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Lord Clarke of Nottingham (Con)

Speaking in the House of Lords on 12 February 2025

Debate

Economic Growth: Public Spending

Contribution

The biggest mistake the Government made was during the general election, which they were obviously going to win, when they promised not to raise the basic taxes—income tax, VAT, national insurance for employees and so on—which are the normal toolbox of a Chancellor, so that when they inherited a fiscal crisis, they raised quite the worst possible tax on employers and employees. At the same time, they borrowed billions of pounds more, saying it was not more spending but investment. After this disaster, will the Minister now agree that the new Government have made a financial crisis even worse than it was when they were elected? Will they turn the March Statement into a mini-Budget to try to begin to repair the damage they have done?

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