Mrs Kemi Badenoch

Conservative — North West Essex

Speaking in the House of Commons on 2 September 2026

Debate

Contribution

The whole House will have heard that the Prime Minister did not rule out tax rises. Instead, what he did was lots of point scoring. He says he wants a new politics; he says he wants honestly, so why is he pretending that a junior Minister wrote that Budget? The fact is that gilt yields now, the cost of borrowing now—[Interruption.] Labour Members are laughing; I do not know why they are laughing. The cost of borrowing now is far more than it ever was under Liz Truss. The reason why that Budget failed is that spending was announced before the money to pay for it, which is exactly what the Prime Minister is doing right now. He says it is the new politics; it is the same old Labour politics—tax and spend. He did not rule out tax rises, and what markets see is a Government that cannot control their spending, so the markets will charge us more to borrow. That means higher mortgage rates for families. It makes life more difficult for businesses, and that pushes up the cost of living for everyone. Higher borrowing costs are the biggest threat to family finances, so will he rule out any more borrowing that will make people poorer?

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