Budget Resolutions
I am the Member of Parliament for Darlington, the home of “No. 11 North”—the Darlington economic campus. I want to put on record my thanks to Beth, Joe, Laura and all the civil servants who worked round the clock to ensure that we could deliver the Chancellor’s first Budget. The Treasury campus in Darlington was the brainchild of the previous Government, and it was funded by this Government to the tune of £118 million for a brand-new hub. It is proof that the best interventions from this place garner cross-party support. I am sure that everyone in this Chamber will agree with investing record amounts in defence to support our world-leading armed forces and defence industry; backing British inventors, innovators and founders, so that if someone has a great idea here, we will make sure they can succeed here; £100 cashback in January for energy bills for 45,000 households in Darlington, and hundreds of thousands more across the country, which is much needed and well received; and hope for our high streets, with a freeze on business rates and an increase in the business rates relief threshold to £18,000, which will benefit 222 business in Darlington. I am particularly pleased to see that these measures are paid for by the global e-marketplaces and by taking the relief from those pesky vape shops. The country and, I am sure, their representatives across the House can all support that. What seems to divide the House is how we should deliver it. It is right that this Government, under this Chancellor, continue their commitment to fiscal responsibility. We must reduce the amount we are paying on debt interest. I welcome the fact that those who have made record profits off the global insecurity that has driven cost of living pressures on households across our country will pay a little bit more through the bank levy. The truth remains that we will not spend more than we earn, but despite record investment, incredible world-leading growth sectors and an army of grafters—yes, in every postcode—we are getting battered by global storms. That is not the fault of the Conservative party, but we feel that the severity of the impact is. I welcome this Budget’s ringfencing of spending on preventive policies and services. Preventive funding should be ringfenced. If the last Government had rediverted the money that they saved through short-term cuts into upgrading the grid, building new nuclear, building new renewables to create energy security, building new hospitals, building council homes—or building any homes—or building roads, building railways or, indeed, investing in our armed forces, perhaps they would still be trusted with an ounce of public money. Instead, they proved to a whole generation that they should not have the keys to Whitehall. They oversaw some of the worst business deals on record, incentivising hotel use by private contractors to house people seeking asylum and outsourcing our pensions, our social care and our post. They failed to prepare for the pandemic, and then they crashed the economy, leading to the fastest annual fall in living standards since records began. Yes, this Government have more to do. I welcome the myriad interventions the Chancellor has made in this Budget aimed at protecting our economy, our industry and our security.