In March 2021, long before Putin’s invasion of Ukraine sent global energy prices rocketing, I gave a speech in Parliament which highlighted the precarious economic position that the pandemic had put us in. While the Government rightly provided massive support to protect lives and livelihoods – worth £400 billion – it meant we were vulnerable to rises in inflation and interest rates. The most important role for politicians in such circumstances, I said, was “to provide stability and certainty through management of our public finances”.
So when constituents have written to me about recent fiscal events, I have absolutely shared their concerns. The Government again rightly intervened to insulate people and businesses from the huge external shock to global energy prices. It will spend over £100 billion this winter; providing up to £1,200 in support for the most vulnerable, £400 for all households, and holding down energy prices so average bills are much lower than otherwise. However, in providing this support, it was all the more important that the Government retained sustainable public finances and economic credibility.
Clearly, mistakes have been made in recent weeks. The Prime Minister has completely accepted this and rightly taken responsibility. Most importantly, she has acted, by appointing a new Chancellor who has been clear that we are first and foremost “a country that funds our promises and pays our debts”. I welcome the new Chancellor’s clarity on these fundamental points, as demonstrated by the actions he has taken in his first week.
The Prime Minister and Chancellor will now prepare a Medium-Term Fiscal plan, guided by the principles of fiscal responsibility and of providing support to the most vulnerable in challenging times. The Chancellor has been clear that difficult circumstances will require them to take incredibly difficult decisions, and he is therefore keeping all options on the table to ensure they meet those principles. As a member of the Treasury Select Committee, I will be carefully scrutinising the Chancellor and his plans against those principles.
Closer to home, I was delighted last week to open the £2 million Borderville Sports Centre at Stamford College. This new extension will play a big part in shaping the future of the town and in educating more than 100 additional students each week, including those enrolled at the Air and Defence College, in subjects such as sports science, health and social care and public services.
I also visited the Grantham Children's Centre on Swingbridge Road, which offers a wide range of sessions for 0–5-year-olds Monday to Friday, and for those up to 8 during holidays. Despite being the best job in the world, I know from my own experience that being a new parent is a minefield of challenges. From the developmental check in sessions and top tips groups, to advice on health and safety, to weaning and learning through play - new parents can learn lots while building important support and friendship groups in the local community.
In his statement, the Chancellor made an important point that “while we do need realism about the challenges ahead, we must never fall into the trap of pessimism” because there remains so much to be optimistic about in our country. My visits to Stamford College and the Children’s Centre again proved that best reminders of this are found closest to home.
