Sir Mel Stride

We will take no lessons from the Labour party when it comes to the mismanagement of our economy. What I have just set out has led to a Chancellor who had a Budget in October last year in which she blew all the headroom and more, rebuilt it in the spring and is now, as we all know, heading into the Budget on 26 November with a gaping black hole that she will have to fill. That is due to economic incompetence and it is causing huge uncertainty. I speak to businesses up and down the country. None of them know what to expect. They are all fearful about the tax rises that are yet to come, and that is down to this Chancellor. The consequence is that we have the highest level of unemployment in four years. We know that every other Labour Government in history have left office with unemployment higher than that it was when they came into office. In the retail, hospitality and leisure sector alone, 90,000 jobs have been destroyed under this Government. Young people are bearing the brunt of these policies. Under the Conservatives, youth unemployment fell by around 45%. Under the last Labour Government, it rose by around the same amount, and this Government are on course to do that too. Young people are particularly affected, because the national insurance changes involve not just an increase in the rate but a reduction in the threshold. That affects young people who are desperate to get their first job and their foot on the career ladder the most.