Mike Wood

Mike Wood

Conservative — Kingswinford and South Staffordshire

Speaking in the House of Commons on 26 November 2025

Debate

Budget Resolutions

Contribution

My hon. Friend hits the nail on the head. I would go slightly further and say that it is not about paying off the debt; it is purely about servicing additional borrowing. That has real consequences for working families. Perhaps the most concerning part of the OBR’s report is in paragraph 1.9, which says: “Growth in real household disposable income per person is projected to fall from 3 per cent” last year. It is falling not to 2%, or even to 1%, but to one quarter of one per cent on average for the next five years.

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