Budget Statement

Lord Wharton of Yarm Excerpts

Friday 12th March 2021 Lords Chamber

[Lord Wharton of Yarm (Con)]

My Lords, I draw attention to my interests in the register and congratulate all noble Lords who made their maiden speeches today—in particular my noble friend Lord Cruddas, who has an incredible life story, having built an impressive business and contributed significantly to our political life already. I am sure that he will contribute significantly to this place as well. It is good to see him here with us.

The Budget had a number of positive things in it, not least the investment we saw in Tees Valley, referenced by my noble friend Lord Sharpe. We will see not just the free port but the movement of significant numbers of Treasury jobs to Tees Valley and the investment that has already been unlocked by GE, which is related more to the free port than some noble Lords would care to admit. That is more significant than anything that I have seen in that area, which I used to represent, in my time in politics. It is more than I could ever have imagined would happen when, as the Minister responsible, I brought forward and through the Cities and Local Government Devolution Bill, creating the metro mayors. I give all credit to Ben Houchen for the incredible things he has achieved so far. I hope and am confident that he will go on to achieve much more in future.

Less positively, I raise my concern about the proposals to increase corporation tax. I am pleased that there is a delay. I hope that it will give an opportunity for circumstances and policies to change. I have spent much of my political life campaigning for sound finances in government and low taxes, particularly for businesses in our economy, to encourage investment. Therefore, a significant tax rise is unwelcome, although I recognise the difficult circumstances in which the Chancellor finds himself.

As a number of Members have, I also flag my concern about the proposals to cut our overseas development aid budget. It does a great deal of good across the world. A quick cut like this is doubly harmful because of the long-term nature of the contracts to which much of ODA is committed. I hope that that will also be reconsidered by the Government in due course.