Budget Resolutions

David Pinto-Duschinsky Excerpts

Wednesday 30th October 2024 Commons Chamber

[David Pinto-Duschinsky (Hendon) (Lab)]

I thank my right hon. Friend the Chancellor for her Budget statement, which brought into sharp focus the choice that the country faces. The stakes could not be higher: we face a choice between beginning down a path of national renewal with today’s Budget, or continuing decline and denial if we tread the path of the Conservative party.

We cannot fix our problems until we face up to them. The Conservatives parrot empty fantasies about their legacy, but the truth is that they have left our economy, our public services and our finances in ruins. The figures are stark: according to the World Bank, since 2014, real income per capita has only grown by 6%. That is without historical precedent. Poverty and hardship have risen, and meanwhile Britain has fallen behind. Since 2010, if we had kept up with comparable countries, the average household would now be over £8,000 richer. While our economy has languished, our public services have been run into the ground. NHS waiting lists have more than doubled. Criminal prosecutions and convictions have halved in recent years. Our schools struggle to recruit expert teachers. Our prisons are bursting. The list goes on and on.

That stagnation is not some kind of accident—some kind of economic act of God. Rather, it is the result of decisions made by the Conservative party. Under Liz Truss, the Conservatives crashed the economy, sending bills and interest rates soaring, but the Truss disaster was but one instalment of their 14-year story of economic mismanagement. Investment is the downpayment we make today to ensure prosperity tomorrow, yet for 14 years the Conservatives turned that logic on its head, mortgaging our future to pay for their political gimmicks and undeliverable plans. They invested 50% less as a proportion of GDP than our peers and hamstrung private investment, leaving us consistently at the bottom of the league table for business investment.

That may sound abstract, but the effects are all too real. Over the past decade, we have built only half as much motorway as Germany and a fifth as much rail track as Spain. Our overstretched hospitals have only half the average number of CT scanners seen in other OECD countries, and our crumbling schools have only half the number of electronic whiteboards. Today, Britain has barely half the capital per worker of comparable countries. No wonder we are growing slower—no wonder our public services are at breaking point.

The Conservatives failed the British people, and rather than coming clean, they overspent, hid the problems from the public, and hid the scale of their irresponsibility even from the Government’s own budget watchdog: a £22 billion black hole, an emergency reserve spent three times over, with no money put aside for the infected blood crisis or the Post Office scandals. It was a festival of fiscal recklessness. For example, according to the IFS, the Conservatives spent the asylum support budget 25 times over, costing every man, woman and child in the country £110. Their cover-up has been laid bare by the review published by the OBR today, yet they remain in complete denial. They have no shame, and importantly, they have no plan.

As the Chancellor’s statement has shown, though, where the Conservatives jeopardised our future, this Government will fix the foundations. This Budget will deliver stability, putting our public finances on a sound footing. Unlike the Conservative party, this Chancellor will never gamble with Britain’s future. Instead, she will begin the work of delivering the investment that our economy and public services need, launching new investments, injecting over £6 billion into our crumbling schools and boosting the NHS with record investment. She will protect the payslips of working people, she will drive forward reform, and she will deliver the change the country voted for. It will not be easy, and change will not happen overnight. The Conservatives have left a terrible inheritance and, as we have heard throughout this debate, they have absolutely nothing to say about the answers they would offer.

[Sir Desmond Swayne]

Will the hon. Gentleman give way?

[David Pinto-Duschinsky]

No, thank you. I am winding up.

As the Chancellor has made clear, our Government will not shy away from taking the steps needed. We will not let our ambition be dimmed. To govern is to choose, and the Conservative party chose to put party before country. This Government and this Chancellor are making a different choice—to invest and rebuild, to fix our NHS, to protect people’s payslips and to deliver change. We are putting our country first. It is a choice that will give us our future back, and we should all support it.