Commons Sense

House of Commons · General Debate

Charter for Budget Responsibility

24 February 2026 · 5 other contributors

Opened by Torsten Bell Lab Swansea West

Economy

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Torsten Bell raised concerns about charter for budget responsibility in the House of Commons. Other MPs contributed to the debate.

Key points

  • Moves to approve an updated Charter for Budget Responsibility, which doubles the buffer against fiscal rules and introduces a fiscal lock.
  • Recent data indicates a 30.4 billion public finance surplus in January, marking a record for monthly surpluses.
  • The Government has reset fiscal rules to prioritize investment and commits to one annual fiscal event, aligning with IMF recommendations.

How the debate unfolded

MPs spoke in turn to share their views and ask questions. Here's what each person said.

Opened the debate

Torsten Bell Lab Swansea West

Moves to approve the updated charter, which includes doubling the buffer against fiscal rules and introducing a fiscal lock. The motion supports reducing inflation, lowering interest rates, and boosting business confidence through fiscal stability. Recent data shows a £30.4 billion public finance surplus in January, setting records for monthly surpluses. The Government has reset fiscal rules to prioritise investment and is committed to delivering one annual fiscal event, aligning with the International Monetary Fund's recommendations.

Other contributors (5)
  • Torsten Bell Lab Swansea West

    Supports the updated charter which includes reforms to reduce inflation, stabilise interest rates and enhance business confidence through a sustainable fiscal strategy. The new framework provides for one annual assessment of fiscal rules and maintains the OBR's independence.

  • Richard Fuller Con North Bedfordshire

    Thanked the Minister for their speech and criticised the Government's economic management, citing a lack of stability and credibility. Emphasised the chaos of the last year by referencing statements made by the Chief Secretary to the Treasury regarding growth forecasts and fiscal plans which have not been realised. Raised concerns about the removal of flexibility in the definition of 'balance' in the charter and questioned why the OBR's independent assessment ahead of the spring statement has been removed. Mentioned business confidence falling due to record concerns over the tax burden on businesses, with 80% of people believing the Government is handling the economy poorly.

  • Jim Shannon DUP Strangford

    Expressed concern regarding the difficulties faced by the Northern Ireland Executive in balancing budgets and addressed the lack of progress on Barnett consequentials despite promises made. Welcomed positive news about tax surplus but underscored the need for addressing ongoing challenges.

  • Charlie Maynard Lib Dem Witney

    Acknowledged issues with the current economic policymaking process and noted that reducing fiscal events can create artificial cliff edges. Emphasised the importance of proper parliamentary debate on budget proposals, similar to Sweden's model, for fostering market confidence and stabilising public finances. Highlighted that crucial decisions made during Budget processes significantly affect constituents' daily lives and argued for a fuller picture of Government tax and spending plans.

  • Torsten Bell Lab Swansea West

    Responded directly to questions regarding the Government’s changes to the fiscal charter. Emphasised that these changes were based on commitments in their manifesto and recommendations from the IMF. Highlighted the importance of transparency and maintained forecasts twice a year despite fewer fiscal events. Criticised the Opposition spokesperson for ignoring positive economic indicators such as monthly surplus, wage growth, business investment, GDP growth, inflation falling, and interest rates decreasing.

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