Budget Resolutions

Nigel Farage Excerpts

Wednesday 30th October 2024 Commons Chamber

[Nigel Farage (Clacton) (Reform)]

I think we have to give credit to the Chancellor for a Budget that, in political presentation, was very clever. The SNP has had an absolutely rotten day, and the decision to put money into potholes was clever. The fuel duty freeze is very welcome, especially for those living in rural parts of our country. But for me, the big one is of course the 1p off a pint off draught beer. I have worked out that it will save me over £1 a week, so I am particularly thrilled about that.

I sat listening to the numbers thinking that this Budget is economically illiterate. I do not know who is doing the sums—perhaps it is the right hon. Member for Hackney North and Stoke Newington (Ms Abbott)—but the sums do not work. The markets now agree with me, because just in the last couple of hours we have seen a very substantial spike in gilt yields. We are not yet quite back to the mini-Budget of 2022, but clearly people are saying that this is not going to work. Even more concerning, I suppose, is that the new head of the Office for Value for Money, David Goldstone, served for many years on the board of HS2, which I would suggest is the very opposite of value for money.

[Matt Western]

On a point of order, Madam Deputy Speaker.

--- Later in debate ---

[Madam Deputy Speaker]

I thank the hon. Member for the point of order. However, that is not a point of order; it is a courtesy of the House.

[Nigel Farage]

Nice try! I was just gently teasing, that was all.

We heard “invest, invest, invest” at the start of the Budget statement, and I thought, yes, that is absolutely what we need—not just from the big multinationals that come to smart conferences, but equally from hundreds of thousands of people putting their own risk capital into start-ups and new businesses. But no, this “invest, invest, invest” is going to be done by the Chancellor on our behalf. Not only was she a top economist at the Bank of England, but she is now going to be the fund manager of the nation, investing money and trying to pick winners. I would suggest that the last time Governments attempted to invest money and pick winners, back in the 1970s, it ended very badly indeed.

[Sarah Owen (Luton North) (Lab)]

The hon. Gentleman talks about investment in our country and in businesses, but I just question whether he would prefer to have investment from our Government, or investment from maybe the Russian Government.

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[Nigel Farage]

Maybe one or two Members of the House ought simply to grow up, but there we are—it’s a bit sad. I have worked in private business, and I do think picking winners is wrong. I think we leave that to the free market, and we let people either make money or lose money. Frankly, if they do their dough, well, that’s just the way these things work.

Any business employing five or more people has been hammered today. I have set up and run companies, but nobody on the Government Front Bench has ever worked in private business. None of them understands what genuine risk capital is. From what I can make out, our Business Secretary has never even had a job.

[Nesil Caliskan]

Have you ever had a job?

[Nigel Farage]

I have had plenty of jobs—well, apart from being in the European Parliament, which doesn’t really count, obviously.

What is dismal about this Budget is the growth forecast. If the ambition of our Chancellor is that in four years’ time growth should be 1.5%, that is very bad news for everybody, particularly because it takes no account of the rise in population that will happen through legal immigration. It basically means a rise of 0%. Nobody has even mentioned the fact that gross domestic product per capita—wealth per capita—has been falling consistently nearly every quarter for the past two years. The bigger our population becomes the poorer we are becoming, and we must wake up to that reality.

The big picture is that we are in decline. We are getting poorer. There is no £22 billion black hole—that is nonsense. It is £2.7 trillion. Our debt repayments are £90 billion a year, and from all the figures I have seen today, that will be worse in five years’ time than it is today. We need a complete change of culture. We need to start saying that success is a good thing, and making money is a great thing. People becoming rich is something we should encourage. We have to change our culture of work. There is this idea, “Oh yes, work from home, do a four-day week, get your work-life balance right”—well actually, why do we not say to young people that hard work is a good thing? Hard work is the only way that anybody succeeds individually, and the only way that we will have a chance as a country to turn any of this around.

[Matt Western]

rose—

[Nigel Farage]

No, please sit down—honestly, you’ve had a go.

We are in much deeper trouble than anybody on either Front Bench dares to admit. That is a reality we should all face. We have a Labour party that could not define what a woman is or what a working person is, and after today I am pretty convinced that it cannot define what economic growth is.