As always, it is a pleasure to follow the right hon. Member for Wokingham (John Redwood), who I agreed with for the first time ever yesterday. That is something I enjoyed, however fleetingly.
After listening to the Chancellor today, I think arrogance is up, complacency is up and delusion is up. Certainly, in my constituency of Wallasey and in the country as a whole, the cost of living is up, taxes are up, poverty is up and hardship is up. That is the background against which the Chancellor delivered his speech.
The combined Budget and spending review comes at a pivotal time for the country. That is partially a result of grim circumstance, which is beyond the control of
any Government, as we have heard today—the pandemic and the challenge of the transition to net zero—but it is also the result of the Government’s serious mistakes and self-inflicted wounds. The botched Brexit deal has caused chaos at the borders, soaring prices and shortages, and the Government’s deadly complacency about the virus has resulted in one of the biggest economic hits and one of the largest per capita death tolls in the developed world—failure piled upon failure.
The most vulnerable have been hit the hardest, whether they are the young having their opportunities destroyed by school disruption, the old sacrificed in their tens of thousands in our neglected and underfunded social care system or the millions flung into poverty by the Government’s cruel universal credit cut—not compensated for by changes to the taper announced today, which will help only one in three and leave us with the circumstance whereby millionaires pay a marginal tax rate of 45p while those on poor wages who qualify for universal credit and are able to work pay 55%.