Mr Toby Perkins

The Budget will continue to make Britain more resilient, by supporting people and businesses in the current moment and investing in the future. In an increasingly uncertain and changing world, this Government are steadying the ship. The Budget will help families with the pressures they face now and invest in the long term to bring down the cost of living, making life easier and better for working people. I welcome much of what has been announced. However, while members of the mineworkers’ pension scheme in my constituency are much better off as a result of the measures taken by this Government two years ago—and have seen further improvements with the position that the Chancellor has taken today—there will still be disappointment that the Government have not decided to return all the surpluses from the scheme to its members. Mineworkers paid a large health price for their commitment to keeping the lights on over many decades, and each day of delay means that more mineworkers die without receiving the full fruits of their industry and community’s commitment to our nation. Turning to the positive news announced today, we have the second fastest growth in the G7, our growth forecast has been upgraded once again by the IMF and, as was generously acknowledged by the former Chancellor, the right hon. Member for Godalming and Ash (Sir Jeremy Hunt), the FTSE has risen modestly. I remember being on the Opposition Benches when Kwasi Kwarteng was delivering his Budget and seeing hundreds of thousands of pounds—millions, even—crashing off the value of the stock market. It is important to acknowledge that those who have an independent view of this, outside of the political sphere, have welcomed this Budget, which is a sure sign that this Government are on the right track. At every single Budget under this Government, the Conservatives have predicted catastrophe, and yet every time the economic figures have come out, they have been more positive than their predictions. We have seen measures today meaning that 43,800 Chesterfield households will receive £100 towards their energy bills this winter; a £50 reduction because of the changes in VAT; fewer pensioners being brought into paying tax; positive support for self-employed partners; a welcome increase in the threshold for small business rate relief up to £18,000, meaning that 54% of businesses in the east midlands will now pay no business rates; and no rises for the next two years on business rates. The Government have made that economic progress at the same time as building huge amounts of home-grown renewable energy capacity; holding failing water companies to account; reviving council house building; bringing down national health service waiting times; introducing record increases in the national minimum wage; bringing more people into work than ever before; making record investments in our national health service; and bringing half a million children out of poverty. That is the difference that a Labour Government have made. Possibly the greatest endorsement of this Budget is how weak the Opposition have been on it. When Opposition Members get to their feet to say, “Well, I think you could have been a bit more ambitious,” we know that they do not really have a line to attack us on. That is a very strong endorsement of this Budget. Of course, there is much more to be done. I should say that while the Leader of the Opposition was making what we all know to be a difficult speech—apparently some facts were redacted in the copy she received—which is why her critique was so weak, but at least she turned up to make that speech. The leader of the Reform party did not even bother turning up to the Budget. It is extraordinary.