Part of the debate – in the House of Commons at 7:18 pm on 24 February 2026.
Richard Fuller
Shadow Chief Secretary to the Treasury
7:18,
24 February 2026
I thank the Minister for a succinct Opening Speech.
The charter for Budget responsibility seeks to confer the important attributes of stability and credibility on a Government’s management of the public finances and the wider economy. “Stability” and “credibility” are not exactly the first two words that spring to mind to describe the current Government’s management of the economy. Through their own incompetence, they have presided over a chaotic year that has shredded any remaining confidence in the Chancellor and her team and—more important—has done lasting damage to the life chances of so many young people who now cannot find work.
As the Chancellor prepares her spring statement, we have a Prime Minister living on borrowed time. This Government are painfully lacking in real-world economic experience, and they desperately need help. We will not be opposing the measure this evening.
The Opening Speech is the first speech in a debate. The MP who has moved, or proposed, the motion outlines their view of why the House should adopt the motion.
The Chancellor - also known as "Chancellor of the Exchequer" is responsible as a Minister for the treasury, and for the country's economy. For Example, the Chancellor set taxes and tax rates. The Chancellor is the only MP allowed to drink Alcohol in the House of Commons; s/he is permitted an alcoholic drink while delivering the budget.
Ministers make up the Government and almost all are members of the House of Lords or the House of Commons. There are three main types of Minister. Departmental Ministers are in charge of Government Departments. The Government is divided into different Departments which have responsibilities for different areas. For example the Treasury is in charge of Government spending. Departmental Ministers in the Cabinet are generally called 'Secretary of State' but some have special titles such as Chancellor of the Exchequer. Ministers of State and Junior Ministers assist the ministers in charge of the department. They normally have responsibility for a particular area within the department and are sometimes given a title that reflects this - for example Minister of Transport.
