I hope the House will forgive me if I do not follow the hon. Member for Bootle (Peter Dowd) in being relentlessly partisan. We are dealing with enormously complex issues.
I listened to the Chancellor’s peroration—his hymn of praise to a low-tax, deregulated economy—and it brought a tear to the eye of a weary Thatcherite. But having sat through 50 Budgets, because there are sometimes two a year, and having listened to so many Labour and Conservative Chancellors, I know that, when one reads the small print the next day, one tends to find that the Chancellor has taken by stealth what he has given publicly.
I know that we face one of the greatest challenges in our history, with the pandemic, but the truth is that we are now taxing people higher than at any level since the Attlee Government. As we pursue levelling up, are we going to bring in ration cards on eggs and meat, as the Attlee Government did? I am looking now at the Chief Secretary to the Treasury, who I hope is listening to every word I am saying. We are—to quote the Prime Minister in another context—at “one minute to midnight” in terms of our future as a tax-cutting Government. With mortgages going up, inflation going up, and a £3,000 increase per household to fund £150 billion of spending, soon we will be paying £1 trillion in tax. Who will pay for this? It will be the people who elect us Conservative MPs and middle earners in middle Britain. Even beer will go up. Inflation may be up to 5% next year, putting at risk the forecasts of the Chancellor. We are breaking the triple lock on pensions, which I think is probably necessary, which might result in another £30 billion being taken out of the hands of pensioners over the next two decades.
On inheritance tax, we are freezing the band, so more and more people with modest homes are being brought into inheritance tax. On the health and social care levy, we might be taking up to £85 billion off older people. With the fiscal drag on income tax, we are bringing another million people into the higher tax level—and this is a Conservative Government. This is what the Chief Secretary to the Treasury must do: every time his colleagues beg him for more money for this and more money for that, he has to say no.
We should bear in mind what happened in 1945. The coalition Government during the war were the highest-taxing Government in history and the most regulating Government in history—we regulated people’s private lives more than we have ever done in the past 70 years, including during the pandemic. What was the result? It was a Labour Government. People looked at the coalition Government and they turned to what they thought
would be the real McCoy, namely, a Labour Government. So get a grip. I know that we have these challenges. I probably could not do any better, but we have to get a grip now.