Dame Angela Eagle
MP for Wallasey · Labour · United Kingdom
“The Kremlin increasingly relies on proxy organisations to pursue its objectives, seeking to undermine our security while maintaining a degree of plausible deniability. The so-called GRU Volunteer Corps is a clear example of that approach. It is not an independent force or a loose collection of volunteers.”
“This Government have introduced support for the Jewish communities who have been threatened and directly targeted by IRGC proxies. Just a couple of days ago, my right hon. Friend the Prime Minister announced an extra £250 million for policing to ensure that we can support and protect our Jewish communities.”
“I will move on to the Islamic Movement of Companions of the Right. The IMCR has publicly claimed seven attacks at UK locations linked to Jewish and Israeli communities and to Persian-language media, including the antisemitic arson attack on four Hatzola ambulances in Golders Green on 23 March.”
“We expect platforms to act responsibly and not to provide space for state threat-linked activity, propaganda or recruitment. We will be keeping a close eye on that, as well as liaising with social media companies to tell them about how this law impacts them.”
“The IRGC Quds Force and the IRGC Intelligence Organisation, together with the Ministry of Intelligence and Security, form the Iranian intelligence apparatus. As a key component of the Iranian state’s security apparatus, the IRGC is answerable directly to Iran’s Supreme Leader.”
“It provides a targeted and proportionate means of disrupting those involved in foreign power threat activity based on the recommendations of Jonathan Hall KC, the independent reviewer of state threat legislation. To answer the hon.”
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Every one of 5,924 lines we hold for Dame Angela Eagle, in date order, each linked to its source. Free to read, in full, without an account. Page 58 of 119.
“Labour will oppose the lifting of the cap and continue to argue for a fairer settlement for students. I now turn to the Government’s education for all Bill. We all know that this was not the education Bill the Prime Minister wished to include in the Queen’s Speech. Just weeks ago, he assured us that it would contain measures to force every school to become an academy against their wishes. Since then, we have witnessed a humiliating climb-down as the Government finally woke up to the fact that their plans were entirely unacceptable to parents, teachers, and the wider public. My hon. Friend the Member for Manchester Central (Lucy Powell) has done a fantastic job in her Front-Bench position in pointing that out to the Government.”
“I do not want to get into a Second Reading debate on the Bill—that is probably not wise. I want to get on and finish my speech. I have tried to take a lot of interventions, and it is only fair to those who want to speak in the rest of the debate that I get to the end of my speech. Education should not be about shackling a generation with yet more debt but about unleashing their talents to build a brighter future. That is why Labour Members understand that while there is a cost to higher education, we cannot allow market forces to let rip through our world-leading universities. If these changes went ahead, it is likely that by the end of this Parliament fees will have risen to £10,000 a year and poorer students could face bills of up to £55,000 just to study for a normal three-year degree. That is unacceptable.”
“Thank goodness for that. Just to make it clear to the hon. Gentleman, Labour Members do not object to expanding the university sector. We do have questions, and rightly, about the speed with which that will be done, how probationary status will work and what kind of gamble that will represent. We will go on asking those questions, but the hon. Gentleman should not set up a straw man or woman and accuse us of being against expansion. We are not, but it has to be of high quality.”
“Two Select Committees of this House are now preparing to examine the collapse of BHS into administration last week, putting at risk 11,000 jobs. Sir Philip Green bought the company for £200 million, took hundreds of millions of pounds out of it in dividend payments for his own family and then sold it for £1 to a bankrupt with no retail experience. What does the Business Secretary think are the issues for public policy as he contemplates the current situation? Does he think this represents responsible ownership?”
“That is good news and I certainly welcome the steps that the Business Secretary has taken. During Sir Philip Green’s stewardship of BHS, the pension fund went from a surplus to a black hole of £571 million. What options do the Government and the pensions regulator now have to ensure that Sir Philip Green pays his fair share of that huge liability? Does the Secretary of State agree that the Pension Protection Fund was designed as a lifeboat for staff pensions, not a funding stream for the owner’s luxury yacht?”
“Does the Minister believe that that offer is acceptable? If not, can she set out the options which the Government and the Pensions Regulator have to pursue him for a fairer settlement? Will she review the current law to ensure that irresponsible owners are not able to extract value from businesses and then walk away, leaving the liabilities elsewhere?”
