National Insurance Contributions (Secondary Class 1 Contributions) Bill

Mel Stride Excerpts

Tuesday 17th December 2024 Commons Chamber

[Mel Stride (Central Devon) (Con)]

This is not a Bill, but a Shakespearean tragedy. It is the “Hamlet” of our age. While the Labour party was tipping the poison into the ears of the electorate, it was assuring them in its manifesto that it would do nothing with national insurance. Look what it has done. This will hit inflation—all forecasts show it higher every year than it would have been under us back in the spring. Mortgages will be higher, living standards will be lower, wages will be driven further down and there will be a £770 reduction in the standard of living by October 2029, according to the Joseph Rowntree Foundation. We will see 50,000 jobs destroyed, particularly among our younger people. We will see growth impacted—lower across the forecast period than it would have been under ourselves back in the spring.

This is a far cry from our record when we left office, with employment at near record highs, unemployment at near record lows, the fastest growing economy in the G7 and real wages growing in every month for 13 consecutive months. We brought inflation down from over 11% in October 2022 to exactly the target of 2% on election day. The Bill is a calamity for businesses up and down our country. We are the party that understands that we only get good public services with a strong economy and strong businesses. The Labour party is consigning people up and down this country, plunging them into the tepid bath of managed decline over which it has presided.

Question put, That the Bill be now read the Third time.