Liam Byrne

I congratulate our first female Chancellor on delivering an outstanding Budget. It is a great pleasure to speak in my first Budget debate for 14 years, and I think that period of silence was probably appreciated more by my own party than by any other. When I look back on those debates, which I listened to even though I did not speak, it is striking that the curtain has finally fallen on an economic philosophy, an economic approach and an economic settlement that has fundamentally failed this country. Over the past 14 years, we have witnessed something akin to “The A.B.C. Murders” of the British economy—austerity and a bungled Brexit, followed by chaos. I see clearly how today’s Budget is a very different kind of settlement. It honours the approach, the compassion, the intelligence and the judgment of the last Budget presented to this House by my good friend, mentor and boss, Lord Darling, in March 2010. Alistair Darling is much missed in this place. [Hon. Members: “Hear, hear.”] He was a man of dry wit, patience, tenacity, kindness and compassion. I have no hint of reservation in my mind in saying that this is a Budget of which he would have been proud, because it strikes the right balance. All Budgets are a balance, as we ask Chancellors not only to balance the numbers but, more importantly, to balance the interests of our country. Compared with the Budget in March 2010, the Chancellor’s task today was far harder. Back in 2010, we tried to present a Budget that would remedy a deficit opened up by the greatest financial crash since the 1930s.