Lucy Powell

Lucy Powell

Labour (Co-op) — Manchester Central

Speaking in the House of Commons on 10 July 2025

Debate

Business of the House

Contribution

I join the right hon. Gentleman in thanking Paul Johnson, who I think we all acknowledge has done a commendable job as the director of the IFS over many years, and I look forward to hearing more from Helen Miller, the incoming director. The right hon. Gentleman is right to recognise the challenging economic times that we are in. He will not like me saying this, but we inherited a big black hole in the public finances. Reserves had been spent in the first half of the year, with public sector pay recommendations sitting on Ministers’ desks but without a penny allocated to them. That has meant a very challenging time for us. It is why we have put a premium on financial stability— not because we want to align with Office for Budget Responsibility spreadsheets, but because we know that those on the lowest incomes pay the heaviest price when the economy runs into problems, which we want to address. The House debates those issues regularly, and I am sure that we will continue to do so. Of course, Budgets are delivered to the House first.

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