Budget Resolutions

Rachel Blake Excerpts

Wednesday 30th October 2024 Commons Chamber

[Dame Harriett Baldwin]

As the hon. Lady can see, I am not giving way at the moment.

As you know, Madam Deputy Speaker, the only way that we get true, genuine, sustainable growth in this country is through productivity and investment by the private sector.

[Rachel Blake (Cities of London and Westminster) (Lab/Co-op)]

Will the hon. Lady give way?

[Dame Harriett Baldwin]

I am not giving way at the moment. I am going to allow more time for others later on.

--- Later in debate ---

[Rachel Blake (Cities of London and Westminster) (Lab/Co-op)]

I am proud to speak at the first Budget by a Labour Government in 14 years, and the first delivered by a woman Chancellor. What better symbol is there of the hollow outrage of the Conservatives than their completely empty Benches now. I am disappointed, however, that the hon. Member for Mid Norfolk (George Freeman) is not here, because his contributions were thoughtful, and I learned quite a bit from them.

We have heard how this Budget will fix the foundations of this country, and as someone who has worked in housing all my life, I know a thing or two about what good foundations look like. Earlier today, I asked the Prime Minister about our plans to end homelessness, and he reiterated our strong determination to put an end to homelessness. I am glad to follow the remarks of my hon. Friend the Member for North West Cambridgeshire (Sam Carling).

This Budget gets us closer to delivering the 1.5 million homes we need in the next five years to tackle the housing crisis that is so damaging in my constituency. It will avoid the failures of the last Government by ensuring that those homes are delivered alongside the infrastructure that communities need to thrive. We have all heard the stories of homes built with no public transport, no school places and no GP surgeries. The Conservatives delivered only one third of the £4.2 billion they pledged in the housing infrastructure fund. They drained local authorities of capacity, so developer contributions for local infrastructure have gone unspent. They failed to provide any stability to social housing, leaving a black hole in housing revenue accounts. In London alone, that black hole reaches £170 million. That is a direct consequence of 14 years of Tory austerity, a botched Brexit deal and Liz Truss’s disastrous mini-Budget, which sent interest rates skyrocketing, the pound plunging and building costs through the roof.

Thanks to this Budget, this Government are back to directly delivering public transport, water and hospitals, alongside the 1.5 million new homes we so desperately need. This Budget chooses a five-year settlement for the social rented sector, giving registered providers the confidence they need to invest in their stock. While Labour councils have been building social housing up and down the country, the last Tory Government pulled the rug out from under them by turbocharging right to buy. As the number of households in temporary accommodation continues to rise, the Tories oversaw a net loss of 6,500 sorely needed council homes.

The reforms that our Chancellor has announced today will set discounts back to a reasonable level, put sensible time limits on residence and introduce much-needed protections for new-build council homes. With right-to-buy receipts going straight back to councils, where they belong—a matter close to my heart—we will give local authorities the security and stability they need to plan for the future and deliver a generational boost to social housing.

This Government were elected on a mandate to fix the foundations of our economy. This Budget is the first step to delivering that change, and I am proud to support it.