Kevin Bonavia

This Budget comes at a time when conflict in Europe and the middle east —not of our choosing, not of our making—has hit the cost of living hard here at home, while the threats facing our country make investment in defence and national security more important than ever. As today’s debate was opened on the Government side by the Defence Secretary, I want to make a further point, which is that economic security and national security go hand in hand. That is particularly important in my constituency, where the aerospace and space sectors are vital parts of our local economy. Indeed, as I have said many times in this place, over a quarter of satellites in space contain components made in my town of Stevenage. To have that security in the long term, though, we have to make sure people get through the attack on our cost of living now. That is why this Budget does so much to provide that breathing space, such as helping with soaring energy bills. We have the £100 household energy payment, which will help 36,000 homes in Stevenage and our villages, and the extension of the electricity VAT cut. The lowest-income pensioners will not be paying income tax as a result of this Budget, and our retail, hospitality and leisure businesses in Stevenage will benefit from not facing a real-terms increase in business rates over the next two years. Taken together, these measures all help, and it is no good the Opposition belittling any of them. When it comes to security, as the Opposition have accepted, the defence investment plan is fully funded. That means that our defence industry can now get on with providing the equipment and support that our armed forces need. We in this House are all united in supporting Ukraine, and I am glad that we all welcome the extra support for Ukraine, but the Opposition had 14 years in government, and they lecture us about defence now. In that time, as I have already said, our armed forces were belittled. The right hon. Member for New Forest East (Sir Julian Lewis) talked about calling on the last Government to increase defence spending, but they never did it, and now the Conservatives say that they will cut welfare. Welfare ballooned under the last Government, and now they say that they are going to cut £30 billion. They have no plans; they ask us for a plan, but there is nothing from them, so why should we believe a word they say? This is a time to think about providing breathing space for our constituents. I commend this Budget to the House.