Budget Responsibility Bill - Clause 1

Acknowledges the importance of setting out financial realities and emphasises the need for early discussions with devolved Governments in Northern Ireland, Wales, and Scotland to better understand regional impacts.

Supports the role of the OBR in providing independent fiscal forecasts but raises concerns about certain aspects of the Bill, such as the definition of 'emergency' measures, potential for political decision-making, and transparency regarding new reports. He emphasises that the bill does not prevent fiscal significant actions but rather requires an OBR costing to accompany them.

Interjected, expressing perplexity about whether Mr. Davies supports abolishing the OBR or feels that the Bill does not go far enough. She also highlighted the impact of previous Conservative Budgets on mortgage payers and argued for a need to avoid similar policies in the future.

Supports independent scrutiny to prevent economic harm from fiscal mismanagement. Raises concerns about the definition of 'fiscally significant' and suggests including financial regulations, trade deals, and private finance initiatives within this framework for transparency.

The Liberal Democrats support the Bill as it signifies strengthened fiscal responsibility and transparency, aiming to prevent future economic disasters similar to the previous Government's 'disastrous mini-Budget'. Sarah Olney highlights the detrimental impact of increased mortgage payments, higher fuel bills, and rising food prices on constituents due to chaotic governance. She cites a recent IFS report indicating that 320,000 people have been pushed into poverty because of mortgage interest rate rises caused by previous fiscal mismanagement. Additionally, she questions the effectiveness of the proposed terms set in the Bill and asks if GDP measure alone is adequate to capture economic impact.

Raised a point of order regarding the abolition of the European Scrutiny Committee, questioning how scrutiny can be maintained in negotiations with the EU if this committee is abolished.

Responded to Richard Tice's point of order, clarifying that it is for the House and not for the Speaker to decide whether the European Scrutiny Committee fulfils a useful function now that the UK is no longer part of the EU.

Sought to rebuild trust in political institutions through financial responsibility and transparency. Emphasised the importance of thorough analysis, serious discussion, and honest decision making.

Welcomed the Bill but emphasised that it is not a silver bullet for fixing economic credibility. Called for more action from the Government to increase investment rather than cutting. Suggested replacing 'fiscal lock' with 'fiscal report'.

Stressed the importance of political decisions that impact intergenerational opportunities and cited examples from his constituency. He emphasised the duty of politicians to make responsible choices and leave a positive legacy.

Acknowledged Blair McDougall's speech and moved to call another MP to make their maiden speech.

Mr Dean criticises the previous Government's fiscal policies, especially regarding the 'mini-Budget' that caused significant financial instability. He supports giving more powers to the Office for Budget Responsibility (OBR) for scrutinising major fiscal announcements and emphasises the need for informed decisions based on rigorous analysis. He stresses the importance of considering long-term economic growth alongside fiscal responsibility.

I acknowledge my predecessor Anna Firth for her work, especially on pet abduction. I also recognise the late Sir David Amess and Jo Cox's emphasis on community spirit and civility in politics. Southend West and Leigh has a diverse population with economic challenges but also rich cultural and natural resources, including fishing industries and tourism benefits. The new Labour Government aims to support these areas through initiatives like the water special measures Bill and the football governance Bill.

Paid tribute to Sir David Amess as a mentor, highlighting his absence. Called Jess Brown-Fuller for her maiden speech.

She introduces herself as the newly elected MP for Chichester, paying tribute to her predecessors. She outlines various aspects of her constituency including its beauty, cultural attractions, economic challenges, environmental issues, and housing problems. Additionally, she acknowledges the impact of recent political changes on her constituency.

Pakes supports economic stability for his city and nation. He emphasises the historical and current importance of Peterborough's industries, such as food, farming, and engineering, while also highlighting challenges like child poverty and the broken social contract. Pakes pledges to champion retail workers' dignity at work, food security, and the NHS.

