mr speaker, my themselves? mr speaker, my honourable _ themselves? mr speaker, my honourable friend _ themselves? mr speaker, my honourable friend makes - themselves? mr speaker, my honourable friend makes an l themselves? mr speaker, my - honourable friend makes an excellent point and he is right the mayor of london should listen to the voices of families and small businesses as he inflicts his damaging taxes on them. this government is always on them. this government is always on the side of small business people. finishing on time, because we are expecting jeremy hunt, the chancellor to stand up shortly. there is a brief swapping over of personnel. you can see that lindsey cinema co lindsey hall —— lindsay hoyle has left. the chairman of ways and means coming in. jeremy hunt will be swapping places with rishi sunak, before he makes his hour—long statement. keir starmer decided to focus his questions on the fallout from the match of the day presenter gary lineker and his tweet,

criticising the small boat policy, resulting in him being taken off air for breaching bbc guidelines. he accused rishi sunak of not standing up accused rishi sunak of not standing up to what he called keir starmer, snowflake conservative mps who he said wanted to cancel gary lineker for criticising the government and saying so publicly. he then questioned why it was that rishi sunak�*s former boss, the chairman of the bbc, a conservative donor, richard sharp, was still in his position, asking if it was still tenable when there had been allegations about a conflict of interest in terms of trying to facilitate a loan for the conservative prime minister, boris johnson. that was pmqs. let's have the statement from jeremy hunt. madam deputy speaker, in the face of enormous challenges, i report today on a british economy which is

proving the doubters wrong. in the autumn, we took difficult decisions to deliver stability and sound money. since mid—october, and your guilt rates have fallen, debt servicing costs are down, mortgage rates are lower and inflation has peaked. the international monetary fund says our approach means the uk economy is on the right track. but we remain vigilant and we will not hesitate to take any steps that are necessary for economic stability. today, the office for budget responsibility forecast that because of changing international factors and the measures i take, the uk will not now enter a technical recession this year. they forecast... they forecast that

we will meet the prime minister's priorities to halve inflation, reduce debt and get the economy growing. we are following the plan and the plan is working. but that is not all we have done. in the face of a cost of living crisis, we have demonstrated our values by protecting struggling families with a £2500 energy price guarantee, one of support on the operating of benefits with inflation. taken together, these measures are worth £94 together, these measures are worth £91; billion over this year and next, one of the largest support packages in europe. that averages, madam deputy speaker, over £3300 of cost of living help for every household in the country. today, we deliver the next part of our plan. a budget

for growth. notjust the growth that comes when you emerge from a downturn, but long—term, sustainable, healthy growth that pays for our nhs and schools, finds jobs for young people and provides a safety net for older people, all while making our country one of the most prosperous in the world. prosperity with a purpose. and that is why growth is one of the prime minister's five priorities for our country. i delivered that today by removing obstacles that stop businesses investing, by tackling labour shortages that stop them recruiting, by breaking down barriers that stop people working and by harnessing british ingenuity to make as a science and technology superpower. i start with the forecasts produced by richard hughes on his team at the independent office for budget responsibility, who i thank for their diligent work.

they have looked in detail at the prime minister's economic priorities. the first of those is to halve inflation. inflation destroys the value of hard earned pay, deters investment and ferments industrial strife. this government remain steadfast in its support for the independent monetary policy committee at the bank of england, is it takes action to return inflation to the 2% target. despite continuing global instability, the obr report today that inflation in the uk will fall from 10.7% in the final quarter of last year to 2.9% by the end of 2023. that is more than halving inflation. high inflation is the root cause of the strikes we have seenin root cause of the strikes we have seen in recent months. we will continue to work hard to settle

those disputes, but only in a way that does not fuel inflation. part of the fall in inflation predicted by the obr happens because of additional measures i take today. firstly, i recognise that even though wholesale energy prices have been falling, there are still enormous pressure on family finances. some people remain in real distress and we should always stand ready to help when we can. while listening to representations from martin lewis and other experts, i can confirm the energy price guarantee will remain at £2500 for the next three months. this means the next three months. this means the £2500 cap for the typical household will remain in place when energy prices remain high, head of an expected fall in prices from july. this measure will save the average family a further £160 on top of the energy support measures already announced. the second