“What help can the Department give to ensure that the interests of the 11,000-strong workforce are properly looked after? Does the Minister think that taking hundreds of millions of pounds out of a business which then accumulates a huge pension black hole is responsible ownership? What comments does she have on the conduct of Sir Philip Green during his ownership of BHS? Does she agree that in cases such as this, former owners should be held accountable and liable to pay their fair share of any accumulated pension deficit, rather than leaving it to responsible pension funds to pick up the bill through the pension protection scheme? Sir Philip has reportedly offered a mere £40 million in lieu of the pension deficit. That is less than 10% of the total, but he has taken far, far more than that out of the business.”
“It is right that the pensions of working people are covered in the event of their employer going under, but in this situation it appears that the owner has extracted hundreds of millions of pounds from the business and walked away to his favourite tax haven, leaving the Pension Protection Fund to pick up the bill. We know that Sir Philip is such a vocal supporter of the Conservative party that in 2010 the Prime Minister asked him to conduct a review for the Cabinet Office of how to slash Government spending. What he appears to have done with BHS is to extract huge value from the business before walking away and leaving all the liabilities to others, including the public purse. Now we are learning that BHS has paid more than £25 million to Retail Acquisitions, which bought it for £1 in 2015.”
“Yet when he got rid of the business, he had turned this into a deficit of hundreds of millions of pounds. The pension fund now reportedly has a black hole of £571 million. If the worst happens, the liability will be covered by the Pension Protection Fund, as the Minister indicated, and BHS staff will get only 90% of the pension they have worked so hard for and saved for. However, Philip Green seems to have got much more out of BHS for himself and his family than that. BHS staff and the public will understandably want to know whether the former owner, who took so many millions of pounds out of the business, will have to pay his fair share of the liabilities that accrued during his stewardship.”
“The crisis facing BHS highlights a wider challenge for our high street retailers, with increased competition from online retailers. It is vital that our high streets adapt and change to stay relevant and competitive. It is important to understand how we ended up here and to think about the implications for public policy. There are some serious questions to answer, not least by the former owner, Sir Philip Green. He bought BHS in 2000 for £200 million. In just two years of his ownership, £422 million in dividends was paid out, with the vast majority going to him and his family. He seems to have taken out far more in value than he paid for the business in the first place. Last year, he disposed of BHS for just £1. When Sir Philip bought BHS, the pension fund had a surplus of more than £5 million and it remained in the black as late as 2008.”
“I thank the Minister for her statement and for giving me early sight of it. Eleven thousand BHS staff will be desperately worried about their jobs today. BHS is a venerable British company, which has been a feature of our high streets for almost a century. I am sure Members on all sides of the House will hope that administrators will be successful in their attempts to sell BHS as a going concern. At this difficult time for the workforce and their families, we all want to be reassured that the Government are doing everything they can to support a successful outcome to the process. If the worst happens, BHS workers will want to know that the Government stand ready to offer help for them to get back to work as soon as possible.”
“Their response to the biggest crisis in steelmaking for a generation has been warm words but little effective action. There has been what can only be described as an ideologically driven reluctance to get involved as the crisis has deepened. It has been a mixture of indifference and incompetence.”
“I hope he will take the opportunity to explain to us in more detail exactly what this means. Call it what you like—“co-investing”, “part-nationalisation”, “temporary public stewardship” or “sheltering the assets”—it is clear that circumstances might require the Government to do this. They should spare their ideological blushes and just get on with it. It is also important that today the Business Secretary hears directly from Members of Parliament who represent steelmaking communities. Between them, they have great expertise and knowledge that I hope will inform his response to the crisis from now on. Up until now, the Government and the Secretary of State have been found wanting. They have been behind rather than ahead of events.”
“I beg to move, That this House has considered Tata Steel’s decision to sell its UK steel operations; and action the Government is taking to secure the future of the UK steel industry. Mr Speaker, may I place on the record my thanks to you for granting this debate under Standing Order No. 24? Such debates are rare, but the situation facing the steel industry cannot be categorised as anything other than an emergency. Today’s debate provides an opportunity for the Secretary of State to come to the House with a comprehensive plan to secure the future of our vital steel industry which is hanging by the thinnest of threads. Anything less from him will be an abdication of his duty. Yesterday, the Secretary of State said he was looking at the possibility of “co- investing” on commercial terms.”
“I will give way, but I must say that I will not give way as generously as I normally do, because this is a three-hour debate and it is really important that Members from steelmaking communities have their say.”
“We will judge the Government by their actions and their achievements rather than their words. The complete absence of either a manufacturing strategy or an industrial strategy has hampered the Government’s ability to think strategically about what is needed, and never has it been more urgent that the Business Secretary does so. This is urgent because on 29 March Tata announced it would sell its entire steelmaking operations in the UK, leaving the future of the UK steel industry hanging by a thread and putting 40,000 jobs in communities up and down our country at imminent risk.”
