Budget Resolutions — House of Commons, 2017-11-27
Topic: Macroeconomics
Thomas Anthony Brake (Liberal Democrats, Centre to centre-left): I suppose that nobody in the Chamber should be surprised that the Foreign Secretary was more comfortable talking about penguins than he was about the £350 million a week for the NHS—I guess the penguins probably reminded him of the Bullingdon Club days. Opposition Members need to remember that the Foreign Secretary is very sensitive about being reminded of his pledge, so I encourage everyone to use that at every opportunity. I wanted the Foreign Secretary to identify where in the Budget the £350 million a week was going to come from and when it was going to be available, because I was going to put in a bid for £400 million, which the hon. Member for Mitcham and Morden (Siobhain McDonagh) —a neighbouring constituency—will recognise as the figure required for St Helier Hospital’s improvements. However, the Foreign Secretary was of course unable to offer the £350 million that he had painted on the side of the bus This Budget brings the day of reckoning for the Brexiters on the Government Benches—and for some on the Opposition Benches who do not appear to be here today—a day closer. It says that Brexit, with fewer skilled workers and less investment, will hammer our productivity and damage our economic prospects, and that has already started in the automotive industry Many Members have quoted the Institute for Fiscal Studies, which says: "The forecasts for productivity, earnings and economic growth make pretty grim reading… GDP per capita will be 3.5% smaller in 2021 than forecast less than two years ago… a loss of £65 billion to the economy." I find it bizarre that Conservative Members ask us to be cheerleaders for the Government, given the figures the IFS is reporting on the Budget’s impact on the economy. The Chancellor promised a surplus of £10 billion in 2019-20, and now he is promising that the deficit will be reduced to just £35 billion at that point There we have it: forecasts for productivity and growth are down; the number of apprenticeships is dramatically down; the forecasts for debt and inflation are up; and the date for clearing the deficit has been pushed back yet again. Neither the Government nor, I am afraid to say, the official Opposition have the answer to the economic calamity we are facing The Government’s answer is to drive the car fast towards the Brexit cliff, to invoke the will of the people and to keep their fingers crossed on the way down. The official Opposition’s position seems to be to drive the car fast towards the Brexit cliff and when it leaves terra firma, like Dick Dastardly and Muttley in "Wacky Races," to remain poised in mid-air for two years before invoking the will of the people and keeping their fingers crossed on the way down. That is clearly Labour’s position, because the shadow Foreign Secretary, the right hon. Member for Islington South and Finsbury (Emily Thornberry), was not able to answer the question on what her position is The Budget provides no answers to the critical economic challenges that the UK faces, yet the answer is relatively simple: invest in infrastructure and housing; scrap the apprenticeship levy; and stay in the single market, the customs union and the European Union. That is why the Liberal Democrats are pressing for a vote on the deal and an exit from Brexit.