Graham Stuart

Graham Stuart

Conservative — Beverley and Holderness

Speaking in the House of Commons on 9 January 2025

Debate

Public Finances: Borrowing Costs

Contribution

We are looking at higher interest rates, lower growth and a higher cost of borrowing to the Government; as my hon. and right hon. Friends have said, we are grateful to the Chief Secretary to the Treasury for being so honest with the House. It is clear that if he sticks to his word, there will not be any more borrowing, or any more tax rises. Given the numbers, that leaves only one option: cuts in public services. I wonder whether his colleagues behind him on the Government Benches realise that reality. What word other than “austerity” will he use to describe it?

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