Judith has chaired the Budget Responsibility Bill as it was brought before Parliament.
The Budget Responsibility Bill is part of the Government’s plan to restore the economy following recent record inflation.
In 2022, then-Prime-Minister Liz Truss announced a mini-budget which included £45bn of unfunded tax cuts. But, with financial markets reacting badly to the statement, the value of the pound fell to record lows, the cost of borrowing rose, impacting mortgage rates and the cost of everyday items.
One reason given for the adverse market reaction was the failure of the then-Government to publish the independent assessment from the Office for Budget Responsibility, contributing to a lack of investor confidence in the plans.
By creating a ‘fiscal lock’, the Bill would require that any fiscally significant announcement by the Government be subject to an independent assessment by the Office for Budget Responsibility.
Commenting, Judith said: “There are families in Bradford who still feel the impact of previous disastrous mini-budgets. Many are still paying hundreds of pounds extra every month on their rent or mortgage. I welcomed the opportunity to chair this important debate on ensuring that future fiscally significant decisions by government are backed up by robust independent analysis. No government should be able to play fast and loose with Government finances.”
As Deputy Speaker of the House of Commons, Judith was responsible for moderating debate on the Bill and ensuring that voices on all sides of the House were heard.
Judith presided over the ‘Committee of the whole House’, which is a process used to for Bills of constitutional or ethical importance and for parts of the annual Finance Bill.
The bill is one of 39 new bills for Parliament proposed by the new Labour Government in the King’s Speech. These focus on areas such as boosting energy and infrastructure, reforming the Transport system, tackling crime and securing the nation’s borders, boosting employment rights, restoring the NHS, and generating economic growth.
The Bill will now proceed to the House of Lords before it is voted on and officially made law.
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