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Budget Resolutions

I will not be thanking the Chancellor and her Government on behalf of all the young people who thought they would be able to get jobs in the hospitality sector, but now will not get them. Students will not get those part-time jobs to help to pay off their student loans. These issues have to be balanced—[Interruption.] I am not going to give way again.

The point is that this Budget will prove, once again, that higher spending, higher borrowing—the debt is still going up, by the way—and higher taxes are not a route to growth, prosperity, employment, happiness and security. This is a Government proving, once again, that socialism does not work. We are heading for a terrible reckoning on the basis of the long-term fiscal forecasts produced by the OBR. There is going to be a crunch.

Last year the Government sent the gilt rates rising. This year the gilt rates are way above the level that was provoked by the Liz Truss Budget. These two Budgets are much worse than the Liz Truss episode, and they have raised—[Interruption.] The Liz Truss episode was short-lived; this is permanent. It is Government policy to inflict higher borrowing costs, higher debt, higher taxation and lower growth on our country—[Interruption.] I would be grateful if those on the Front Bench could contain themselves. This Government have made permanent a fiscal and growth crisis, and we will rue the day that we elected them, because once again they will prove that Labour Governments always trash the economy permanently.

5.8 pm