Budget Resolutions
I am glad to support this excellent Budget. I welcome and agree with the Chancellor’s praise for his predecessor, my right hon. Friend the Member for Leeds West and Pudsey (Rachel Reeves), whose commitment to secure economic foundations has helped to fund sustained public investment and deliver growth. It has helped the Chancellor rightly to offer breathing space now and fresh hope for the future. I will focus on the latter, but, on breathing space, the Budget delivered, with 41,760 households in my constituency receiving the £100 household energy payment. As someone whose professional career was in the private sector, I was particularly delighted to see the two-year business rate freeze, which will benefit 336 local retail, hospitality and leisure properties in Rugby, Bulkington and the villages. There was much in the Budget, too, on fresh hope for the future. The words of the Prime Minister are important in this context. In his Labour conference speech, he said: “Hope comes from honesty…It comes from saying the things politicians usually avoid.” It is what I call hard-headed hope. We need what I call the responsibility revolution: a focus on what each of us as individuals or organisations should contribute—or indeed sacrifice—rather than on what entitlements we are to receive. We older folk have a responsibility to the next generation, so my speech will focus primarily on the physical embodiment of fresh hope for the future: our young people. There can be no more important long-term issue than their interests. In addressing a long-term challenge for those at the opposite end of the age spectrum, the Prime Minister set out in his Labour conference speech how the Government will adjust the pension triple lock, which is a bold and much-needed move. He also said that “we will need to show the same boldness for our young people, too.” The Budget did that in several ways. I warmly welcome my right hon. Friend the Chancellor’s announcements of the Your First Home equity loan scheme and the first-time buyer ISA. That young people are priced out of affordable housing is a national scandal. Thousands of people in my constituency will also appreciate the much-needed 3.9% increase in the national living and minimum wage. The young entrepreneurs allowance is a vital pro-young people, pro-entrepreneurship measure. Let us encourage young people across the country to consider entrepreneurship as a viable career option. However, we need to go much further to provide hope for the future. We need to keep going until we can truly say that our young people are equipped sufficiently to be the architects of the future rather than tenants in a world designed by the older generation and all too often shaped by their interests. I would like to see the appointment of a Minister for younger and future generations sitting in Cabinet to scrutinise existing and future policy and legislation through the lens of how it benefits the next generation. We also need an independent body to hold the Government’s feet to the fire, so how about an office for intergenerational fairness? Last year, I coined the phrase “youth triple lock” because I wanted to focus attention on young people’s needs and the need for some rebalancing. I suggest an above-inflation increase in the student maintenance loan. The Prime Minister hinted at that in a social media post with the Chancellor when he said that student loans are “one to come back to.” I also suggest free bus passes and something on housing, which, as I stated earlier, was covered extensively by the Chancellor’s excellent Budget. There remains a risk that the social contract with our young people is fraying, so let us show that our Labour Government are not slowing down but accelerating our efforts to empower young people. Our role is not just doing what will make us popular with a plurality of mainly older voters; we need to rebalance things, because investing more in our young people is in the best interests of our economy as they are the innovators, the entrepreneurs, the workers, the business owners, the public servants and much more of tomorrow. We must unleash their potential. More importantly, it is the moral thing to do; it is the fair thing to do; it is the Labour thing to do. I commend the Budget for all its measures, and in particular those regarding young people. As ever, measures to empower young people are a down payment on the future and, as with all healthy investments, regular, judicious and generous investment pays dividends in the long run. I hope that the 10-year plan will be another opportunity to demonstrate that to the younger generation.