measure concerns over 4 already announced. the second measure concerns over 11 million households and prepayment meters. they are often the poorest households, but they currently pay more than comparable customers on direct debit. ofgem has already agreed with suppliers a temporary suspension to forced relations prepayment meters, today i go further and confirm we will bring their charges in line with comparable debit charges. under a conservative government, the energy premium paid by our poorest households is coming to an end. next, i have listened to representations from the honourable members for east devon, north cornwall, kom valley and central suffolk and north ipswich about the risks to community facilities, especially swimming pools, caused by high costs. when times are tough... facilities matter even more. so,

today i am providing a £63 million fund... ~ ., ., ., ., fund... order! we want to hear what the chancellor _ fund... order! we want to hear what the chancellor of _ fund... order! we want to hear what the chancellor of the _ fund... order! we want to hear what the chancellor of the exchequer - fund... order! we want to hear what the chancellor of the exchequer is i the chancellor of the exchequer is actually— the chancellor of the exchequer is actually saying. enough! chancellor? today. _ actually saying. enough! chancellor? today. i— actually saying. enough! chancellor? today. i am — actually saying. enough! chancellor? today, lam providing actually saying. enough! chancellor? today, i am providing £63 million fund to keep our public leisure centres and pools afloat. i have also heard from my right honourable friend the charities minister, and his secretary of state, about the brilliant of work third sector organisations are doing to help people struggling in tough times. they can often reach people in need that central or local government cannot. i will give his department £100 million to support thousands of local charities and community organisations do their fantastic

work. i also note the personal courage of one of my predecessors, my right honourable friend from bromsgrove, in talking about the tragedy of suicide and the importance of preventing it. we already invested a lot in this area, but i will sign an extra £10 million over the next two years, nearly £1 million for every year he has been in parliament, to help the voluntary sector play an even bigger role in stopping families experiencing that intolerable parting. my principal measure concerns the great british pub. in december, i extended the alcohol duty frees until the 1st of august, after which, duties will go up august, after which, duties will go up in line with inflation, in the usual way. today, iwill do something that was not possible when we were in the eu. and significantly increase the generosity of draft relief, so that from the 1st of august, the duty on draught products

and pubs will be up to 11p lower than the duty in supermarkets. it's a differential a conservative government will take as part of a new brexit pubs guarantee. madam deputy speaker, british ale is warm, but the duty on a pint is frozen. even better, thanks to the windsor framework negotiated by my right honourable friend the prime minister, that change will now apply to every pub in northern ireland. finally, madam deputy speaker, i have heard the representations from the honourable member for stoke—on—trent north, my right honourable friend for with them and my right honourable friend from south thanet and the sun newspaper

about the impact on motorists of the planned 11p rise on fuel duty. i noticed the party opposite call for a freeze on this duty. somehow, they forgot to tell the british people they have voted against every single fuel duty freeze in the last 12 years. because inflation remains high, i have decided now was not the right time to operate fuel duty with inflation or increase the duty. so here is what i am going to do. for a further 12 months i am going to retain the cut and i am going to freeze fuel duty. that saves the average driver £100 next year and around £200 since the 5p cut was introduced. our energy price guarantee, fuel duty and duty on a pint, all frozen in today's budget. that doesn't just pint, all frozen in today's budget. that doesn'tjust help families, it helps the economy, because the

combined impact reduces cpi inflation by nearly three quarters of a percent this year, lowering inflation when it is particularly high. i now turn to the prime minister's second priority, which is to reduce debt. here too our plan is on track. underlying debt is forecast to be 92.4% of gdp next year, then a 97.3%, 94.6%, 94.8%, before falling to 94.6% in 27—28. we are meeting the debt priority. with are meeting the debt priority. with a buffer of £6.5 billion, it means we are meeting ourfiscal a buffer of £6.5 billion, it means we are meeting our fiscal rule to have debt falling as a percentage of gdp by the fifth year of the forecast. as a proportion of gdp, our debt remains lower than the usa, canada, france, italy and japan. and because of the decisions i take today, and the improved outlook for

public finances, underlying debt in five years' time is now forecast to be nearly three percentage points of gdp lower than it was in the autumn. that means more money for our public services and a lower burden for the future generations. deeply held conservative values, which we put into practice today. at the autumn statement, i also announced that public sector net borrowing must be below 3% of gdp over the same period. the obr confirmed today we are meeting that rule with a buffer of 39.2 billion. in fact, our deficit falls on every single year of the forecast, with borrowing falling from 5.1%, down to 3.2%, down to 2.2%, and 1.7% in 27—28. even better, in the final two years of the forecast from our current budget is in surplus, meaning that

