Budget Resolutions

Bobby Dean Excerpts

Tuesday 3rd November 2026 Commons Chamber

[Bobby Dean (Carshalton and Wallington) (LD)]

Some have dubbed this a “steady as she goes” Budget. That has been interpreted differently by those on different sides of the debate: some have taken it as praise while others have taken it as a criticism. You might be surprised to hear, Madam Deputy Speaker, that I fall on the side of that being a criticism. That is because I hold the really controversial view that avoiding market turmoil is a minimum requirement for a Budget; it is necessary but not sufficient, especially given the challenges we face in this country.

I accept that we face constraints, given the war in Iran and everything that is doing to the country’s finances, inflation, energy prices and so on, but we have more challenges to face up to. This Government actually recognise those challenges. They have commissioned reports on welfare reform, but they have pushed it to the other side of the Budget. They have a Chancellor who recognises that we need a plan to spend 3% of GDP on defence, but those decisions, too, have been pushed further down the track. They understand that growth has been appalling in this country for a long time, yet they have not revealed what their plan for growth will be. These are all known issues that are unaddressed in this Budget, and I think that is a massive missed opportunity.

That is not for want of measures in this Budget. There are a record-breaking 98 measures in the Budget, but they add up to the lowest total value we have seen for a very long time. Let us get into some of those. The Government have praised themselves for their £100 energy support package, and who can be churlish about £100 in times like these? But the truth is that the scheme is insufficient and poorly targeted. The tragedy is that we had an energy crisis in 2022, when we had to deliver huge sums of money, almost universally. Everybody said, “We cannot let this happen again; we must have a much more targeted scheme in future.” Four years on, what is the system we have? We are relying on the valuations of properties from 1991 to target our support. What a failure of Government. Moreover, hundreds of thousands of low-income households are now set to miss out on support, and those most in need of support will not get enough.

Looking at all the “breathing space” measures combined, those in the very poorest deciles will get, on average, just £15 more than all the others. This Government could have done far more to deliver on breathing space. For instance, they could have looked to the Liberal Democrat proposal for an essential energy guarantee, which would be more targeted and would provide more support at the right income levels. This has been a real failure of Government.

A second measure for which the Government have been praising themselves is the bank tax and the contributions that they have got that sector to make. We called for a bank tax and so we broadly welcome it, but why did they not go further? The banking industry expected this measure to be permanent and expected it to be set at 8%, and bank shares went up when we found out that that was not what the Government were going to do. In the Treasury Committee this morning, we heard from people in the banking sector, who said that they did not believe the tax would affect competitiveness and that they would be unlikely to pass on the costs to the consumer. Basically, the banks have been getting £1 billion a week this year because mortgage rates and interest rates are so high. They could have been squeezed some more, and this Government failed to do it.

On living standards, this morning the Resolution Foundation described the situation as “catastrophic”. The 2010s was the worst decade on record, with 14% growth in real household disposable income. For the 2020s, the OBR’s growth forecast is 1.4%. This is a tragedy for every working family in Britain, and that is before we get on to the cost of doing business or the spending pressures that are pencilled in for down the track. Courtrooms, classrooms and councils are all set for real-terms cuts under this Government—it is all in black and white. That is their proposal to come.

All of this can be solved in only one way: via growth. I said at the beginning of my speech that there is a lack of a growth plan, but there is one waiting on the table for the Government. We would like the Prime Minister to stop having an open, frank conversation with himself on Europe, and to actually start putting forward some concrete proposals such as rejoining the single market. That is the quickest single measure to boost growth in this country, and we should get on with it.

This Budget has deferred decisions on welfare, defence, Europe, public services and growth. The Prime Minister came into office promising to end 40 years of neoliberalism, but it will surely make its 41st birthday. It has been a missed opportunity that the Government will come to regret. Budgets do not come around very often—just ask any of the six Chancellors in the last six years. Political capital is a depreciating asset—it is best to spend it early, and the Government have utterly failed to do so.

