The delivery of the British Budget is one of the most important political events of the year. As an accountant—I refer to my entry in the Register of Members’ Financial Interests––and a new MP, I was extremely humbled to witness its delivery at first hand from these Benches. The Budget is even more important considering Britain’s place in the world, the advent of Brexit, the pace of technological change, and the geopolitical shifts that we have witnessed from America, the middle east and China. There is a disturbing rise in negative politics.
With divisive referendums, resurgent nationalism and challenges to the western model of economic management, there is a feeling that we are stepping backwards. We are naive if we think that such discourse has an impact only on politicians, as was illustrated on my recent trip to Lornshill Academy in my constituency, whose students talked about how Donald Trump’s views had started to shape debate in their school—and not for the better.
That is why the cautiously optimistic Budget delivered by the Chancellor is so important. As many colleagues will appreciate, a Budget is not just an accounting exercise; it is a statement of political intent. I believe that this Budget speaks volumes. It commits the Government to raising the national minimum wage, especially for younger workers. The increase by 5% for such workers is the largest in 10 years.