we only borrow for investment and not for day—to—day spending. day—to—day departmental spending will grow at 1% per year on average in real terms after 24—25, until the end of the forecast period. capital plans are maintained at the same level set at the autumn statement. we will upgrade tobacco duty and we will freeze the gross yield bans. we will freeze the gross yield bans. we will also maintain the starting rate for isis and is of scripture limits, and bring forward a range of measures to tackle promoters of tax avoidance schemes. —— the starting rate for isas. taken together, it is a slightly lower tax burden for the rest of the parliament compared to the obr forecast. but the party is run out of money, but a conservative government is reducing borrowing and improving our public finances. by doing so, we are on track to halve

inflation, get debt falling and grow our economy, which i turn to next. growth, madam deputy speaker, is the prime minister's third priority, and the focus of today's budget. 13 years a we inherited an economy that had crashed. but since... they might want to listen to this. they might want to listen to this. they might want to listen to this. because since 2010, we have grown more than major countries like france, italy orjapan, about the same as europe's largest economy germany, we have halved unemployment, we have cut inequality, we have reduced the number of workless households by one million. forthe number of workless households by one million. for the first time ever, because of rises in tax thresholds

made by successive conservative chancellors, people in our country can earn £1,000 a month without paying a penny of tax or national insurance. the party opposite opposed those tax reductions. but they have helped lift two million people out of absolute poverty after housing costs, including 400 thousand thousands pensioners and 500,000 children, that averages 80 pensioners and 100 children lifted out of poverty for every single day we have been in office. and today, today we face the future, with extraordinary potential. the world bank said of all big european countries we are the best placed to do business. global chief executives say apart from america and china, we are the best country to invest in. we became the second country in the world to have a stock of foreign

direct investment worth $2 trillion and london has pipped new york and 53 other global cities to be the best place in the world for female entrepreneurs. declinists are wrong about our country for another reason. which is our strength in new industries, that will shape this century. over the last 13 year, under conservative leadership we have become $13 year, under conservative leadership we have become the world's third trillion tech economy after the us and china. we built the largest life sciences sector in europe, producing a covid vaccine that saved six million lives and a treatment that saved a million more. ourfilm and tv industry and a treatment that saved a million more. our film and tv industry has become europe's largest, with our creative industries growing at twice the rate of the economy, our advance manufacturing industries produce round half the world's largest aircraft wings and thanks to a clean energy miracle, we have become a

world leader in offshore wind. other parties talk about a green energy revolution, so i gently remind them that nearly 90% of our solar power was installed in the last 13 years, showing, showing it is the conservatives who fix the roof when the sun is shining. now, let's turn to what the obr say about our growth prospects. in november, they expected that the uk economy would enter recession in 2022, and contract by 1.4% in 2023. that left many families feeling concerned about the future. but today, the obr forecast we will not enter a recession at all this year, with the contraction ofjust 0. 2%. the uk economy will grow in every

single year by1.8 the uk economy will grow in every single year by 1.8 in 24, 2.5, 2.1 and 1.9 in 2027. they also expect the unemployment rate to rise by less than one percentage point to 4.4%, with 170,000 fewer people out of work, compared to their autumn forecast. madam deputy speaker, that return to growth has direct consequences for our role on the global stage. consequences for our role on the globalstage. i consequences for our role on the global stage. i am consequences for our role on the global stage. lam proud consequences for our role on the global stage. i am proud that we are giving the brave people of ukraine more military support than anyone else in europe. on monday, we were able to go even further. further. with my honourable friend announcing a 5 billion fund of for the ministry of defence and 3 billion the year after. today, following representations from our persuasive defence secretary, i confirm we will

add a total of £11 billion to our defence budget over the next five years, and it will be nearly two and a quarter per cent of gdp by 2025. we were the first european, the first large european country to commit to 2% of gdp for defence, and we will now raise that to 2.5%, as soon as fiscal and economic circumstances allow. and following representations from the equally persuasive minister for veterans�* affairs, i am today also increasing support four our brave ex—service member and women. we will provide a package worth over £30 million to increase the capacity of the office for veterans affairs support veterans with injuries returning from their service and increase the availability of veteran housing. but to be europe�*s biggest defender of democracy, we must build europe�*s

most dynamic economy. that means tackling our long—standing productivity issues, including two in particular which i address today. lower business investment and higher economic inactivity, than other countries. too often companies struggle to recruit and when even when they do output per employee is lower. today i set out the four particulars of our industrial strategy to address these issues. colleague also know from my bloomberg speech they all conveniently saturday with the letter e. enterprise, employment, education and everywhere. i start with, i start madam deputy speaker, with, i start madam deputy speaker, with everywhere, our measures, well they may not want to level up growth across the united kingdom, but we do. this government, this government was elected on a mandate to level

