Contribution
Although the Secretary of State for Business, Innovation, Science and Trade is no longer in his place, I start by thanking him and colleagues in the Department for the work they are doing with me and other local MPs in securing the long-term future of Jodrell Bank. I am proud that it is in my constituency and I am grateful for the work that he is doing.
Like many colleagues, I welcome the Budget. Businesses need certainty and stability in order to invest, and I welcome the prudent and targeted decisions, particularly around the cost of living, which other hon. Members have touched on. Absorbing some costs in a moderate reduction in the fiscal headroom, as set out by the Chancellor, is sensible and creates the stability that helps to maintain, rather than undermine, business confidence.
In recent months, Britain has proved extraordinarily resilient to the shocks caused by the conflict in the middle east—a war that, as other colleagues have pointed out, was recklessly supported by Conservative and Reform Members. Despite oil prices remaining above $100 a barrel, growth has been better than expected in Britain. Because of the stability from this Government and the measures provided in this Budget and in previous Budgets, there is now renewed hope for the future. That hope should be cause for optimism and provide a check on the constant doom and gloom that we often hear—a reminder that official forecasts are not destiny, but a target to beat.
In the past year we have gone from the Leader of the Opposition saying we might need an IMF bailout, to the IMF saying that we have the best deficit reduction plan in the G7. In the past two years, we have consistently performed better than the forecasts. In March 2025, the OBR forecast 1% growth, but we grew 1.4%. In April this year, the IMF forecast 0.8% growth, but we hit 1.2% in the first half of the year alone. Even after upgrading its original forecast, it was still behind the curve. Forecasts are not destiny—optimism is warranted.
Opposition parties sometimes seem almost to want Britain to need a bail-out—to will debt to rise, growth to slow or inflation to be higher—for their own narrow partisan self-interest, and to paint the worst possible picture. But we should be talking Britain up, not down. This is a great country to live, do business and invest in. I say clearly to hon. Members, particularly Conservative Members, believe in Britain or Britain will not believe in you.
I welcome the pro-growth, pro-industrialisation policies in this Budget, particularly the plans to devolve power and funding so that Macclesfield, and every town, can invest in the things that matter to it—the plans to devolve business rates and empower local communities to benefit from the growth that they work hard to generate, and the devolution of income tax powers to follow in 2028.
In Cheshire, we are very excited we are getting our first mayor in May. As Labour MPs in Cheshire, we have campaigned hard to get to this point. We want to replicate in our own area the tremendous journey that Manchester, Liverpool and other cities have had, so that we can unlock our potential. Fiscal devolution is an opportunity and a challenge: an opportunity to write our own destiny, and a challenge to say that if we invest in ourselves, back good growth projects and support innovation, industry and productivity, we can make ourselves richer without being reliant on Whitehall or the outside world. It is an opportunity that we in Cheshire and Macclesfield will seize with both hands. Breaking the link between Whitehall handouts and investment in Cheshire is a huge step towards our having more control over our future, and I support this Budget wholeheartedly.