Budget Resolutions

Callum Anderson Excerpts

Monday 1st December 2025 Commons Chamber

[Callum Anderson (Buckingham and Bletchley) (Lab)]

It is a pleasure to contribute to this third day of the Budget debate, and a pleasure to follow the right hon. Member for Stone, Great Wyrley and Penkridge (Sir Gavin Williamson), and I associate myself with the speeches of my right hon. Friend the Secretary of State for Energy Security and Net Zero and my hon. Friend the Member for Harrow West (Gareth Thomas).

In the short time available, I wish to cover a few areas, the first of which is the fiscal stance of the Government in relation to the cost of living. Overall, I believe that the set of measures announced by the Chancellor last week will indeed cut the cost of living, tackle NHS waiting lists, and reduce the deficit and the debt, which is much needed. Having worked in financial services before entering this place, I have observed debates on fiscal probity and prudence with great interest, but I would like to remind Members—certainly those on the Government side of the House, but also those across the House—that fiscal responsibility or fiscal prudence is not just an end in itself; it is a means to an end. It delivers economic and financial stability, and ultimately lowers inflation.

I welcome the fact that measures in the Budget will reduce inflation more than expected. By increasing the headroom, we are enabling the central bank to, in time, reduce interest rates at a faster rate, which will not only support mortgage holders but support businesses to expand their operations. In the long run, it will also help to reduce our national debt. Given that over a third of our national debt is held by overseas investors, it is incredibly important that we respect their wishes and be fiscally responsible.

My right hon. Friend the Secretary of State for Energy Security and Net Zero gave a tour de force on the various measures we are taking to reduce the cost of living, certainly with regard to energy bills and rail fares. My constituents in Buckingham and Bletchley will benefit from frozen fares, whether they travel from Bletchley or Milton Keynes to London Euston or to elsewhere in the country. When I was out knocking on doors with my right hon. Friend the Member for Wycombe (Emma Reynolds) on Saturday, people on the doorstep particularly welcome the frozen prescription charges, as well as the broader investment in the NHS. In Milton Keynes we have seen lots of investment over the past few years, enabled thanks to the fiscal responsibility of this Labour Government, such as the £500 million investment in the new hospital in Milton Keynes. Just last week the Milton Keynes University hospital confirmed the construction of two new operating theatres, beginning early next year, all thanks to a Labour Government.

The final area I wish to cover is the pro-growth measures the Government are pursuing, some of which were announced last week. My hon. Friend the Member for Harrow West gave a very compelling argument for the need to increase the capabilities of our co-operatives and mutuals, which are an excellent feature of our economy. I want to highlight the role of UK listings relief, the expansion of the enterprise management incentives eligibility criteria, and the extension of the enterprise investment scheme and venture capital trusts. It is incredibly important, in the globally competitive economy in which the UK is operating, that Britain is the best place to start, scale and ultimately list a business, and I welcome the measures provided in the Budget.

In conclusion, the Budget very much contributes to the financial prosperity of our economy, but we will need to go further, in the coming years and in the forthcoming parliamentary Session, on regulation, pro-growth tax reform and more inward investment—the Chancellor was in Wales today to bang the drum for more investment in the UK. As the Prime Minister said in his speech this morning, in the long run we also need to control benefit expenditure. The previous Government oversaw a ballooning of welfare and benefit expenditure. On the Labour Benches we believe in the virtue of work, but we must not use the failings of the previous Government to shirk the responsibilities of the future.