Budget Resolutions and Economic Situation
This is a Budget that supports those who need it most through the winter and that ask the banks, which are on course to make record profits, to make a greater contribution. Crucially, it backs young people with the ambition to own their own home and to build a business. There is lots to reflect on. As the newest member of the Treasury Committee, I intend to get into the detail in the weeks to come, but I will start with the international context. It is crucial that we have an honest debate in this House and in the country about the impact that context has on all of us. It is true that we are spending billions more on debt interest than was projected just a few months ago, but that is not because of extra borrowing by this Government; it is because of the global spike in inflation caused by the war in the middle east. It is also the case that the IMF has praised our Government for taking decisive action on deficit reduction. However, in the 21st century no country and no economy can stand alone.