Exchequer Secretary to the Treasury, James Murray, says the upcoming Budget will give markets confidence in the government's fiscal rules. Report by Alibhaiz. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00I think what the markets will see next week when the Chancellor stands up to
00:03give her budget is a Chancellor who is saying firstly day-to-day spending will
00:08be paid for through tax receipts so that means no borrowing for day-to-day
00:11spending. They'll see a Chancellor saying debt will be falling as a share of GDP
00:16and they'll see a Chancellor saying we need guardrails in place around the
00:19investments that we make and I think all of that will give the markets confidence
00:23and the strength of our fiscal rules, the two rules the Chancellor has been
00:27speaking about and actually having those two rules in place are the
00:30foundation on which we can get investment up and get the economy
00:33growing. We know that the former Chancellor when he was in office so
00:36didn't have a fiscal rule like we have around our stability rule which says
00:41that day-to-day spending must be paid for through tax receipts. What we're
00:44adopting is a much firmer tougher rule than the previous government had and
00:48it's one that can give markets confidence and ultimately bringing
00:51stability back to the economy, getting the economy growing is the way to make
00:55sure that people across Britain can be better off.