Mr Toby Perkins

I was under the impression that the hon. Member for Clacton (Nigel Farage) was still the leader of the Reform party. Why did he bother seeking re-election? He never turns up to this place. He is mystifying. There is so much more to be done. Russia’s illegal invasion of Ukraine and Trump’s ill-advised war on Iran have driven up fuel prices, energy prices and the cost of fertiliser, creating a cost of living crisis across the globe to which we are not immune. In that context, I welcome the Chancellor’s priorities of boosting Britain’s resilience and bringing down energy costs for good. Climate change and biodiversity loss continue to be clear and present threats to Britain’s security and prosperity, with droughts at home and across the globe reducing crop yields and driving up food prices. The Climate Change Committee has been absolutely clear that climate impacts could cost the UK economy £10.7 billion over the next year in lower tax revenue alone because of lower productivity due to extreme heat or disruptions from flooding. Every independent analysis tells us that, because of the cost it will have on our economy, taking action on climate change is far cheaper than not acting. Just a few weeks after a summer of wildfires and drought, when extreme heat caused more than 3,000 excess deaths in the United Kingdom in May and June alone, we need to be really cautious about anything that can lead to higher emissions. While I welcome the Chancellor’s desire to see data centres here in the UK, we need to be very careful that we do that in a way that does not damage our climate commitment. Land managers and farmers are central to preparing the UK for the impacts of climate change. Investing in UK farming will also help to protect farmers from global events, in turn helping to shield consumers from rising food costs. Yet just a few weeks ago, the window for applications on the sustainable farming incentive was open for just six hours before it was fully subscribed. It is great that this Government are getting that money out the door and to farmers. It also shows the immense appetite for this funding and for nature-friendly farming. It is important that the Government take every step that they can to provide more support for farmers who are doing things the right way. In conclusion, this is a Budget of stability and of hope for working people and small businesses. It is a Budget that supports entrepreneurs. It was extraordinary to hear the Leader of the Opposition say that this Budget does nothing for business when it specifically supports entrepreneurs and risk-takers in our economy. This Budget is progressive—it has the most value for those with the lowest income—and it takes the serious decisions to address the collapse in our economy caused by the Conservatives. It continues to deliver growth while reducing, over several years, the debt-to-GDP ratio of our country. For all those reasons, it is a Budget that I am very pleased to support.