Rishi Sunak

I am sure that those on the Government Front Bench were wanting to explain to the young couple in their constituencies saving to buy their first home that their taxes are going up, and to the family wanting to pass on their farm or their business to their children that their taxes are going up. The parents sacrificing to give their kids the best start in life: your taxes are going up. They are taxing your job, they are taxing your business, they are taxing your home, they are taxing your savings. I said during the election campaign: “You name it, Labour will tax it”, And that is exactly what the Government have done, with broken promise after broken promise and working people paying the price. For the final time from this Dispatch Box, let me deliver some basic truths. A Government can foster growth, but they cannot magically conjure it up. We need businesses, workers, investors and entrepreneurs to all back this country and build our economy. It does not matter whether your income comes in a pay packet, from investments, in dividends or in profits. It is a poor politics that is so focused on what people receive that it fails to see that what matters is what people put in. The only way to grow the economy and to create wealth is for people to put in more, so when you create a negative environment for business, when you undermine confidence in our country, when you vilify and penalise people for doing exactly what we need them to do, which is to invest, take risks and work hard, you do not create growth; you hold back growth—and more than that, the promise of growth tomorrow does not pay the bills today. This is not the first Government to peddle the “borrow to grow” myth, but time and again we have seen the same ending: not higher growth, but higher debt, higher inflation, and higher taxes. But, Madam Deputy Speaker, whatever you think about the economic arguments surrounding today’s Budget, there is a more fundamental point with which I want to conclude. The Prime Minister has talked relentlessly about trust, yet today’s Budget reveals above all that those in the Labour party did not tell the truth. They said they would not fiddle the figures; they have. They said they would not increase borrowing; they have. They said they would not raise taxes on working people; they have. There has been broken promise after broken promise, and it is the working people of this country who will pay the price.