Nesil Caliskan

I begin by putting on record my congratulations to my right hon. Friend for being the first female Chancellor to stand at the Dispatch Box. It was a historic moment in the mother of all Parliaments. After 14 long years of low growth, low investment and failing public services, we are now turning the page. This Budget is about fixing the fundamentals of our economy, demonstrating responsible governance by sticking to tough fiscal rules and investing for the future. Those are all necessary to achieve sustainable economic growth. In the end, economic growth is what will improve people’s living standards and life chances, and it will certainly benefit my constituents in Barking. Crucially, this Budget ensures that working people in my constituency are protected as we stabilise, fix and grow the economy. On tax, let me just say this. If Opposition Members do not want to borrow to invest and do not want to tax business, they should tell us what in the Budget they would cut. They are simply out of touch. They moaned and groaned earlier, but the people in my constituency and the country as a whole will not forget that when the Conservatives were in power, they caused inflation to hit the roof and interest rates rose. Almost 12,000 people in my constituency saw their mortgage rise by over £3,000, and rents have soared. Wage stagnation has cost working people £11,000 on average. As for tax increases, it was the Conservative Government who increased taxes on working people and left the £22 billion funding gap. We on the Labour Benches will take no lectures from those on the Conservative Benches who supported the chaos of a Liz Truss Budget that crashed this economy, yet they have the audacity to stand up with zero humility after their Government left this country in a worse state than they found it. Politics is full of choices, and the Conservatives played their politics in this place at the expense of British people. In contrast, today’s Labour Budget will make my constituents in Barking better off. The pay increase for public sector workers and the increase in the national living wage will put money in the pockets of working people. Those increases in people being paid a decent wage are vehemently opposed by those on the Conservative Benches, with such disdain it is unbelievable. We know that the damage of the last Government cannot be undone with one Budget and that the Chancellor has to set tight fiscal rules, but we will rescue both the economy and public services. We must also invest for the future, and I particularly welcome the Chancellor’s steps today to unlock more investment for our public services. Much of it is capital spend, which is really an investment for people—additional money for schools and local authorities. This country has to invest or it will decline. That is what this Labour Budget delivers, and I am deeply proud to support it.