“Friend the Member for Wentworth and Dearne (John Healey) pointed out today, the loss of this revenue stream to the local authority is equivalent to a 1.8% increase in council tax there.”
“And I for one am glad that the Government appear finally to have realised this. Now we need action. Beyond the impact on manufacturing, the crisis in the steel industry matters for the wider economy too. Much has been said about the cost of supporting our steel industry, but far too little has been said about the costs of letting it be destroyed. Recent estimates show that its collapse would lead to additional costs to the Government of £4.6 billion through reduced tax receipts and increased benefit bills. It would also suck demand out of the economy, reducing household spending by £3 billion in the next decade. There would be secondary shocks, too, especially in the steelmaking communities up and down the country. For example, Tata is the biggest business rates payer in Rotherham, with an annual bill of £3.2 million. As my right hon.”
“Manufacturing output in the last quarter of 2015 remained frozen at the level of five years ago, while output in January was actually lower than the year before and is still 6.4% down on the same period before the global crash. In his 2011 Budget speech, the Chancellor espoused his vision of a Britain “carried aloft by the march of the makers.” —[ Official Report , 23 March 2011; Vol. 525, c. 966.] But he has failed to match his rhetoric with reality, because since then the manufacturing sector has actually shrunk. His much promised rebalancing of our economy has in reality failed to materialise. In this context, the challenges facing the steel industry represent an existential crisis for the UK’s manufacturing sector as a whole. I do not believe we can safely allow it to shrink further.”
“It is regrettable that there was not a recall of Parliament, but we are where we are, and we have this debate now, thanks to you, Mr Speaker. It is imperative to underline the fundamental importance of this industry for our economy and our country. Steel is a foundation industry. While it might make up just 1% of total manufacturing output, that output is crucial. I believe that our world-leading automotive, aerospace and defence industries and our rail and construction sector all depend on a strong and sustainable domestic steel industry. Our manufacturing sector is already facing tough times. The Secretary of State said yesterday in the House that manufacturing was up since 2010, but Office for National Statistics figures show a different picture.”
“Some people have highlighted the potential costs of intervening to save the steel industry, but I believe the costs of letting steel fail are far greater.”
“My hon. Friend is absolutely right. I hope that the Secretary of State is taking note. The loss of our steel industry would worsen our already record-breaking trade deficit, which is now the worst since 1948. The value of the goods and services we import now exceeds the value of those that we export by £32.7 billion. The loss of steel and our current exports of steel combined with the need to import far more steel would make this barely sustainable record deficit even worse. Beyond the economic cost, there would also be an intolerable social cost. There are 15,000 jobs directly at stake in the industry and a further 25,000 jobs at stake in the wider supply chain. These are the kind of high-skill, high-paid jobs of which we need to see more. The end of steelmaking in the UK would be devastating for 40,000 workers and their communities.”
“What needs to be done is what is necessary to preserve, restructure and ensure the survival of our steel industry for the future. That is the Government’s job. We will be as supportive as we can—I shall set out some parameters later in my speech—but this is about the Government getting their act in order. The Opposition are holding the Government to account for their actions, rather than just their words. That is what this debate is about.”
“Despite all the Government public relations about this, public sector net investment in the UK will in reality be lower as a percentage of gross domestic product at the end of this Parliament than at the start, and half what it was under the last Labour Government. Of the projects announced in the Government’s infrastructure pipeline, just one in five is actually under way. For the sake of our steel industry and the wider economy, Labour calls on the Government to bring forward shovel-ready projects that require a significant amount of steel, and to ensure that the changes to the procurement rules, which the Government keep boasting about, actually begin to make a difference.”
“The Ministry of Defence will spend £178 billion on defence equipment over the next 10 years, yet the Conservative-led coalition Government scrapped Labour’s defence industrial strategy, which made British jobs and industries the first priority in all decisions on MOD contracts. We are now in the deeply regrettable situation of an aircraft carrier, British surface ships and armoured vehicles all being manufactured in the UK with mainly imported steel, when, with more planning, our domestic industry could have supplied those needs. The Government must also take action on infrastructure investment.”
