In just 49 days as Prime Minister, Liz Truss plunged the country into total chaos. Her plans for £45 bn of unfunded spending commitments sent interest rates spiralling out of control and left us with the highest tax burden since the Second World War.

The consequences of her time in office continue to affect families and businesses across the Britain. We cannot allow future governments to make the same mistakes. That’s why I’m backing the new UK Labour Government’s Budget Responsibility Bill.

The Bill will introduce a ‘fiscal lock’ to ensure that any significant financial announcements made by the Government are accompanied by independent forecasts from the Office for Budget Responsibility (OBR). This will prevent a repeat of the disastrous mini-budget of 2022, when the reckless Tory government refused any advice and pressed ahead with their economic vandalism.

Restoring economic is a central mission of this UK Labour Government. We have committed to tough spending rules to protect family finances, boost economic growth and keep taxes, inflation, and mortgage rates as low as possible. After 14 years of Tory mismanagement this bill will help to fix the foundations of our economy, to rebuild Britain, and make every part of the country better off.