Sir Keir Starmer says the government has an "iron-clad commitment to our fiscal rules", after inflation dipped to 2.5% in December. The prime minister's comments at PMQs come after Conservative Party Leader Kemi Badenoch claimed business leaders are suffering from Labour's Autumn Budget. Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00On Friday, while borrowing costs hit levels not seen since Labour was last in government,
00:05I met business owners and their employees in Chesterfield.
00:09One of them told me that his business will not exist in four years' time
00:14because of this government's policies.
00:17It might not even exist next year.
00:20The Prime Minister may try to blame his inheritance or blame global factors,
00:24but why should anyone trust a word he says over the businesses
00:32who are saying again and again that his budget means fewer jobs,
00:37lower growths and higher borrowing costs?
00:39Mr Speaker, as you know, the global economy is experiencing volatility
00:47and higher borrowing costs.
00:48That is why it was vital that we took the tough and right decisions in the budget
00:53to get our finances back in order.
00:56We had to deal with the £22 billion black hole that they left.
01:00We made difficult cuts, raised taxes to invest in health, public services and housing,
01:06vital to stability, vital to growth,
01:08and we've got an ironclad commitment to our fiscal rules.
01:12And she will welcome, no doubt, the inflation figures from this morning.
01:15But contrast that with the party opposite.
01:19They weren't brave enough in government to take those difficult decisions.
01:24They've opposed all of our measures to stabilise the economy and promote growth.
01:29They're back to the magic money tree.
01:30She wants all the benefits of the budget,
01:33but she can't say how she's going to pay for them.
01:36They haven't changed.
01:37They're still economic vandals and fantasists.
01:40Imagine where we'd be if they were still in charge.