Steve scorns Chancellor of the Exchequer during Budget debate: “This was the tomorrow budget for a tomorrow that never comes”

During the Budget debate on the 21 March 2013, Steve intervened to throw doubt on the Chancellor’s latest plans to revive Britain’s ailing economy; as public austerity continues to bite.

Steve called on the Chancellor to use targeted investment to help buoy the economy, and to bring forward the £3 billion lift in capital spending announced in the Budget forward to the current financial year.

Steve welcomed the cut in the duty of beer and the scrapping of the umpteenth planned rise in fuel duty; as well as the cut in NI employer contributions for small businesses (a measure advocated by the Labour Party since 2010 as part of its five point plan for growth).

Steve questioned the Chancellor’s logic of cutting corporation tax to 20% by 2015 to stimulate foreign direct investment (FDI), arguing that despite the recent cuts to corporation tax since the last election; FDI fell between 2010 and 2011, and stood at a third of the level of FDI prior to the financial crash in 2008. The country’s trade deficit currently stands at its highest level since the 1980s.

Steve also called the Budget one of “missed opportunities” and noted the absence of a plan for a functioning British investment bank and a 2030 decarbonisation target to attract investment in renewable energy sources.

The Budget came on the same day that the Office for Budget Responsibility (OBR) announced that the national debt will hit £108 billion by 2015; nearly three times the Chancellor’s earlier estimate of £37 billion in 2010.

Steve said:

“I invite the Chancellor to try listening to real people, like I do. Of those I surveyed in Selly Oak, 50% said that creating jobs and the conditions for jobs should be his top priority, 39% were worried about the rise in domestic gas and electricity prices, and 29% cannot make ends meet and will be forced into debt by his policies. The people of Selly Oak are a good barometer and they know what needs to be done. When will this Chancellor start to listen to real people and do the things that the country desperately needs?”

You can read a copy of the debate here.

You can watch a video of Steve's contribution at http://www.youtube.com/watch?v=owydc-0wtyM&feature=youtu.be.

Share this
Copyright Steve McCabe MP Click here for a copy of this site's terms and conditions and privacy statement