“Granting market economy status to China must not be automatic. China meets only one of the five criteria that must be met if this status is to be granted, yet the UK Government support granting market economy status to China as early as the end of this year. Action to level the playing field using trade defence instruments, and on market economy status for China, would give potential buyers of Tata’s UK steel operations the surest sign that the Government stand ready to act. On procurement, the Government should take concrete action to ensure that UK steel producers are able to benefit from large public sector contracts.”
“Let me turn to a number of areas where I believe the Government can make a positive difference. The most significant cause of the crisis facing the steel industry is the dumping of huge amounts of cheap Chinese steel on the market. It is priced below the cost of production; Chinese state-owned steel companies are making billions of pounds in losses, yet they continue to pour out more and more product. UK steel producers simply cannot compete with this state-subsidised unfair trade, which is threatening to destroy the European industry as well as ours. We are not calling for protectionism, but we are standing up for fair trade, and calling for quick and effective tariffs that will help to level the playing field. The Business Secretary must abandon his opposition to the abolition of the lesser duty rule and block unfair Chinese imports.”
“If Tata is to act as a responsible seller, it must consider only those offers that seek to maintain both upstream and downstream assets—that is, both the strip business at Port Talbot, and the specialist business based in and around Rotherham, Stocksbridge and the rest of south Yorkshire. The Government must also make sure that enough time is made available to ensure that an appropriate consideration of responsible offers can take place. It took nine months for the Scunthorpe deal to be developed, yet Tata has indicated that it wishes to exit the UK in four months. What is the Business Secretary doing to reassure the existing customer base that their current and future contracts will be fulfilled during this period of uncertainty? The plants cannot be saved if their order books disappear.”
“Opposition Members are in no doubt that there are huge challenges facing the UK steel industry, but we believe that it can have a strong and sustainable future, and we know that decisions made by this Government now will ultimately determine whether it does. That is why I welcome the commitment the Business Secretary appeared to make in yesterday’s statement to what he called co-investment. Perhaps he will tell us whether he is considering co-investment to save the blast furnaces at Port Talbot, because we did not get an answer to that question in yesterday’s statement. Will the Business Secretary confirm here and now that he will avoid a fire sale of these assets, and ensure that irreversible mistakes are not made in the way that they are sold?”
“I hope that we will have the chance to hear about concrete action from the Government in this debate. I was talking about the costs to the community of letting steel fail. The costs to manufacturing and the economy are high, but the costs to the workers and their communities would be much higher. We very much welcome the recent commitment from the Business Secretary to do everything he can to protect steel-making and processing in the UK, but this Business Secretary has form. Warm words are all very well, but they are worthless, as the community in Redcar know to their cost, unless they are followed up with meaningful action.”
“My hon. Friend makes a telling point, and I hope that the Government will connect those two things in their procurement efforts, so that we can make a real difference to the potential customer base for UK steel at this very difficult time.”
“Labour has been calling for a modern and intelligent industrial strategy, and I am pleased to say that in yesterday’s statement the Business Secretary actually uttered the words “industrial strategy” for the first time. Now that that Rubicon has been crossed, all we need is action to match the words. Today, let us spare a thought for the thousands of steelworkers whose futures hang in the balance. The Government ignored the warning signs for far too long, and now they must act to find a suitable buyer, and to work with the steel producers, the workforce, and the clients and customers to ensure that the industry is placed on an even keel. The cost of failure, both economically and socially, is unthinkable. We need urgent action to save our steel.”
“I agree with my hon. Friend, and when we see the Chancellor travelling around China and asking the Chinese to bid for all these contracts, it is hard to avoid realising what is happening. Business rates represent a far higher cost for UK steel producers. There had been reports that the Government were planning to exempt plant and machinery from business rates, which EEF has described as a “tax on investment”. The Chancellor reportedly even costed this change with a view to including it in his now infamous Budget last month before dropping it at the last minute. It seems that the measure, which would have significantly improved the future prospects of the industry, was sacrificed in pursuit of his economically illiterate and increasingly unachievable surplus target. I said earlier that part of the problem is ideology.”
“Will he do so especially in the light of the tariffs that the Chinese have provocatively imposed on some EU-produced specialist steel? Finally, on procurement, the coalition Government scrapped the defence industrial strategy, which made British jobs and industries the first priority in all decisions on Ministry of Defence contracts. With a £178 billion MOD budget for defence equipment over the next 10 years, will the Government now change that and ensure that this investment supports the British steel industry?”
