Richard Fuller
Main Page: Richard Fuller (Conservative - North Bedfordshire)Budget Resolutions and Economic Situation
Richard Fuller Excerpts
Jeremy Corbyn
Well, indeed. I hope there will be sufficient opportunity to question the Chancellor on the whole environmental strategy behind this Budget, because I really wonder if there is one at all. We live in an era when climate change is a serious problem around the world. Air pollution is a very serious problem, particularly in India and China, but it is also a growing problem in London and other cities. Surely we need to think hard about the health effects and the role that a financial strategy can play in improving our environmental standards.
Asked how all this would be paid for, I turn to pages 28, 29 and 30 of the Red Book, where we see all the public assets that are to be offered up, totalling £30 billion in this financial year—the largest ever sale of public assets in the history of this country, and almost double what Margaret Thatcher achieved at the height of her privatisation mania. [Interruption.] Conservative Members say, “More.” Of course they do, because the only economics they can think of is getting rid of public assets to fund tax cuts for corporations and to pay for the inheritance tax cut that will largely benefit the wealthiest in our society.
Jeremy Corbyn
No. I am conscious of the time and want others to be able to contribute.
The BBC has been persuaded, willingly or unwillingly, to pay £150 million for the over-75s licence fee concession. There will be a £40 billion sale of shares in Lloyds Banking Group and £20 billion in fees from Lloyds, RBS and UK Asset Resolution. There is the sale of Eurostar, Royal Mail and remaining shares in Lloyds bank, and the sale of the Green Investment Bank, which I mentioned. There is even, for goodness’ sake, the sale of the King’s Cross property development, which did such a great job of developing King’s Cross into a wonderful place. And, of course, there is the sale of the remaining RBS shares—at a loss.
This Budget is a trick—a trick of smoke and mirrors. It hits the poorest, it does nothing to solve the housing problem, it creates greater inequality in our society, and it is paid for by the sale of public assets from which we should all be able to benefit. I hope that one day there will be a Government in this country that set as their priority a commitment to reduce inequality, to get rid of destitution and poverty in our society, and to bring about a society that is more at ease with itself. Inequality is the only message the Chancellor seemed able to offer today.