Ed Davey

We look forward to the Treasury Committee challenging the Government on the details of the Budget. This Government were elected on a promise to tackle the cost of living and grow the economy, and this is the second Budget in which they have failed to do either. For millions of people struggling with higher bills, all this Budget really offers is higher taxes. The OBR sets it out in black and white: disposable income and living standards are down thanks to this Budget. Surely the Chancellor should have learned from her first failed Budget that we cannot tax our way to growth. Under the Conservatives, the UK’s tax burden reached its highest level since 1948 and it hit the economy, yet under this Budget the tax burden will hit an all-time high. There is an alternative to all these Conservative and Labour taxes, and the shocking reality is that the Government know it: a new trade deal with Europe—a major new deal to cut the cost of living and grow our economy. The truth is that Boris Johnson’s Brexit deal has cost the Treasury £90 billion a year in lower tax revenue. Imagine if the Chancellor had adopted our plan to reverse those Brexit costs. Imagine how much more we could be helping families and pensioners across our country with the cost of living. Imagine how we could be ending the cost of living crisis today.