back from 3.5% to 3%? Can she explain how those numbers add up? Then, of course, there is the final cherry on the parfait: the Government will “identify and back” unicorns in this country. How will the Government identify those unicorns, and can the Minister explain how that is different from the discredited policy of Governments picking winners? The Minister then returned to common sense with the announcement that Mr Milburn will set out his recommendations to the Government. Will she please advise the House—many Members will be concerned about this—on what date Mr Milburn will make his recommendations? Today, the Government—the Minister and the Chancellor—had an opportunity to at least have mentioned the high cost of energy that is crippling British manufacturing. They could have ruled out tax increases, providing more certainty for businesses that they can invest. The Government could have said that they would take up the offer from the Conservative Leader of the Opposition to work together on meaningful reform and reductions in welfare, so that we make work pay. But we did not hear any of that. Instead, we are heading to a Budget where a Labour Government have again run out of money and where a Labour Government will once again increase taxes to cover their fiscal incompetence—same old continuity Labour.