Budget Resolutions

Lilian Greenwood Excerpts

Tuesday 12th March 2024 Commons Chamber

[Lilian Greenwood (Nottingham South) (Lab)]

The Chancellor’s final Budget has confirmed what the British public and my constituents in Nottingham South have long known: we are all paying a heavy price for 14 years of Tory failure. That is failure to grow our economy, failure to raise living standards and appalling failure to deliver the quality public services that people need and deserve. We have all been left living in a lost decade because of a succession of chaotic Conservative ideological projects that have harmed economic growth, scared off private investment and widened inequalities across our nation, from austerity to a no-plan Brexit and the kamikaze mini-Budget of September 2022.

The Chancellor and the Prime Minister claim that our country has turned a corner. Perhaps we have, but it turns out that around that corner was yet another Tory recession and the highest tax burden for 70 years. Households in my constituency of Nottingham South will be on average a further £870 worse off because of the Budget and other recent economic announcements from this rudderless Government. For every £10 that the Government are taking from our hard-working families in higher tax, they are giving back only £5. Forget robbing Peter to pay Paul—the Tories are giving with one hand and taking twice as much with the other, while expecting us to thank them for the privilege.

Many of my constituents were already having to make daily difficult decisions to make ends meet because of the sky-high inflation and rocketing rents and mortgage payments unleashed by the last Prime Minister’s irresponsible and economically illiterate mini-Budget. Now, because of the failure of this Prime Minister and his Chancellor to get our economy growing again, raise living standards or actually cut the tax burden, my constituents will have to try to make do with even fewer pounds in their pocket.

The Conservatives are inflicting yet further pain on my constituents, because the combination of £1 billion-worth of cuts to Nottingham City Council, the failure to fix the crisis in social care and spiralling homelessness has pushed our council over the edge. To fill that black hole made in Westminster, the council has been forced to agree devastating cuts to local services, including the arts, culture, libraries, community protection, youth services and more. This ill treatment comes as no surprise to us in Nottingham, because successive Tory Governments have failed to make the important investments needed to help our great city grow, cancelling first midland main line electrification and then phase 2 of High Speed 2, and refusing to invest in the Broadmarsh project to regenerate our city centre and create more than 6,000 much-needed jobs. We in Nottingham have been a target for Tory cuts since 2010, but I am proud that I and others stood up to the Government to force them to deliver on the extensions to Nottingham’s tram network, the upgrading of the A453 and the scheme to insulate and retrofit thousands of homes across Nottingham South.

Unlike for the Conservatives, sound public finances and economic stability are non-negotiable for the Labour party. A future Labour Government will not play fast and loose with our economy by carrying out ideological Frankenstein experiments like the Prime Minister’s £46 billion unfunded plan to abolish national insurance. Instead, we will stick to our tough fiscal rules. Our spending plans will be fully costed and fully funded, including a loophole-free windfall tax on the extraordinary profits of oil and gas multinational giants. We will root out waste, corruption and those abusing taxpayers’ money by setting up a new office for value for money, halving Government consultancy spending, and appointing a covid corruption commissioner, to ensure that all of our taxpayers’ hard-earned money is spent wisely.

A future Labour Government would end Tory short-termism and instead work with private business to encourage stability, investment and reform to build the world-leading industries of the future in Britain. We would reform our sclerotic planning system, support our working people to develop the skills they need to thrive, and make work finally pay with a genuine living wage and a new deal for working people.

The Conservative Government have broken their promises to the British people. We are all paying more and getting less because of repeated Tory failures. If this was a private contract, the Government would have been taken to court for misrepresentation under the Trade Descriptions Act long ago. Instead, the Prime Minister, who lost his last election test to his predecessor and her snake-oil economics, is steadfastly refusing to let the British public have a say on his and his party’s record of chaos and national decline. He should do the right thing and call a general election for 2 May to let the people of Nottingham South and Britain elect a Government who will put them first.