up. we have already allocated nearly four billion in over 200 projects across the country through the first two rounds to have levelling up fund. a third round will follow. since we started focusing on levelling up, 70% of the growth in salaried jobs has come from outside london and the south—east. and today we take further steps. canary wharf and the liverpool docks were two outstanding regeneration projects that happened under a previous conservative government. i pay tribute to lord heseltine for making them happen because they transformed them happen because they transformed the lives of thousands of people, they showed what is possible when entrepreneurs government and local communities come together. so today i announce that we will deliver 12 new investment zones, 12 potential caroline flints, in england, —— cardinal vincent nichols. in england we have identified the following

areas as having the potential to host one. west midlands. greater manchester, the north east, south yorkshire, west yorkshire, east midlands, teesside and once again liverpool. there will be at least one in each of scotland, wales and northern ireland. to be chosen each area must identify a location where they can offer a bold and imaginative partnership, between local government, and the university or research institute in a way that catalyses new innovation cluster, if the application is successful they will have access to £80 million of support for a range of interventions including skills, infrastructure, tax reliefs, and business rates retention. working together with our formidable levelling up secretary, i also want to give some further support to levelling up areas under the e of everywhere, first i will invest over

£200 million in high quality local regeneration projects across england, including the regeneration of tipton town centre and the marsden new mills redevelop omit scheme. i am also announcing a further £161 million for generation projects in mayoral combined authorities and the greater london authority and i will make over £400 million available for new levelling up million available for new levelling up partnerships, in areas that include redcar and cleveland, blackburn, oldham, rochdale, mansfield, south tyneside and bassetlaw. having listened to the case for better local transport infrastructure from many honourable members i can announce a second round of the sustainable transport settle allocating £8.8 billion over the next five year funding period.

and following a wet then cold winter, i have also received particularly strong representations from my honourable friends as well as councillor peter martin from my own constituency, about the curse of potholes. the spending review allocated £500 million every year to the potholes fund, but today i have decided to increase that fund by a further £200 million, next year, to help local communities tackle this problem. for scotland, wales and northern ireland, this budget delivers not only a new investment zone but an additional £320 million for the scottish government, £180 million for the welsh government, and £130 million for the northern ireland executive as a result of barnet consequentials, on top of which in

scotland i can announce up to £8.6 million of targeted funding for the edinburgh festivals, as well as £1.5 million funding to replay the clod a bridge, i will provide £20 million of funding for the welsh government, to restore the holyrood head break water and in northern ireland, am allocating up to £3 million to extend the tackling paramilitarism programme and up to £40 million to extend further and higher education participation. but for levelling up to truly succeed, we need to unleash the civic entrepreneurship that is only possible when elected local leaders are able to fund and deliver solutions to their own challenges. that means giving them responsibility for local economic growth and the benefits from the up side when it happens. so this government will consultant on transferring responsibilities for local economic development, from

local economic development, from local enterprises partnership, to local enterprises partnership, to local authorities, from april 2024. i will also boost mayor�*s financial autonomy by agreeing multiyear singsle settlements for the west midlands and greater combined manchester authority, in the next spending review, something i intend to roll out for all mayoral areas over time. to roll out for all mayoral areas overtime. i have to roll out for all mayoral areas over time. i have agreed new long—term commitment so they can retain 100% of business rates, something i also hope to expand to other area, something i also hope to expand to otherarea, investment something i also hope to expand to other area, investment zone, regeneration project, levelling up partnership, local transport infrastructure and business rates retention, more control for local communities over their economic destiny so we will level up wealth and opportunity everywhere. today�*s priority, today�*s priority is the prime minister�*s promise to grow the economy. we have talked about making that growth happen everywhere so i mover on to my

second e, enterprise. we need to be, we need to be, this has never been something of interest to the labour party, but the conservatives... the conservatives, we won�*t rest until we are europe�*s most dynamic enterprise economy. and under a conservative government, that is exactly what has been happening. since 2010, we have won million more businesses in the uk, a bigger increase than germany, france or italy. but i want another million and another million after that, so today i bring forward enterprise measures in these three areas, to lower business tax, reduce energy costs and support our growth industries. so let�*s start with business taxation. conservatives know the importance of a competitive tax regime, we already have low levels of business taxation than

