Darren Jones emphasized in Parliament that the Chancellor Rachel Reeves remains steadfast in her commitment to borrowing solely for investment, despite rising UK borrowing costs.
He stated, 'There should be no doubt about the government's commitment to economic stability and sound public finances,' highlighting the importance of adhering to fiscal rules.
Jones pointed out the legacy of the Conservatives' financial management, claiming, '[The Conservatives] stacked up the country's credit card, they've left this party to deal with it, and we are going to deal with it.'
As UK borrowing costs rise, Jones warned that the higher interest on debt could eliminate any remaining flexibility for Reeves, possibly forcing tax increases or spending cuts.
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