Contribution
I am not going to give way.
Budgets are about choices, and I know that not everyone agrees with our decision to freeze rail fares. Indeed, just days before the Budget, I received a letter from the shadow Transport Secretary effectively proposing a 4.8% hike in fares. I considered his request, but an increase in line with the retail prices index, as the right hon. Member pretty much suggested, would have put passengers’ fares up by hundreds of pounds next year. We should not be surprised that the shadow Transport Secretary wanted passengers to pay more—after all, his party increased fares by 60% when it was in office—but Labour Members believe in cutting the cost of living and putting money back into passengers’ pockets. As we set up Great British Railways, bringing together 17 different organisations into one public organisation, we will build a railway where passengers, not profits, come first.
While rail may often dominate newspaper headlines, this Government will never ignore the roads that carry most of our daily journeys. That is why, earlier this year, I gave the green light to the lower Thames crossing. After years of being stuck in planning limbo under the Conservative Government, it is now set to become the largest road building project in a generation. Thanks to this Budget, we are confirming a further £891 million of public funding, after which the private sector will take forward construction and long-term operation. Along with our commitment to extend the docklands light railway to Thamesmead, this is further proof that this Government are firmly on the side of the builders, not the blockers.
Before we came into power, our roads were a symbol of national decline. Poorly maintained and riddled with potholes, they were a nuisance at best and downright dangerous at worst. That is why, by the end of this Parliament, we will commit over £2 billion annually for local road maintenance, doubling funding since coming into office. We will fill millions of potholes every year, protecting drivers from having to shell out hundreds of pounds on costly repairs.
Investment and reform are my watchwords as we work to improve everyday journeys, but throughout all this we cannot be blind to the impact of transport on our climate. The truth is that most transport emissions come from our roads, which is why reducing costs for drivers while cutting emissions will be at the heart of the EV transition. The trends are already clear. EVs are often cheaper to run and maintain than more polluting cars, and consumers have noticed that, with EV sales accounting for a quarter of new car purchases in October.
However, this Budget enables us to go further. By committing an extra £1.3 billion to the electric car grant, we will keep saving buyers thousands of pounds on dozens of EV models. We will increase the expensive car supplement threshold for EVs to £50,000, and invest a further £200 million in the roll-out of EV charging infrastructure. My ambition is to make it as easy to charge up as it is to fill up, so I am pleased that the Budget confirmed a decade of 100% business rates relief for eligible EV charge points, and a review of the cost of public charging, including the impact of energy prices. Fairness remains at the heart of this Budget, and as the Chancellor rightly said, “everyone must contribute”, so electric and plug-in hybrid vehicles will start paying a new electric vehicle excise duty from April 2028. Above all, that ensures that all those who use our roads and all those who depend on our roads help to maintain our roads.
For years, the British people were resigned to poorer living standards, stagnant wages and public services that were not fit for purpose. This Government promised change, and despite the state of the economy when we entered office, we are delivering that change and doing so fairly. We promised no return to the long winters of austerity, and we meant it. An extra £120 billion in public capital investment over this Parliament will build new infrastructure and homes across the country. It will strengthen our energy security, and it will give the NHS its biggest ever capital settlement. For transport, it is a downpayment for better, more reliable journeys—trains people can rely on, buses that turn up on Sundays, roads that make driving easier and infrastructure that connects not just people with places, but the aspirations of the next generation to the opportunities of tomorrow. That is what this Budget is about: fair choices for a fairer Britain, where the cost of living falls, real wages rise, and our towns and cities get the connectivity they deserve. This is a Budget that delivers on the public’s priorities, and I am proud to support it.
Ordered, That the debate be now adjourned.—(Deirdre Costigan.)
Debate to be resumed tomorrow.