“What support are the Government willing to make available to assist in securing a successful sale to a responsible owner? If he has not already done so, will the Secretary of State undertake today to contact all those in the current customer base and reassure them that the plants have a viable future and will remain open for business, so that they can be confident enough to continue placing orders? What is the Government’s plan B for UK steelmaking if no responsible buyer can be found in the timeframe immediately available? The Business Secretary has previously ruled out temporary nationalisation, but his junior Minister has not. Which is it? On the dumping of Chinese steel, will the Secretary of State now urgently reconsider his opposition to the repeal of the lesser duty rule?”
“If the Business Secretary is now finally telling the House that he has suddenly overcome his ideological distaste for Government action, then we say, “About time.” Given that the Scunthorpe deal took nine months, can the Secretary of State tell the House how long Tata is willing to keep the Port Talbot plant operational while a buyer is found? Will he confirm that it is the Government’s intention to ensure that any sale is of integrated operations? Does the Secretary of State agree that if jobs and skills are to be retained in the industry, it is crucial that the UK retains the capacity to make as well as recycle and process steel? What steps will he now take, therefore, to ensure that the blast furnaces at Port Talbot will remain in operation under a new owner?”
“Since the steel crisis made the front pages, we have had a sudden shift from torpor to hyperactivity. From an ideological disinclination to get involved because of their free market dogma, there appears at last to be a recognition by the Government that this could be an existential moment for the whole of the UK manufacturing base. I welcome the long overdue admission from the Government that it is their duty to help to find a future for UK steelmaking. I just hope it is not a case of too little, too late.”
“He has claimed he was caught unaware by Tata’s decision to sell its entire UK steelmaking operations, putting at risk up to 40,000 UK jobs, but Labour Members have been warning for months that there was a gathering emergency and that it was coming to a head. Labour MPs have raised steel issues no fewer than 200 times since the general election a year ago and we have been fobbed off with warm words and no effective action month after month. The Business Secretary’s indifference destroyed the prospect of future steelmaking in Redcar, an act of industrial vandalism that will not be forgiven in the north-east for a very long time. The Government have been accused of “floundering” and issuing “contradictory and meaningless statements”, and that is by one of their own Back Benchers, the hon. Member for Wellingborough (Mr Bone).”
“When I met workers at Port Talbot on 18 March, it was obvious that the mood was darkening, and they were increasingly worried about the likely outcome of the Tata board meeting on 29 March in Mumbai. Indeed, my hon. Friend the Member for Aberavon (Stephen Kinnock) was so concerned that he flew to Mumbai with the general secretary of the Community union to meet Tata directly. Where was the Business Secretary at this crucial moment? Was he fighting tooth and nail to ensure the future of a UK foundation industry? He was not. We all now know that he was on his way to Australia to fulfil a few pleasant engagements down under, outrageously leaving his junior Minister to take all the flak back home. It is this laissez-faire approach—this incompetence, this inaction—that has characterised his response to the crisis from the beginning.”
“I thank the Secretary of State for his statement and for giving me advance sight of it. I also welcome the good news today on the sale of the long products division at Scunthorpe after nine months of negotiations. I note that the Business Secretary is claiming this as a Government success. In fact, it is down to the hard work of the steel unions and the plant management, one of whom has said: “We needed massive help from the Government and that has not been forthcoming”. Since the House rose for the Easter recess, the problems in the UK steel industry have turned into a full-blown existential crisis, and the Government and this Business Secretary have been found wanting.”
“Given the potentially devastating impact on steel-making communities up and down the country and the urgency of the situation, I beg your leave to seek this emergency debate.”
“It can be preserved and can have a strong, sustainable future, but only if the right decisions are taken now. This is an urgent matter and one of grave concern to the House, to the workers facing an uncertain future, to their communities, to the manufacturing sector and to the country at large. As Tata’s announcement came during the recess, there has not yet been the chance to debate this important matter, not least because the Government refused to recall Parliament despite a petition signed by 152,000 people asking them to do so. While I welcomed the Secretary of State’s statement earlier today, a fuller urgent debate is essential to allow Members not only to pose questions, but to scrutinise the Government’s plans in more detail.”
“Aerospace, automotive, defence, construction, rail and nuclear all depend on steel. The crisis is also an existential threat to our already struggling manufacturing sector. Output remains 6.4% lower than in 2008. The cost of failing to act would be an additional £4.6 billion over 10 years and lost household spending would be £3 billion. The UK’s current account deficit, already standing at a record high of over £30 billion, would widen even further. Without our own industry, we would be dangerously reliant on overseas producers and vulnerable to future price hikes. As well as the economic cost, there would be a wholly avoidable human cost, too, with the devastation of entire communities and the life chances of those who rely on the industry. The steel industry is cyclical.”
