Budget Resolutions and Economic Situation

Miriam Cates Excerpts

Wednesday 3rd March 2021 Commons Chamber

[Miriam Cates (Penistone and Stocksbridge) (Con)]

There can have been few more difficult times in living memory to deliver a Budget, so I want to commend and thank my right hon. Friend the Chancellor for his steadfast commitment to serving the British people through such challenging economic circumstances. This pandemic has not finished with us yet, so I welcome the additional support measures announced today, giving hope to many people in my constituency and security to businesses that are still struggling to hold on. The fiscal support provided by this Government is greater than that of almost any other country in the world, and it has disproportionately benefited those on the lowest incomes. That is the kind of one-nation Conservative Government that so many people voted for back in 2019.

I also welcome the Chancellor’s courage in facing up to the fact that we must have a plan for returning our finances to a sustainable footing, to maintain confidence in the UK economy, and to take responsibility for our future, rather than burying our heads in the sand. The modest rise in corporation tax for the largest businesses is a fair way to increase revenues. It is a tax on profits, after all, so those businesses that have been unable to make a profit will not pay. While many companies have had a very tough year, others have seen their takings soar as a result of the pandemic, and it is right that some of those profits should be returned to the taxpayer.

This Budget offers security and responsibility, but it also offers opportunity. I welcome the exciting proposals laid out by my right hon. Friend to set the UK economy on the path to becoming the best place in the world for innovative, high-growth and green investment. However, the proceeds of this growth must be shared evenly across the country, so I was delighted by today’s announcement of £24 million for our Stocksbridge town deal. For decades, towns such as Stocksbridge have been left behind, and previous Governments have failed to solve the problem of how to return opportunity, pride and aspiration to the communities whose sweat and toil have built the prosperity of our great nation.



The launch of the towns fund, back in 2019, in many ways marked the birth of the movement we call levelling up, and the Government have reaffirmed their commitment to that movement today. The £24 million will see improvements to our high street, local transport links revolutionised, a post-16 hub and new jobs and opportunities created for the whole community. The towns fund offers the targeted investment that Stocksbridge so desperately needs, upskilling our workforce, providing conditions for growth and reviving our local economy. There are difficult times ahead, but here we have a plan that offers security, responsibility and opportunity.

On behalf of the people of Penistone and Stocksbridge, I welcome this Budget statement.