Parliament's party history for this member: Labour ( – present).
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8. Miscellaneous
Unpaid director (ex officio), Incorporated Council of Law Reporting for England and Wales.
I thank my hon. Friend for his work on the family protection plan issue, which I know affects hundreds of his constituents and many other people. As he knows, we have engaged with the FCA on the impact of its withdrawal. I want to see this matter resolved in a satisfactory way, and I look forward to engaging with him further to that end.
The last Labour Government introduced child trust funds with the intention that every child in the country could access a financial asset as they entered adulthood. Almost 3 million young people have already accessed their funds, currently containing an average of £2,600 each. Today, we are announcing that we are making fund access simpler for those who lack mental capacity, meaning that tens of thousands more young people will benefit from their funds. I thank my hon. Friend for his campaigning alongside my hon. Friend the Member for Hyndburn (Sarah Smith) in particular; I know they both care deeply about this issue.
I will. I thank my hon. Friend again for the work he has done in this area. We are working with the Share Foundation as well as other industry partners. We have also set up a child trust fund taskforce to improve tracing and to customise communication and engagement, all with the aim of putting more young people in touch with their child trust funds.
I am grateful to my hon. Friend for all the work she has done in this area, including with Mr Turner. I will table an amendment to the Financial Services and Markets Bill, the Second Reading of which is next week, which will enable the Ministry of Justice to make regulations to put the change into action.
As the hon. Member knows, we have a commitment already to 350 banking hubs. We are working with industry to deliver those 350 hubs over the course of this Parliament. We also have the access to banking review being done by Richard Lloyd. The end result will be more banking hubs across the country.
My hon. Friend is a relentless champion for her constituency. The Government are devolving powers and funding to the west midlands combined authority to support investment, and the National Wealth Fund is partnering with it to develop many projects, which I am sure will benefit her constituency.
I thank all right hon. and hon. Members for their contributions to this Budget debate. It is an honour to respond on behalf of the Government.
Yesterday, the Chancellor delivered a Budget that will steer Britain through a period of global volatility and the economic storm that has increased pressures on families and firms across this country. It is a Budget that doubles down on our fiscal discipline, and that strengthens our economic resilience and national security, making responsible choices in an uncertain world. It is a Budget that offers households and businesses breathing space from cost pressures in the here and now, and one that makes critical structural changes that will drive our future prosperity.
Over the course of the debate, the Defence Secretary and Labour Members, including my hon. Friends the Members for Buckingham and Bletchley (Callum Anderson) and for Blaydon and Consett (Liz Twist), have rightly emphasised the importance of our commitment to fiscal responsibility, which underwrites every promise this Government make to the British people. As was made clear yesterday, in this Budget the Chancellor has met his fiscal rules, and for the first time this Government are meeting them in the third year of the forecast. The headroom against the stability rule is £15 billion, rising to £22 billion in 2030-31. <span id="542" class="column-number" data-column-number="542"></span>Last year, we cut borrowing to its lowest level in six years, and the OBR’s economic and fiscal outlook confirms that borrowing will fall over the forecast.
Madam Deputy Speaker, you will forgive Government Members for taking the advice of the shadow Chancellor, the hon. Member for Arundel and South Downs (Andrew Griffith), with not so much a pinch of salt, but a whole bucket of it, because not only is he the architect of the mini-Budget, but he maintained just a few weeks ago that the mini-Budget, as the Defence Secretary said, contained lots of good things. Perhaps the shadow Chancellor would like to tell us what those good things were. Were those good things the sky-high mortgages for millions of people right across this country, including in my constituency, the disastrous market impact, or the cratering of our international reputation?
Britain’s economic reputation was so badly damaged under the Conservatives that the IMF publicly warned them to change course. <em>[</em><em>Interruption.</em><em>]</em> You can tell that they do not like to be reminded of it, Madam Deputy Speaker. The shadow Armed Forces Minister, the right hon. Member for Rayleigh and Wickford (Mr Francois), does not like that either, because he was one of the mini-Budget’s chief architects and, indeed, one of its most ardent fans. The reality is that the contrast between their approach and ours could not be clearer.