INEOS Chemicals: Grangemouth

Bobby Dean Excerpts

Wednesday 17th December 2025 Commons Chamber

[Chris McDonald]

My hon. Friend is right to mention the hard work of the Chief Whip and former Business Secretary, because deals like this with international businesses require a significant amount of discussion and engagement. That is precisely the point of our industrial strategy: it is a partnership in which the Government work closely together with businesses to secure investment for the long term. Investment like this hangs around for a generation and provides generational opportunities for employment in local areas. We know that the decisions that this Government are making will provide those employment opportunities for people in Grangemouth and across Scotland for generations to come.

[Bobby Dean (Carshalton and Wallington) (LD)]

The Minister mentioned in his statement the £200 million for projects in Grangemouth from the National Wealth Fund. I would like to raise with him a concern that was raised in evidence to the Treasury Committee, which is that the National Wealth Fund has to operate on the riskier end of project proposals because it does not want to crowd out private investment, but that means necessarily that many projects will fail. The worry is that politicians will not be ready to defend projects that fail under the National Wealth Fund. Does the Minister agree with that assessment, and is he willing to accept that, given the risk profile of the National Wealth Fund, some projects will fail as part of the deal?

[Chris McDonald]

I very much welcome the hon. Member’s question because it gives me an opportunity to talk about risk appetite in investment, which I certainly am interested in—if other Members are not, I apologise in advance.

The National Wealth Fund is doing something special and different, but it is also worth looking at it alongside the other tools that the Government have: the British Business Bank and UK Export Finance. The hon. Member is right that the National Wealth Fund’s job is to crowd in, so it should not be at the easy end of the investment; otherwise, it would be crowding out. It has a target to produce a return on investment. Ultimately, the National Wealth Fund needs to take a portfolio approach that delivers that return. I know that in the past, industrial strategies in this country have suffered from casual approaches around things like “picking winners”—that sort of language is incredibly unhelpful. The point of taking a portfolio approach is that, of course, some businesses will succeed and some will not. Frankly, if every business the National Wealth Fund invests in succeeds, its risk appetite is in the wrong place. Some businesses will fail—we accept that; that is absolutely the point of the approach—but as a result of the National Wealth Fund’s investment partnering with industry in the commercial sector to de-risk projects, we will see some big successes, too.

Oral Answers to Questions

Bobby Dean Excerpts

Thursday 11th December 2025 Commons Chamber

[Kate Dearden]

As I said, we do recognise the ongoing pressures and are acting through targeted support for the sector. Without our support, pubs would face a 45% increase in the total bills they pay next year. We have got that down to just 4%. The majority will have their bills capped at £800, 5% or 15% next year. In addition, we have established the licensing taskforce to cut red tape and remove growth barriers. I am committed to working with the sector.

[Bobby Dean (Carshalton and Wallington) (LD)]

T1. If he will make a statement on his departmental responsibilities.

[The Minister of State, Department for Business and Trade (Chris Bryant)]

I apologise on behalf of the Secretary of State, who is striking deals in the United States of America. In recent weeks, we have announced £2.5 billion of investment in the UK’s first small modular reactor site at Wylfa, launched a critical minerals strategy and done a deal with the US on pharmaceuticals.

Mr Speaker, in true Christmas spirit, I can assure you as Trade Minister that there is no tariff on gold, frankincense or myrrh, and Santa Claus can travel freely without a visa—although apparently, he knows when you’ve been bad or good, so be good for goodness’ sake!

[Mr Speaker]

In which case, Bobby Dean will be.

[Bobby Dean]

Thank you, Mr Speaker. As you probably know, south London is wonderful, but you may not know that it is one of the UK’s largest regional economies. Last week my local council, the London borough of Sutton, launched its economic growth plan, inviting businesses to take advantage of opportunities in the area. Will the Minister meet me and the local council leader to connect the business community with all the opportunities that exist in my borough?

[Chris Bryant]

Yes.

--- Later in debate ---

[Chris Bryant]

I welcome my hon. Friend’s point, which is extremely well made. I am very happy to have a conversation with him afterwards about the precise nature of the discussions that are ongoing.

