Finance Bill

Debate between Judith Cummins and Jerome Mayhew

2nd reading
Wednesday 27th November 2024 Commons Chamber

[Madam Deputy Speaker (Judith Cummins)]

Order. Before the hon. Member answers that intervention, I remind Members not to use the word “you”. Moreover, this is a debate on the Second Reading of the Finance Bill, so can we please make comments, interventions and speeches relevant to the Finance Bill?

[Jerome Mayhew]

I am grateful for that intervention. Inflation 11% was a direct consequence of the Russian invasion of Ukraine, as everyone knows, but what is important is that the Conservative Government took the difficult decision to get it down to a target of 2%. It is already creeping up under Labour, and it will be higher than it otherwise would have been as a direct consequence of these measures. Do not trust my word for that; that comes directly from the OBR. Again, the OBR tells us that mortgage rises will occur directly because of the decisions of Government Members. Union activity will be up, with the consequential impact on productivity and efficiency of our private sector. The size of the state will go up and, shamefully, the tax take will be the highest since records began. I will not support this Finance Bill, or its Second Reading, so Labour Members will have to take the consequences of their own decisions.