The Chancellor is taking plaudits for having calmed the markets, but he has not resolved the problem—he has just stopped it getting worse. Gilts will still cost more so borrowing will still cost more for the Government in perpetuity, which will have an impact on people’s mortgage rates. Does he...

The Chancellor is taking plaudits for having calmed the markets, but he has not resolved the problem—he has just stopped it getting worse. Gilts will still cost more so borrowing will still cost more for the Government in perpetuity, which will have an impact on people’s mortgage rates. Does he...

Can the Chancellor confirm that someone in employment who is on universal credit will see an increase in the taper between £9,500 and £12,500—a £1,290 clawback to the Chancellor? What is he doing to address that issue, which will involve the poorest workers in the country facing a £1,290 increase...

Can the Chancellor confirm that someone in employment who is on universal credit will see an increase in the taper between £9,500 and £12,500—a £1,290 clawback to the Chancellor? What is he doing to address that issue, which will involve the poorest workers in the country facing a £1,290 increase...

Will the Minister give way?

Will the Minister give way?

I am very grateful to the hon. Lady, but will she accept this one point? Throughout the debate her party has argued that the state is too big. Everyone accepts that the Budget will cut the size of the state so that in six years, it will be smaller as...

I am very grateful to the hon. Lady, but will she accept this one point? Throughout the debate her party has argued that the state is too big. Everyone accepts that the Budget will cut the size of the state so that in six years, it will be smaller as...

Will the Minister give way?

Will the Minister give way?

Will the Minister give way?

Will the Minister give way?

Will the Minister give way?

Will the Minister give way?

In light of that answer, what are we to make of Sir Alan Budd's resignation today? The right hon. Gentleman puts much store by the OBR's reports, but did they not contribute to Sir Alan relinquishing his post? He said that this was the greatest challenge of his professional career....

In light of that answer, what are we to make of Sir Alan Budd's resignation today? The right hon. Gentleman puts much store by the OBR's reports, but did they not contribute to Sir Alan relinquishing his post? He said that this was the greatest challenge of his professional career....

The hon. Gentleman misses the point. The point is what the Liberal Democrats said about capital gains tax before the election and what has happened afterwards. I cannot find any record of anybody saying, "Thank God we have the Liberal Democrats to water down this horrible Tory Budget". No one...

The hon. Gentleman misses the point. The point is what the Liberal Democrats said about capital gains tax before the election and what has happened afterwards. I cannot find any record of anybody saying, "Thank God we have the Liberal Democrats to water down this horrible Tory Budget". No one...

My hon. Friend has moved on from investment in the construction industry, but I wanted to point out that that industry accounts for 10% of our gross domestic product and public sector expenditure accounts for 40% of the activity in the construction industry. That shows up the regressive decisions made...

My hon. Friend has moved on from investment in the construction industry, but I wanted to point out that that industry accounts for 10% of our gross domestic product and public sector expenditure accounts for 40% of the activity in the construction industry. That shows up the regressive decisions made...

Does my hon. Friend find it as curious as I do that the figures leaked from the Treasury are produced by the same people who produced the figures for the OBR, and yet those figures conflict? Is she confused about that?

Does my hon. Friend find it as curious as I do that the figures leaked from the Treasury are produced by the same people who produced the figures for the OBR, and yet those figures conflict? Is she confused about that?

Well, I am sorry, but the hon. Lady will hear it again and again, because it happens to be true. During the general election the Prime Minister—he was Leader of the Opposition at the time—said to Jeremy Paxman on "Newsnight" on 23 April:""We have absolutely no plans to raise VAT....

Well, I am sorry, but the hon. Lady will hear it again and again, because it happens to be true. During the general election the Prime Minister—he was Leader of the Opposition at the time—said to Jeremy Paxman on "Newsnight" on 23 April:""We have absolutely no plans to raise VAT....

I am interested in my hon. Friend's argument, particularly his comparison of the consultation that is about to take place with what happened in Canada. Will he confirm that the consultation in Canada took place on the basis that the Government would reinvest in the public sector after they had...

I am interested in my hon. Friend's argument, particularly his comparison of the consultation that is about to take place with what happened in Canada. Will he confirm that the consultation in Canada took place on the basis that the Government would reinvest in the public sector after they had...

What we have heard in several debates is so much hand wringing that I have almost started to feel sorry for the Liberal Democrats. They must be in agony from all the crushed fingers they have from wringing their hands so tightly in trying to explain away the impact of...

What we have heard in several debates is so much hand wringing that I have almost started to feel sorry for the Liberal Democrats. They must be in agony from all the crushed fingers they have from wringing their hands so tightly in trying to explain away the impact of...

I congratulate my hon. Friend the Member for Scunthorpe (Nic Dakin), and the hon. Members for North East Cambridgeshire (Stephen Barclay) and for Ipswich (Ben Gummer), on their maiden speeches. The description of the blood-red sunsets by the hon. Member for North East Cambridgeshire showed his passion for his constituency,...

I congratulate my hon. Friend the Member for Scunthorpe (Nic Dakin), and the hon. Members for North East Cambridgeshire (Stephen Barclay) and for Ipswich (Ben Gummer), on their maiden speeches. The description of the blood-red sunsets by the hon. Member for North East Cambridgeshire showed his passion for his constituency,...

Will the hon. Gentleman give way?

Will the hon. Gentleman give way?

My hon. Friend is right. That applies not just to individuals but to businesses. Many people are expressing concern about the impact of this emergency Budget. I shall continue. On 8 April, the Deputy Prime Minister said on Sky News:""We will not have to raise VAT to deliver our promises....

My hon. Friend is right. That applies not just to individuals but to businesses. Many people are expressing concern about the impact of this emergency Budget. I shall continue. On 8 April, the Deputy Prime Minister said on Sky News:""We will not have to raise VAT to deliver our promises....

The hon. Gentleman is new to the House—and he might well be new to politics—but I am sure that, if he looks in his history books and reads all the quotes, he will find that most parties going into an election do not rule out such an increase, unlike in...

The hon. Gentleman is new to the House—and he might well be new to politics—but I am sure that, if he looks in his history books and reads all the quotes, he will find that most parties going into an election do not rule out such an increase, unlike in...

I agree with my hon. Friend. There are plenty of eminent economists saying that this is not the time to draw back the fiscal stimulus. However, the point that I want to make is that the reduction in the debt that the then Chancellor was able to announce in the...

I agree with my hon. Friend. There are plenty of eminent economists saying that this is not the time to draw back the fiscal stimulus. However, the point that I want to make is that the reduction in the debt that the then Chancellor was able to announce in the...

It will indeed; my hon. Friend is absolutely right. The Guardian website on Sunday 4 July stated:""CBI disappointed by extra £4 billion capital spending cut. Spending on building and infrastructure projects, many of them to support private sector businesses, will fall faster than expected after the chancellor announced £6.2 billion...

It will indeed; my hon. Friend is absolutely right. The Guardian website on Sunday 4 July stated:""CBI disappointed by extra £4 billion capital spending cut. Spending on building and infrastructure projects, many of them to support private sector businesses, will fall faster than expected after the chancellor announced £6.2 billion...