france, germany, italy orjapan. but i want us to have the most pro business, pro enterprise tax regime anywhere. even after the corporation tax rise this april we will have the lowest headline rate in the g7, lower than any period under the last labour government. only 10% of companies will pay the full 25% rate, but even at 19%, our corporation tax did not incentivise investment as effect thrive as countries with higher headline rate, the result is less capital investment and lower productivity, than countries like france and germany. we have already taken measures to address this, for larger business we have had the superdetuck #14u7b introduced by my right honourable friend the prime minister, which enthis moneylet for smaller businesses we have increased the annual investment allowance to £1 million, meaning 99% of all

businesses can deduct the full value of all their investment, from that year�*s taxable profits, if the superdeduction was allowed to end without a replacement, we would have fallen down the international league tables on tax competitive and damaged growth. as a conservative i could not allow that to happen. so today i can announce we will introduce a new policy of full capital expensing for the next three years, with an intention to make it permanent as soup as we can responsibly do so. that means that every single pound a company invests in it equipment, plant or machinery can be deducted in full and immediately from taxable profits. it is a corporation tax cut, worth an average of £9 billion a year for every year that it is in place, and its impact on the economy will be huge. the obr says it will increase

business investment by 3% for every year it psi in place. this decision makes us the only major european country with full expensing, and gives the joint morris general capital regime of any country. i understand the party opposite is reviewing business tax, let me save them the bother they put them up, we cut them. i also want to make our taxes more competitive in our life science and creative industries sectors. in the autumn i said i would return with a more robust r&d tax credit scheme for smaller research intensive companies. i am for smaller research intensive companies. lam introducing for smaller research intensive companies. i am introducing an enhanced credit, which means of a small and medium business spends more than 40% of their total expenditure on r&d, they will be

able to claim a credit with £27 for every £100 they spend. that means an eligible cancer drug company, spending £2 million on research and development, will receive over £500,000 to help them develop breakthrough treatments. it is a £1.8 billion package of support, helping 20,000 cutting—edge companies who, day by day, are turning britain into a science superpower. and this government�*s audiovisual tax reliefs have helped make our film and audiovisual tax reliefs have helped make ourfilm and tv audiovisual tax reliefs have helped make our film and tv industry the biggest in europe. only last month, pinewood announced an expansion that will bring another 8000 jobs to the uk. to give even more momentum to this critical sector, i will introduce an expenditure credit with a rate of 34% for film, high end television and video games, 39% for the animation and children�*s tv sectors. i will maintain the qualifying threshold for high—end

television at £1 million. and because our theatres, orchestras and museums do such a brilliantjob at attracting tourists to london and the uk, i will extend for another two years their current 45% and 50% relief. madam deputy speaker, an enterprise economy need 5 relief. madam deputy speaker, an enterprise economy need slow relief. madam deputy speaker, an enterprise economy need 5 low taxes, but it also needs cheap and reliable energy. we�*ve already announced billions and support to help businesses reduce their energy bills to the energy bills relief scheme and the energy bills scheme. we have appointed a co—chair of the energy efficiency task force, to deliver our national ambition to reduce energy use by 15%, to support her efforts i will extend the climate agreement scheme for two years, to allow eligible businesses six of tax relief on energy efficiency measures. the long term solution is

not subsidy, but security. that means investing in domestic sources of energy that fall outside putin or any autocrat�*s control. we are world leaders in renewable energy. so today i want to develop another plank of our green economy, carbon capture usage and storage. i am allocating up to £20 billion of support for the early development, starting from the east coast, to merseyside, paving the way for ccus up merseyside, paving the way for ccus up to 2050, it will attract private sector investment and help capture 20 to 30 million tonnes of co2 per year, by 2030. we have increased the proportion of electricity generated by renewables, from under 10% when we came into office to nearly 40%. but because the wind doesn�*t always

blow, and the sun doesn�*t always shine, even under the conservatives, we will meet another critical source of cheap and reliable energy, and thatis of cheap and reliable energy, and that is nuclear. now, there have been no more powerful advocates for this than the honourable member for copeland, hartlepool and workington. they rightly say that increasing nuclear capacity is vital to meet our net zero obligations. so, to encourage private sector investment into our nuclear programme, i today confirmed that, subject to consultation, nuclear power will be classed as environmentally sustainable, and... that will give access to the same

