Sir Mel Stride

Sir Mel Stride

Conservative — Central Devon

Speaking in the House of Commons on 12 November 2025

Debate

Taxes

Contribution

Well, he may or may not be—it remains to be seen. What all this ends up with, of course, is lost fiscal headroom. That is the story so far. We had a Budget last October with about £10 billion against the debt target; that vanishes, with 50% on top as well. It is rebuilt in the spring, and now it has all disappeared, and we are waiting to find out how deep that black hole is. We have entered something of a doom loop, with higher taxes destroying growth, leading to a loss of fiscal headroom, requiring—in the Chancellor’s terms at least—further tax increases, leading to further destruction of growth, and around and around we go.

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