Sir Ashley Fox

Well, I am amazed to hear that the real economy is growing by 10%. That must be a forecaster I have not heard of! We believe it is possible to cut welfare spending. In fact, a few months ago, the hon. Gentleman’s party believed it was possible. The Government put forward a modest proposal to reduce welfare spending by £5 billion, which had our support, yet, unfortunately, at the first whiff of rebellion, the Chancellor caved. That shows that the Government have no idea how finance works, how business works or how confidence works. They undermined their credibility by being unable to undertake even the smallest reform. We can announce the abolition of stamp duty because we have promised to put Britain on a different track. Our golden rule means that, for every pound we make in savings, half will go on reducing the deficit and paying down our debts. We will reduce spending by £47 billion a year, and have announced plans to do so. About half of that will come from cutting the welfare bill, including stopping the ballooning bill for Motability cars for those with mild mental health issues. Some £8 billion of savings will come from reducing the civil service to the size it was before the pandemic. We will save money by closing asylum hotels, reserving other benefits to UK nationals, and coming to a more credible position on net zero. By taking those tough choices, we can cut taxes and help the economy. We estimate that abolishing stamp duty will cost £9 billion, which is set against the savings we have outlined. By pledging to remove it, we are signalling that we believe in growth, in enterprise and in enabling every citizen to build their future.