Budget Resolutions

Dan Carden Excerpts

Wednesday 6th November 2024 Commons Chamber

[Andrew Griffith]

We would have got a better answer from ChatGPT. The reality is that the Budget not only increased taxes in the outyears by £40 billion a year but increased borrowing by £140 billion over the course of the plans—yet despite that largesse, there was no room to fulfil the mandate of British researchers and continue to invest in the supercomputer and infrastructure that they need.

[Dan Carden (Liverpool Walton) (Lab)]

A Business Secretary in the last Government wrote an industrial strategy, but it was quickly binned. Under the Conservatives’ new leadership, what is their position on industrial strategy, because we went without one for many years?

[Andrew Griffith]

Forgive me if the hon. Member has been here for more than 120 days, but I fully support the sectors, and the industrial strategies that the Government have articulated for them, because the strategies continue on from, and are identical to, those of the previous Government. Not for the first time, we see what I call name-plating from this Government. A British business bank—the UK Infrastructure Bank—is being re-name-plated as a national wealth fund. The modern industrial strategy takes the existing science, technology and innovation framework, our plan for financial services and our creative industries strategy and re-name-plates them under a different banner. That is welcome. There is nothing quite as flattering as plagiarism, and I am delighted that those really important sectors of the economy will benefit from a degree of continuity.

The Budget has been absolutely crushing for business. If the Secretary of State is honest, he will know that from his engagement. The only thing that it has delivered to businesses across the country is more burdens. According to the Institute for Fiscal Studies, the increase in national insurance contributions amounts to a £25 billion tax on business. The reduction of the national insurance threshold by over £4,000 will keep small and medium-sized businesses up at night. Let us not equivocate: the measures in the Budget amount, in the words of the Chancellor herself, to a “jobs tax”. From industry leaders to shop owners, those in the retail, hospitality and leisure industries in particular will think back to what they heard during the election campaign.

--- Later in debate ---

[Dan Carden (Liverpool Walton) (Lab)]

What a privilege it is to follow so many accomplished and particularly moving maiden speeches. I start by congratulating my right hon. Friend the Chancellor on her first Budget. It shows the first steps of this new Labour Government as the work of change really begins. I hope that it will mark a turning point from decline to investment, from instability to security and from self-interest to public service. The choices made in the Budget certainly turn the page on the last 14 years. They begin to restore our public services and improve the rights and rewards of low and middle-income earners.

In the short time that I have, I want to touch on three areas of particular concern to my constituents. First, I welcome the £25 billion-plus of investment to get our national health service back on its feet, cut waiting times and deliver 40,000 extra elective appointments a week. That move will give real hope to people worrying about their healthcare. It recognises our NHS staff across the service, such as those at Aintree university hospital in my constituency and in specialist facilities like the Walton centre.

[Ben Maguire (North Cornwall) (LD)]

Will the hon. Member give way?

[Dan Carden]

I will not. I also welcome the intention to shift the focus to prevention in healthcare. My constituency is one of the most deprived in the UK, and far too many suffer the health impacts of poverty, addiction and despair. I hope to work with the Government to address those long-term public health crises.

Next, and crucially, the Budget delivers some long overdue justice and fairness for those who have been failed by the state. It will transfer the investment reserve fund in the mineworkers’ pension scheme to its members, and will fund compensation schemes for the victims of the Post Office Horizon scandal and the infected blood scandal, including a number of my constituents. It gives me hope that the Government have shown a commendable will to right historical wrongs. I hope that in the months and years ahead, the Chancellor will also consider the claim of the Women Against State Pension Inequality—women born in the 1950s, including 5,000 in my Liverpool Walton constituency.

Finally, I want to mention the hospitality industry, which is central to Liverpool’s visitor economy. The 40% relief on business rates for retail, hospitality and leisure is welcome, but with costs continuing to rise, there remains a climate of uncertainty for far too many local businesses. We need to level the playing field between bricks-and-mortar businesses and the online global giants, and we need to prioritise our high streets and take the necessary steps to give relief to local businesses.