CONSERVATIVE
New Forest East

TREASURY – BUDGET SECRECY & A FINANCIAL BLACK HOLE - 01 December 2025

TREASURY – BUDGET SECRECY & A FINANCIAL BLACK HOLE - 01 December 2025

Sir Julian Lewis: The Government will not apologise for this sorry and tangled affair, but will they at least learn a couple of lessons, such as the fact that there have always been very good reasons for observing total secrecy until Budget day and, secondly, when not in a financial black hole, do not start digging oneself into one?

[The Chief Secretary to the Treasury (James Murray): As the Budget documents and as the EFO [Economic and Fiscal Outlook] makes clear, the downgrade in productivity was real. That was a £16 billion hit to economic forecasts, and it was a challenge that we inherited as a result of what the right hon. Member’s Government did when they were in power. We took the right and necessary decisions to fix the public finances, making sure that we could do so without going down the route of uncontrolled borrowing – like his Government did – or the route of slashing public investment.]