Seema Malhotra

I think there is an important debate to be had about how we make sure that fiscal devolution is successful and what the enabling factors are, but it has been successful elsewhere. As the right hon. Member will recognise, I was pleased as a London MP to see today’s commitments to establish a successor to the Elizabeth line business rate supplement and to support transport infrastructure in the future through some of the new mechanisms. It is important that we look at how fiscal devolution can accelerate projects that will unlock homes, create jobs and generate economic growth not just in the capital, but across the UK. As we devolve—and I am putting this to the Treasury team—it will be important to confront another economic challenge, which is co-ordination. Economies do not stop at administrative boundaries; there are cross-regional economic spillovers. If we do not design institutions to take account of them, ensure appropriate accountability and evaluation, and help successful innovations in one region spread to others, what appears optimal for each region individually may not be optimal for Britain collectively. I look to the Treasury team to update the House on what can be learned from elsewhere about having co-ordination as well as devolution. I was extremely pleased to see the measures supporting young entrepreneurs and also women entrepreneurs. I championed that in my previous work as chair of the APPG for entrepreneurship. Entrepreneurship is oddly absent from debates about youth unemployment. We celebrate success when people have an initial public offering or attract a big investment, but we do not talk about the preceding journey or the inequality that often characterises it. So I am looking forward to the Government’s measures having an impact in encouraging entrepreneurship among young people across the country. Let me say a few words on opportunity and the cost of living. I believe that the Your First Home scheme will make a huge difference not just to my constituents in Feltham and Heston, but also across the country. It is vital to have measures such as the 20% equity loan scheme to help first-time buyers, with a minimum deposit requirement of just 2.5%, to ensure the scheme is accessible to those who have a regular income, but have been unable to save for a large deposit. The council tax rebate, removing VAT from domestic electricity bills and the reforms to standing charges, alongside the first rail fare freeze in 30 years that was announced earlier this year and the freeze in prescription charges, are all important measures. In conclusion, this is a Budget for stability and growth, and one that eases the cost of living. It is designed to raise Britain’s productivity and investment, and to spread opportunity to every part of our country by investing to save and investing to grow. Taken together, fiscal credibility, empowered regions, effective co-ordination and investment in human potential will lead to better growth that is productive, inclusive and sustainable. This is the time and the challenge that we as a nation must rise to.