I thank my right hon. Friend the Foreign Secretary for opening the debate. He spoke with customary élan about how the Budget will ensure that Britain capitalises on the industries of the future—robotics, artificial intelligence and self-driving cars. He was right to highlight that a new tech business is created every hour in Britain, powered by a workforce who have seen 3 million more jobs created since 2010 and unemployment at its lowest level for 42 years. He set out our ambition to be global and outward looking, to protect maritime and environmental standards, and to use our defence, overseas aid and intelligence capacity to project influence around the world.
The debate has benefited from a wide range of contributions. The Chair of the Foreign Affairs Committee, my hon. Friend the Member for Tonbridge and Malling
(Tom Tugendhat), spoke about the effectiveness of soft power and described the Foreign Office and DFID working to project that power in order to promote international rules.
The hon. Member for Glenrothes (Peter Grant) gave the powerful case study of Mary’s Meals, which shows not just Scotland’s reach around the world, but that of the United Kingdom. I think that his pride in the good work done by that charity was shared on both sides of the House.
My hon. Friend the Member for East Worthing and Shoreham (Tim Loughton) highlighted how much the Opposition would increase debt. He mentioned the specific measures in the Budget to help business, such as the staircase tax, as well as the importance of building homes, which is a key measure in the Budget, including the abolition of stamp duty for the vast majority of first-time buyers.
The hon. Member for Tooting (Dr Allin-Khan) spoke about her recent experiences in Myanmar in a way that I think touched all Members of the House. She spoke of the tragedy she saw unfolding there and explained the important treatment she has been able to offer those fleeing persecution.
My hon. Friend the Member for Mid Worcestershire (Nigel Huddleston) correctly highlighted that 4 million people have been taken out of tax entirely by this Government through the increase in the personal allowance.
The hon. Member for Blyth Valley (Mr Campbell), who is no longer in his place, spoke in a way that I think many Government Members welcomed, highlighting the importance of honouring the vote to leave the European Union, as his constituents voted to do. He also talked about the importance of housing, which is at the centre of the Budget.
My right hon. Friend the Member for East Devon (Sir Hugo Swire) spoke about the importance of soft power, as well as hard power, and the value of the Commonwealth.
The hon. Member for Stockton North (Alex Cunningham) said that his Budget speech was the seventh he had made, and I fear that it was no more positive than the previous six. That characterises the difference between the optimism on the Government Benches and the pessimism on the Opposition side.
My hon. Friend the Member for Elmet and Rothwell (Alec Shelbrooke) highlighted the importance of High Speed 2 and connectivity to Leeds. He also recognised the contribution of the hon. Member for Tooting.
The hon. Member for Stroud (Dr Drew) accepted the £44 billion commitment on housing but failed to recognise the £1.3 billion put into school funding earlier this year.
My hon. Friend the Member for Poole (Sir Robert Syms) reminded the House—should we need reminding—that the previous Labour Government left a note stating, “There is no money left,” because Labour always goes too far. His optimism reflects the optimism of this Government.
The right hon. Member for Delyn (David Hanson) highlighted how his constituents make things and called for a transition, so I am sure that he valued the commitment that the Prime Minister gave in her Florence speech.
My hon. Friend the Member for Gainsborough (Sir Edward Leigh) highlighted that debt interest remains a bigger expense than the defence and policing budgets combined and how, under the previous Labour Government, £300,000 was added to our debt Bill every minute.
The hon. Member for City of Durham (Dr Blackman-Woods) mentioned the TUC but omitted any mention of the extra funding for Unionlearn, which I am sure she welcomes.
My hon. Friend the Member for Chippenham (Michelle Donelan) highlighted the 19 consecutive quarters of growth and the increase in employment, and my hon. Friend the Member for Hornchurch and Upminster (Julia Lopez) recognised the value of strategic investments in infrastructure unlocking much needed housing.
My hon. Friend the Member for Gordon (Colin Clark) flagged up how it was a good budget for Scotland, reflecting on the convincing representation of Scottish colleagues—we have certainly come to see that in the Treasury. My hon. Friend the Member for Richmond (Yorks) (Rishi Sunak) highlighted how debt as a percentage of GDP is set to fall, as the Government stick to their fiscal target.
The hon. Member for Kensington (Emma Dent Coad) spoke of the tragedy of Grenfell, but did not mention the £28 million in the Budget for additional community support to victims—set out on page 63 of the Red Book, if she missed it.
My hon. Friend the Member for Erewash (Maggie Throup) highlighted the funding for electric vehicles and the scope of the UK to be a leader in that new technology. My hon. Friend the Member for Rugby (Mark Pawsey) highlighted the absence of any credible alternative Budget from the Opposition.
The hon. Member for Ipswich (Sandy Martin) valued the stimulus of investment in infrastructure and gave credit to the Government for the £1.5 billion upgrade of the A14, but seemed to omit the Government’s commitment to upgrading Ely junction. My hon. Friend the Member for Ochil and South Perthshire (Luke Graham) flagged up the increase in the living wage and the Government’s lowering of corporation tax, and how that is boosting business.
The hon. Member for Edinburgh East (Tommy Sheppard) spoke about the importance of migration. The Government recognise the benefits of migration; we just want to control it, rather than leave it uncontrolled.
My hon. Friend the Member for Stoke-on-Trent South (Jack Brereton) highlighted the importance of investing in skills and the value of open markets for quality design, technology and ceramics. The hon. Member for Penistone and Stocksbridge (Angela Smith) spoke of the importance of productivity. My hon. Friend the Member for Middlesbrough South and East Cleveland (Mr Clarke) flagged the exciting regeneration projects in his constituency and his optimism in the Budget.
My hon. Friend the Member for East Renfrewshire (Paul Masterton) highlighted the difference that Scottish Conservative MPs are making in the Government. My hon. Friend the Member for Aberdeen South (Ross Thomson) highlighted the benefits to the oil and gas industry from measures in the Budget. My hon. Friend the Member for West Aberdeenshire and Kincardine
(Andrew Bowie) spoke about the force for good provided by the Royal Navy and the value of cultural exports in projecting soft power.
The right hon. Member for Carshalton and Wallington (Tom Brake) spoke of a day of reckoning. Most of us on the Conservative Benches thought that was the 2015 general election, when the Liberal Democrats did get that day of reckoning.
My hon. Friend the Member for Witney (Robert Courts) talked about the impact of patient capital and how that will be a stimulus for growth. The hon. Member for Leigh (Jo Platt) appeared to think her party had won the general election. I am sorry to break the news to her, which I am sure will come as a shock.
This Budget builds on the heavy lifting the Government have done to bring down the deficit by three-quarters since 2010 through delivering 19 consecutive quarters of growth. It ensures we remain on track to meet our fiscal targets, while continuing to invest in our core public services. It expands the national productivity investment fund by a further £8 billion, meaning that in real terms the Government will spend £25 billion a year more on infrastructure than the average spending under the last Labour Government.
This is a balanced Budget, in contrast to a Labour Opposition who always go too far. They would borrow £500 billion and burden the country with huge debt interest payments. This is a Budget that ensures Britain is fit for the future.
Ordered, That the debate be now adjourned.—(Mike Freer.)
Debate to be resumed tomorrow.