Mr Joshua Reynolds made his maiden speech as the MP for Maidenhead, focusing on introducing himself and highlighting various aspects of his constituency including its history, cultural landmarks, notable figures, challenges faced by residents such as poverty and homelessness, and his personal commitment to addressing these issues. He did not take a stance on any specific bill or amendment.

James Asser delivered his maiden speech, focusing on the history and heritage of West Ham and Beckton. He paid tribute to his predecessors and highlighted the area's long-standing connection with the Labour movement and economic development. Key points included: - Historical significance with Keir Hardie and Will Thorne representing the area. - Economic changes including shipbuilding, manufacturing, and modern developments like ExCel exhibition centre and London City Hall. - Diversity of the constituency, celebrating local heroes from various backgrounds. - Current challenges such as poverty and lack of opportunity for constituents.

Delivered her maiden speech focusing on the rich political history of Ynys Môn. She mentioned figures like Megan Lloyd George, Cledwyn Hughes, Keith Best, Ieuan Wyn Jones, and Virginia Crosbie. Emphasised her background in local government, the impact of austerity measures, the need for investment to tackle child poverty, and highlighted the importance of high-skilled jobs and infrastructure development.

Paid tribute to predecessors and thanked those who supported her campaign. Discussed the rich history, culture, and industries of Kettering. Mentioned challenges faced by constituents including high crime rates, maternity ward issues, and the cost of living crisis. Emphasised the importance of a supportive government for positive change.

Complimented Rosie Wrighting on her speech, noting her impact despite being the youngest woman MP. Advised against using personal pronouns when addressing the Chair.

Supports the fiscal lock but believes advice from the OBR should be considered carefully. He warns against political motivations for projects like Casement Park and emphasises the importance of public funds being used responsibly, especially in times when people are struggling financially. Highlights rising poverty levels in his constituency and calls on the Labour Government to address these issues.

The speaker expressed support for budget responsibility measures, highlighting their importance to his constituents in Wirral West. He emphasised the cost of getting it wrong and the potential impact on public finances, services, and trust. Patrick discussed the rich history of his constituency, including Vikings, James Bond connections, and former Prime Minister Harold Wilson. He also touched upon the natural beauty of Wirral West, its community spirit, and the challenges faced by the NHS and climate change.

The speaker noted Matthew Patrick's speech and acknowledged the correct way to refer to Wirral. No specific position was taken on the budget responsibility measures in her brief contribution.

Supports the Bill, arguing it respects financial institutions and includes provisions for better oversight by the Office for Budget Responsibility. He cites economic chaos from previous government's mini-Budget, including market instability and closures of long-standing businesses in his constituency. Emphasises the importance of rebuilding public services, addressing homelessness and poverty with stable economic growth.

Ms Yuan Yang argues for a change in economic management, emphasising the importance of affordable housing, infrastructure development, and community engagement. She highlights the need to reform the leasehold system and ensure that new investments benefit local residents while addressing deprivation through grassroots organisations. Additionally, she stresses the significance of diversity and inclusivity.

Stainbank discussed his background in Falkirk, highlighted accessibility issues and hospitality workers' rights, and called for better public sector pay. He also addressed youth engagement in politics and advocated for a Labour Government to tackle cost of living, mental health, climate crisis, child poverty, and NHS issues.

Mr. Mak criticises Labour’s approach as being overly dramatic and points out that the OBR was established by a Conservative government to ensure independent forecasts and sound public finances. He argues that expanding the OBR's remit risks diluting its effectiveness and warns about potential 'mission creep'. He also questions whether the OBR is equipped to decide what constitutes a spending emergency and if it should be empowered to override elected officials’ decisions.

Emphasised the importance of fiscal responsibility and economic stability, highlighting the need to prevent reckless fiscal policies that could harm public finances. Cited examples from previous Conservative government's mismanagement during 2022.

Expressed satisfaction with the debate outcome, indicating support for the Bill.