incentives as renewable energy. and along site that will come more public investment. in the autumn statement i introduce the first statement i introduce the first state investment in nuclear for a generation, a 700 million investment in sizewell c. today, i can announce two further commitments to deliver our nuclear ambitions. firstly, following representations from our energetic energy security secretary, i am announcing the launch of great british nuclear, which will bring down costs and provide opportunities across the nuclear supply chain, to help provide one quarter of our electricity by 2050. secondly, i... it is so good to hear labour in favour of nuclear energy! just a shame they never did any. secondly, i am launching the first competition for small modular reactors. it will

be completed by the end of this year. and, if demonstrated as viable, we will co—fund this exciting new technology. finally, under the enterprise section, i�*ve come to the innovation economy, a central area of national competitive advantage for the united kingdom. over the weekend, i worked night and day with the prime minister on the governor of the bank of england to protect the deposits of thousands of our most cutting—edge companies. we successfully secured the sale of the uk arm of silicon valley bank to hsbc, so the future of those companies is now safe in the hands of europe�*s biggest and one of its most creditworthy banks. but those events show that we need to build a larger, more diverse financing system, where the benefits of investment in high—growth firms are available to more investors. so, i

will return in the autumn statement with a plan to deliver that. it will include measures to unlock productive investment from defined contribution pension funds and other sources, make the london stock exchange a more attractive place to list, and complete our response to the challenges created by the us inflation reduction act. however, when it comes to our innovation industries, there are two areas i want to make progress on today. nigel lawson made the city of london one of the world. a top financial centres by competitive deregulation. with our brexit autonomy, we can do the same for our high—growth sectors. so, today! the same for our high—growth sectors. so, today i want to reform the regulations around the medicines and medical technologies. we are lucky with the mhra to have one of the most respected drugs regulators in the world, indeed the very first anywhere to licence a covid vaccine. from 2024, they will move to a

different model, which will allow rapid, often near automatic sign off for medicines and technologies already approved by trusted regulators in other parts of the world such as the united states, europe and japan. at the same time, they will set up a swift new approval process for the most cutting—edge medicines and devices, to ensure the uk becomes a global centre for their development, and with an extra £10 million of funding over the next two years they will put in place the quickest, simplest regulatory approval in the world for companies seeking rapid market access. we are proud of the life science sector, which received more inward investment than any in europe last year. today�*s change will make the uk and even more exciting place to invest, using our brexit freedoms and speeding up access for nhs patients to the very newest drugs. today, with our talented science,

innovation and technology secretary, i also take measures to strengthen our position in artificial intelligence, where uk hosts one third of european companies. i am accepting all nine of the digital technology recommendations made by sir patrick vallance in the review i asked him to do in the autumn statement. that means i can report to the house that we will launch an ai son box to trial new, faster approaches to help innovators get cutting—edge products to market, we will work at pace with the international property office to provide clarity on ip rules, so that generative ai companies can access the material they need, and we will ask sir patrick�*s successor, dame angela maclean, to report for the sun on options around the growth duty for regulators. because ai needs computing horsepower, i today commit around £900 million of funding to implement the recommendations of the independent

future of computer review, for an excess scale computer. the power needed for the algorithms can also be provided by quantum competing. we will publish a quantum strategy, setting out our vision to be a world leading, quantum enabled economy by 2033. i also want to encourage the best ai research to happen in the uk, so we will award a prize of £1 million every yearfor uk, so we will award a prize of £1 million every year for the next ten years to the person or team that does the most ground—breaking british ai research. the world�*s first stored programme computer was built at the university of manchester in 1948, and was known as the manchester baby. 75 years on, the manchester baby. 75 years on, the baby has grown up. i will call this new national ai award the

manchester prize in its honour. madam deputy speaker, we want the uk to be the best place in europe for companies to locate, invest and grow. so today�*s enterprise measures strengthen our technology and life science actors, invest in energy security and, for three years, i hope permanently, cut corporation tax by £9 billion a year to give us the best investment incentives of any advanced economy. an enterprise economy can only grow if it can hire the people it needs. which brings me to my third pillar, after everywhere on enterprise dot mark dry said it was a growth budget, madam deputy speaker. we are talking about the e of employment. i�*m going to talk about a difficult topic for the

party opposite. brexit was a decision by the british people to change our economic policy. in that historic vote, our country decided to move from a model based on unlimited, low skilled migration, to one based on high wages and high skills. today, we show how we will deliver that with a major set of reforms, the obr say it is the biggest positive supply change intervention they have ever recognised in the forecast. we have 1 million vacancies in the economy. but excluding students, there are over 7 million adults of working age that are not in work. that�*s a potential pool of seven people for every vacancy. conservatives believe work is a virtue. we agree with the road haulage king eddie stowe bart,