Finally, I too visited one of my small businesses on small business Saturday, a great cake shop called Only Crumbs. Sadly, under the Tories, that was all we ever got: only crumbs.

[Bobby Dean]

On a point of order, Mr Speaker. The Minister indicated to the House that the Liberal Democrats were against the national minimum wage in the ’90s. My own memories are hazy, but I am reliably informed that that was not the case, so I hope the Minister will correct the record.

[Mr Speaker]

That is not a point of order, but you have certainly put it on the record. We will leave it at that.

Oral Answers to Questions

Bobby Dean Excerpts

Thursday 17th July 2025 Commons Chamber

[Jonathan Reynolds]

I can absolutely guarantee my hon. Friend that we will have that meeting. I appreciate the work that we have been able to do together, reacting to the media reports that initially surfaced. There is some clarity from the company, but not the full degree of clarity that we need. I will make sure that we get that meeting set up for him and his colleagues.

[Bobby Dean (Carshalton and Wallington) (LD)]

We have just had our fifth consecutive month of job losses announced, and research shows that as many as 17% of companies are considering redundancies. What is the Government’s analysis of why this is happening?

[Gareth Thomas]

I gently say to the hon. Gentleman that we have had four interest rate cuts, almost 400,000 jobs have been created, our industrial strategy has been hugely welcomed, and we have had three deals, so it is perhaps not a surprise that recent surveys point to a nine-year high in business confidence.

UK-US Trade and Tariffs

Bobby Dean Excerpts

Thursday 3rd April 2025 Commons Chamber

[Jonathan Reynolds]

My hon. Friend is right that our concerns have to be not just about what this means for our own relationship with the United States, but about the second-order impact on the UK from the trading relationship changes between the US and other key allies and markets. No discussion on trade or tariffs is complete without bringing up rules of origin. The complexities of some of the supply chains, particularly in the automotive industry, are key issues; we have to ensure that we have preferential tariff access to markets and that the products we make in our country qualify for those under the rules of origin. We are closely engaged with all partners. He will know that the Minister for the Cabinet Office, my right hon. Friend the Member for Torfaen (Nick Thomas-Symonds), deals with the EU reset, but we will continue to have a very close working relationship, as well as having direct conversations with our European Commission counterparts.

[Bobby Dean (Carshalton and Wallington) (LD)]

In answers to questions so far, the Secretary of State seems to have dismissed the threat of the US trade negotiations to the safety of our children. I am sure he has seen the abandonment of content moderation on social media platforms and heard what Trump, J. D. Vance and Musk have said about free speech in our country: what they mean is the freedom of US social media giants to keep our children addicted to their platforms, no matter how harmful the content. I know the Secretary of State says that he does not want to get into the specifics of the negotiations, but is the Online Safety Act 2023 part of those negotiations, or will he take the opportunity to rule that out?

[Jonathan Reynolds]

I want to be clear with colleagues, not to invent problems that do not exist. I am aware of comments that have been made about freedom of speech in the UK. They have not been part of the trade negotiations. The hon. Gentleman recognises that I cannot share details of negotiations, but then he asks me to share those details. He knows that I am not going to do that because it would not be in our national interest. However, I say to colleagues that these negotiations are about goods and services in the main. It is important to focus on that—let us not make this more difficult than it is.

Competition and Markets Authority Chairman

Bobby Dean Excerpts

Wednesday 22nd January 2025 Commons Chamber

[Justin Madders]

I can confirm that the CMA’s operational independence remains intact.

[Bobby Dean (Carshalton and Wallington) (LD)]

The power vested in large corporations is greater than ever. Tech giants are exerting monopolistic power over the market, so I am becoming exasperated with the Government’s Thatcherite-like attitude towards deregulation. Do the Government understand the risks involved in going for short-term boosts to growth over long-term stability of the economic market?

[Justin Madders]

I would not accept the hon. Gentleman’s characterisation at all, and I am sure that Conservative Members would not, either. We announced only this morning that we will take action against Amazon on knife sales, so I do not think the characterisation that we are in the pocket of big tech is at all accurate.