Budget Resolutions
It is a great pleasure to speak in this debate. I thank all Members from across the House for their contributions tonight, particularly my hon. Friends the Members for Bromsgrove (Bradley Thomas), for Bridgwater (Sir Ashley Fox), for Keighley and Ilkley (Robbie Moore), for Mid Bedfordshire (Blake Stephenson) and for South West Hertfordshire (Mr Mohindra). I am also grateful for the very thoughtful contributions, particularly on welfare spending, from <span id="685" class="column-number" data-column-number="685"></span>my right hon. Friend the Member for Chingford and Woodford Green (Sir Iain Duncan Smith), and from my constituency neighbour and the Father of the House, my right hon. Friend the Member for Gainsborough (Sir Edward Leigh). I particularly enjoyed his contribution. Most of all, let me congratulate the hon. Member for Holborn and St Pancras (Sagal Abdi-Wali) on delivering her maiden speech. I gave my maiden speech in a Budget debate, and it is a hard thing to do. I still remember how nervous I was, and I can tell her that it does not quite go away, I am afraid. I enjoyed her speech, which was excellent, and I know that her constituents and her family will be very proud to see her sat where she is. I wish her the very best for the future. It is a genuine pleasure to close this day of the Budget debate on behalf of the official Opposition. Ironically, this has been billed as a “breathing space” Budget by the same people who have taken all the air out of the economy. The British people do not just want a breather. They want to get on, and there is little in this Budget for them. The subject of today’s debate is growth—a subject that was apparently chosen voluntarily by the Government. That is interesting, because paragraph 2.48 of the OBR’s assessment of this Budget clearly says that next year’s growth has been downgraded to 1%—cut by a third. The Chancellor said that this Budget would deliver “growth in every postcode”, but the OBR has read it and found that there will be lower growth across the country. <em>[</em><em>Interruption.</em><em>]</em> I have got to know the hon. Member for Chipping Barnet (Dan Tomlinson), who is chuntering away, and I know that he is about to stand up and say that the OBR has upgraded growth for this year by 0.1%. That is great, and I am delighted for him, but in March 2024, the OBR did not expect growth under a Conservative Government to be 1.2% this year. It expected the Conservatives to deliver 2% in 2026, so I am afraid to say that the OBR has downgraded its growth expectations and projections for this year, too. The Secretary of State, who was very energised, said that the Government have cut business rates, but these are the guys who inherited high-street relief at 75%, cut it to 40% and then abolished it altogether. Under pressure from high-street businesses across the country, they are handing a little bit back and think it is all fine. It is like a burglar returning your TV and asking for a thank you. My hon. Friend the Member for Keighley and Ilkley was absolutely right to highlight that point. Then there is the high-street bank tax. This is a tax on lending, mortgages and the high-street branches that people rely on in constituencies across the country. I thought this Government wanted to see more bank branches, not fewer, but fewer branches is exactly what will happen. The Minister is probably going to stand up and claim that this Budget is delivering for working families on the cost of living, but that is not the whole picture, is it? Living standards this year, across every postcode, are set to fall under a Labour Government, but it is okay because they can all live off cheaper gherkins. The Government do not like to hear this, and no doubt I will be accused of talking down the economy, so let me be very clear: I talk up my country, but I talk <span id="686" class="column-number" data-column-number="686"></span>down this Labour Government. I am not the only one; there are plenty of us. The Institute for Fiscal Studies said that the Budget has “very little that will move the dial on growth”. The CBI said that the Budget “lacks the bold moves that would have made it easier for firms to invest, hire and grow.” The British Retail Consortium said costs will “keep climbing as the Chancellor failed to provide the breathing space he promised.” Even the Government’s friends in the Resolution Foundation said the Budget “did not rise to the scale of the challenges”. Do not get me wrong: I do not believe that the Government are bad people. I just do not think they have any grasp of basic economics and reality. Just this weekend, as my hon. Friend the Member for Bromsgrove said, we heard that they do not even think that employers are working people. In all of this, let us spare a thought for poor old Keir Starmer, who must have been sat watching the TV on Lord Alli’s sofa and wondering, “What was it all for?” The new Prime Minister booted him out with a story of transformation, almost revolution. After years and years of trying, the right hon. Member for Makerfield (Andy Burnham) finally becomes First Lord of the Treasury, and we all eagerly awaited his first Budget—his first chance to mould the country to his Mancunian grand vision—but what we got was the same old Labour: higher taxes, no action on welfare, and no real answers to the challenges facing our country today. This is continuity Keir without the mandate. Tinkering with little policies like the £2 bus cap is not going to keep us safe from Putin. It is not going to take a family out of poverty; it will just get them to the bank branch, which is closing, near the house that they cannot afford, with a mortgage that they will not be lent. When will Labour learn? It does not have to be this way. Instead of fuelling a rise in unemployment and overseeing a spiralling benefits bill, the Government could reduce costs to businesses and cut the regulatory burden. We could get people off welfare and into work. We will happily work with the Chancellor in the national interest, if only he is brave enough to stand up to the Members chuntering behind him. Nothing has changed—not the tax hikes, not the welfare bill, not the excuses. All that has changed is the person holding the microphone. I accept that the Prime Minister has been busy. We have watched him bounce from the Downing Street desk to the “Gogglebox” sofa and back home to Manchester. We know his favourite crisps, but we do not know his plan for the economy. He is a TikTok Prime Minister who chose a Chancellor on a tuk tuk. He has had a ride, and now he has taken the British people for one, too. A Chancellor who, for some reason, carried a miner’s lantern to the Labour party conference is now leading the economy down a dark tunnel, with no plan to get out. Back during the days of the coup, the Prime Minister told us, with a nauseating dose of cheddar cheese, that he wanted “hope in every heart”, but we got a hand in every pocket, with tax at record levels, debt higher, debt interest higher and youth unemployment spiralling. This is not just a missed opportunity; it is a dereliction of duty.<span id="687" class="column-number" data-column-number="687"></span>