who says the only place that success comes before work is the dictionary. today, i bring forward reforms to remove the barriers that stop people who want to from working. i started over 2 million people who are inactive due to disability long—term sickness. thanks to the reforms courageously introduced by the right honourable member for chingford and woodford green, the number of disabled people in work has risen by 2 million since 2013. it even after that, we could fill half of the vacancies in the economy with people who say they would like to work, despite being inactive due to sickness or disability. zoom, teams and new working models make it easier to work from home. it is possible now more than ever. for that reason, the ever diligent work and pensions secretary today takes the next step in his ground—breaking

work on tackling economic inactivity. i thank him for that. today, we publish a white paper on disability benefits reform. it is the biggest change to our welfare system in a decade. his plans will abolish the work capability assessment in great britain, and separate benefit entitlement from an individual�*s ability to work. as a result, disabled benefit claimants will always be able to seek work, without fear of losing financial support. lam announcing i am announcing in england and wales after listening to representations from the centre for socialjustice and others we will fund a new programme called universal support. this is a new voluntary employment scheme for disabled people, are where the government will spend up to £4,000 a person, to help them find appropriatejobs to £4,000 a person, to help them find appropriate jobs and put in place the support they need. it will fund 50,000 places every single

year. we also want to help those who are forced to leave work, because of are forced to leave work, because of a health condition, such as a back pain, ora mental health a health condition, such as a back pain, or a mental health issue, we should give them support before they end up leaving theirjob, so working with our health secretary i am announcing a £400 million plan, to increase the availability of mental health and muscular skeletal resources, and expand the individual placement and support scheme. because occupational health provided by employers has a key role to play, i will bring forward two new consultations on how to improve its availability, and double the funding for the small company subsidy pilot. there is another group that deserve particular attention, which is children in care. they too should be given all possible help, to make a normal working life possible when they reach adulthood. often they depend on foster family, they reach adulthood. often they depend on fosterfamily, who do they reach adulthood. often they depend on foster family, who do a brilliantjob, so today i am nearly

doubling the qualifying care relief threshold to £18140 which is is a tax cut worth £450 a year. i will increase the funding we provide to the staying close coun 2 programme to help more care leavers into employment and support people with special educational needs with a 3 million expansion of the internship programme, to help those people transition from education, into the workplace. transition from education, into the worklace. ., , , , transition from education, into the worklace. . , , , ., workplace. madam deputy speaker, no civilised society _ workplace. madam deputy speaker, no civilised society can _ workplace. madam deputy speaker, no civilised society can ignore _ workplace. madam deputy speaker, no civilised society can ignore the - civilised society can ignore the contribution made by those with challenging family circumstances, along term illness or a disability. so today we remove the barriers we can with reforms that strengthen society as well as strengthening our economy. the snects of reforms affects those on universal credit without a health condition, who are

looking for work, or on low earnings, there are more than two millionjob—seekers in earnings, there are more than two million job—seekers in this group. more than enough to fill every vacancy in the economy. everyone independence is always better than dependence which is chai a conservative —— a cleft government believes... why is why a conservative... with some exceptions madam deputy speaker, independence is always bert than dependence which is always bert than dependence which is why a conservative government believes those who can work should so sanction also be applied more rigorously to those who fail to meet strict work search requirement or refuse to take a job. we will increase... national living wage for

an individual claimant, meaning anyone working below this level will receive more work coach support, alongside a more intensive conditionality regime. the next group of workers i want to support are those aged over 50. my younger officials have term these people older workers although as a 56—year—old myself i prefer the term experienced. fully... fully 3.5 million people of preretirement age over 50 are not part of the labour force, an increase of 320,00 pounds—342 —— 320,000 since the pandemic. if we match the rate of sweden, we would add more than a million people to our national labour force.— to our national labour force. ma'am, i sa this to our national labour force. ma'am, i say this not — to our national labour force. ma'am, i say this not to _ to our national labour force. ma'am, i say this not to flatter _ to our national labour force. ma'am, i say this not to flatter you _ to our national labour force. ma'am, i say this not to flatter you but - i say this not to flatter you but older people are the most skilled

