Barry Gardiner

I am grateful to my hon. Friend for making that point. He is absolutely right, and that money gets recycled throughout our economy. I think it is a scandal that more than 60% of people in receipt of universal credit are actually in work—often working two jobs to make ends meet. That is a scandal because it means that those employers are not paying their workforce at a level that we, the rest of society, consider to be enough to live on. We, the taxpayer, are subsidising those companies’ wage bills so that they can pay their shareholders higher profits. The Budget does not reverse structural inequality or shift the dial on growth. It is also a Budget that whispers when it should be screaming about the catastrophe that will collapse our economy within the next 25 years. Let me talk about the figures that matter and about the budgets that are actually going to change our lives. Over the past 800,000 years, the concentration of carbon dioxide in the atmosphere has varied between 180 and 300 parts per million. During the last 10,000 years—the period of human civilisation—it has varied between 260 and 280 parts per million, which has given us humans a relatively stable temperature and climate. When we started the significant use of fossil fuels in the 19th century, the concentration of CO₂ was at 280 parts per million; today, it is at 424 parts per million. As a result of those emissions, global mean temperatures have risen by nearly 1.5°C. That is the level that we know gives us only a 50% chance of avoiding dangerous climate change. What does dangerous climate change actually mean? It means the systematic collapse of our economy. It means refugees fleeing parts of the world where life has become impossible because of temperatures persistently above 40°C, drought and failing crops. It means unprecedented societal chaos as supply chains fail and competition for food turns to violence. It means war. What the Government have failed to understand is that they cannot weigh up the cost of addressing climate change against the cost to the economy, when the whole economy depends on keeping climate change under control, so the first budget we need is a global carbon budget that sets the quantity of CO₂ that we can emit if we are to meet our Paris temperature agreements. If we are to stay below the 2°C threshold, we have only 530 billion metric tonnes of CO₂ that we can release into the atmosphere. That may sound a lot; in fact, it is only 13 years of emissions at their current rate. The budget to stay within 1.5°C is a lot worse: just 130 billion metric tonnes, which is just three years of emissions at today’s level.