Member

We cannot forget that any spike in interest rates does not just carry grave consequences for the public finances, but has a huge impact on household finances and people’s living standards. We all witnessed mortgage rates skyrocket in the aftermath of the previous Government’s catastrophic mini-Budget, and millions of families are still struggling with higher bills as a result. It is therefore wholly appropriate that interest rates be taken into consideration when assessing whether a measure is fiscally significant. This Bill is an encouraging sign of this Government’s intention to act with more integrity and transparency than the last, but its provisions alone may not be enough to protect voters from the consequences of another disastrous mini-Budget if a future Chancellor or Prime Minister is so minded to deliver one. That is why strengthening the fiscal lock by broadening the definition of “fiscally significant measures” is such a vital safeguard.