“I seek leave to propose that the House should debate a specific and important matter that should have our urgent attention, namely that the House has considered Tata Steel’s decision to sell its UK operations, and any action that the Government are taking to secure the future of the British steel industry. On 29 March, Tata announced that it would sell its entire British strip product business on a tight timetable. The future of the UK steel industry is now hanging by a thread. If a suitable buyer is not found, there will be enormous repercussions. Forty thousand jobs are at stake at Tata and in the supply chain, and steel communities up and down the country face a deeply worrying and uncertain future. Steel is a foundation industry and essential for the UK’s manufacturing base.”
“Never again will this Government be able to claim, “We’re all in this together”. Never again will they be able to don the mantle of compassionate Conservativism with any shred of credibility. This is a political failure of a Budget, as well as a moral failure and an economic failure. This is a Chancellor who has mishandled tax credit cuts, who has pushed and lost on Sunday trading and who has now mishandled disability benefit cuts, too. He is a Chancellor who has lost control of his Budget and lost control of his leadership hopes. This is an omnishambles Chancellor who has produced an immoral Budget, which is disintegrating before our eyes. That is why we will vote against it tonight.”
“Since 2010, over 1 million people have been forced to go to food banks, and over 1 million benefit claimants have been sanctioned, often for utterly trivial reasons. Dying people have been found fit to work—one woman in a coma was found fit to work—and people have committed suicide. Homelessness has soared, and the bedroom tax has caused untold misery. The Chancellor has talked about workers and shirkers, stigmatising all benefit claimants, including those with disabilities, and that has led to a discernible increase in hate crimes against them. I hope the Chancellor is proud of that record, but it is clear that this is not and can never be called compassionate Conservatism. This is a Budget that planned to eliminate the deficit on the backs of the poor and some of the most vulnerable in our society. None of this is morally justifiable.”
“Thirdly, he has promised to have an overall surplus by 2020, and that rule is now dangling by the thinnest of threads. The Red Book shows that he only hangs on to meeting his economically pointless surplus rule by a series of tricks the Joker would have been proud of, and a promise to cut borrowing by an unprecedented £32 billion in a pre-election year. These are fiscal gymnastics that would embarrass the dodgiest accountant. It does not take a genius to see that this amounts to an economic plan that has lost all credibility in the country, just as he is losing credibility in his own party. This Budget is also a moral failure. It is a Budget with unfairness at its very heart, from a Chancellor who is making the wrong decisions for our country.”
“He said he would eliminate the deficit by 2015—he has failed. In his 2012 Budget, he set out a target to double UK exports to £1 trillion by 2020—he has failed, admitting he will miss it by £357 billion. In his last Budget, the Chancellor established three targets he wished to be judged by in this Parliament. First, he promised to keep social security spending below an arbitrary cap he imposed on himself. He has, by his own admission, failed, and he will fail every year of this Parliament, and that was even before he was forced to row back on the cuts to PIP. Secondly, the Chancellor promised to reduce debt as a percentage of GDP in every year. He will fail, by the end of the month, to meet his target, and he only met it last year by flogging off public assets, such as bits of Royal Mail.”
“The OBR forecast accompanying the Budget formed a sharply deteriorating backdrop, caused mainly by his own failures at home. Productivity has been revised down and down. Growth has been revised down and down. Earnings have been revised down and are still lower in real terms than they were when the Chancellor took office. It is the same for business investment, which was downgraded by two thirds this year alone. That is not the forecast that most concerns the Chancellor, however. I do not know if you are a betting man, Mr Speaker, but over the weekend the odds on the Chancellor moving next door to No. 10 have slipped from a healthy 2:1 to a distant 4:1. He is on the slide—and fast. This is a Chancellor who has an astonishing record of missing his own targets. He promised to protect our triple A credit rating—he has failed.”
“The former Work and Pensions Secretary was also clear that he thought that the Chancellor’s welfare cap was unsustainable, and he questioned the motives of his erstwhile Cabinet colleagues, slamming the Chancellor’s indefensible Budget. He said “they’re losing sight of the direction of the travel that they should be in” and “it is in danger of drifting in a direction that divides society rather than unites it. And that I think is unfair.” It is still unclear in what form this Budget statement will survive, but it now contains an abandoned £4.4 billion of disability benefit cuts and an unspecified £3.5 billion cut in public expenditure. This is a Budget that continues to disintegrate before our very eyes. The Chancellor has given us a Budget that is an economic failure, a moral failure and a political failure.”