Spring Statement

Sammy Wilson Excerpts

Wednesday 26th March 2025 Commons Chamber

[Rachel Reeves]

At the Budget last autumn, we increased taxes by £40 billion without asking working people to pay more. We did that by abolishing the non-dom tax status, increasing the rates of capital gains tax, tightening the rules around inheritance tax and, yes, by asking businesses to pay more as well. We have already raised taxes to put more money into our health service, reduce NHS waiting lists and provide free breakfast clubs at primary schools. Today’s spring statement shows that we can grow the size of our economy through planning reforms and therefore ensure more money for our public services. The Government’s No. 1 priority is growth, so I am so pleased that the OBR has said that by the end of this Parliament the economy will be bigger than that we inherited it from the Conservatives.

[Sammy Wilson (East Antrim) (DUP)]

The Chancellor has claimed today that she is building foundations for the economy, but sadly those foundations are built on sand—increased borrowing, higher inflation, lower growth, jobs taxes and so on. How will such structures stand against the economic forces that will be affecting the United Kingdom, as she has described today? Specifically, what proportion of the transformation fund will be available to the Northern Ireland Executive for the important transformation of public services in Northern Ireland?

[Rachel Reeves]

I thank the right hon. Gentleman for his question. The OBR is clear that the economy at the end of this Parliament will be bigger than it previously envisaged—bigger than the plans we inherited from the previous Government—and the average person with real household disposable income will see their income rise by £500. We are already beginning to deliver the change that we promised. At the Budget last year I was able to announce the biggest ever settlements for Scotland, Wales and Northern Ireland. That continues to be the case after today’s spring statement.