As we committed to in our manifesto, the Government will have two robust fiscal rules that will guide the decisions we take. The first is our stability rule: we will pay for all day-to-day spending on public services from receipts. The current budget was last in surplus under the last Labour Government, and this Labour Government will return the public finances to that position.

[Official Report, 28 October 2024; Vol. 755, c. 562.]

Written correction submitted by the Chief Secretary to the Treasury, the right hon. Member for Bristol North West (Darren Jones):

As we committed to in our manifesto, the Government will have two robust fiscal rules that will guide the decisions we take. The first is our stability rule: we will pay for all day-to-day spending on public services from receipts. The current budget was last in sustained surplus under the last Labour Government, and this Labour Government will return the public finances to that position.