and experienced people we have. no... no no. .. no country no... no country can thrive, no country can thrive if it turns its back on such a wealth of talent and ability. but for too many turning 50 is a moment of anxiety about the cliff edge of retirement rather than anticipation of another two decades of fulfilment. i know this, madam deputy speaker, myself. after i turned 50, i was well gated to the backbenches, and —— relegated and planned for a quiet life but i decided to embark on a new career if finance, so today, i take three steps to make it easier, for those who wish to. it is going well, thank

you. and today, i take three steps to make it easierfor those you. and today, i take three steps to make it easier for those who wish to, to work longer. first, we will increase the number of people who get the best possibility financial health and career guidance ahead of retire, by enhancing the dwp excellent midlife mot strategy, they will also increase by five fold, the number of 50 plus universal credits who receive midlife mots from 8,000, to 40,000 a year. second, with my right honourable friends, the education secretary, who has a deep personal commitment to this area, will introduce a new kind of apprenticeship, targeted at the over—50s who want to return to work. they will be called returner ships, and operate alongside skills bootcamps and sector based work academy, they will national minimum wage more appealing for older workers focusing on flexibility and

previous experience to reduce training length. finally, i have listened to the concerns of many senior nhs clinicians, who say unpredictable pension tax charges are making them leave the nhs, just when they are needed if most. the nhs is our biggest employer and we will shortly publish a long—term workforce plan i promised in the autumn statement. but ahead oaf that, i don�*t want any doctor to retire early because of the way pension taxes work. it is an issue i have discussed notes just with the current health secretary but a former health secretary who took a break from whatsapping his colleagues to consider it. as chancellor, i have realised the issue goes wider than doctors. no—one should be pushed out of the workforce for tax reasons, so today, i will increase the pensions annual

tax free allowance, from by 50%, from 40,000 to 60,000. some have also asked me to increase the lifetime allowance, from its £1 million limit, but i have decide not do that, i have gone further and i will abolish the lifetime allowance all together. it is a pension tax reform that will stop over 80% of nhs doctors from receiving a tax charge. incentivise our most experienced and productive workers to stay in work for longer. and simplify our tax system, taking thousands of people out of the complexity. thousands of people out of the complexity-— thousands of people out of the comlexi . , , , complexity. order, 'ust because the chancellor. _ complexity. order, 'ust because the chancellor, we — complexity. order, 'ust because the chancellor, we still— complexity. order, just because the chancellor, we still have _ complexity. order, just because the chancellor, we still have to - complexity. order, just because the chancellor, we still have to keep - chancellor, we still have to keep the noise — chancellor, we still have to keep the noise down because we have to hear what _ the noise down because we have to hear what he has to say. he has more to say _ hear what he has to say. he has more to say. chancellor of the exchequer.

thank _ to say. chancellor of the exchequer. thank you _ to say. chancellor of the exchequer. thank you madam deputy speaker. this is a comprehensive plan to remove the barriers to work, facing those on benefit, those with health conditions and older worker, that is the e of the employment pillar of today�*s growth budget. which brings me to the final pillar of our growth plan, after employment, enterprise and everywhere i turn to the e of education. over more than a decade, this conservative government has driven improvement in our education system. we have risen by nearly ten places in the international league tables for english and maths since 2015 alone. in the autumn statement, i built on this programme with an extra £2.3 billion annual investment to our schools, we are reviewing approach to skills with sir michael barber, we st our our plans with a new lifelong loan entitlementments and the prime minister announced

plans to make maths compulsory to 818. i want to address an issue in our education system, that is bad for children, and damaging for the economy. it is an issue that starts everyone before a child enters the gates of a school, today i want to reform our childcare system. we have one of the most expensive systems in the world. almost half of non—working mothers say they would prefer to work, if they could arrange suitable childcare. for many women, a career break becomes a career end. ourfemale participation rate is hiring than average, for 0ecd economies but we trail top performers like denmark and the netherlands. if we match dutch levels of participation, there would be more than 1 levels of participation, there would be more than1 million levels of participation, there would be more than 1 million additional women working. and we can do that. so today i announce a series of reforms that start that journey. i

begin with the supply of childcare. we have seen a significant decline in childminders over recent year, down % in england in one year. but childminders are a vital way to deliver affordable and flexible care an we need more of them. i have listened to representations from my right honourable friend from stroud... and decided to address this by piloting incentive payments of 600 for childminders to sign up to the profession, rising to 1200 £ to the profession, rising to 1200 e for those whojoin to the profession, rising to 1200 e for those who join through an agency, i have also heard many concerns about cost pressures facing the sector. we know this is make it hard to hire staff, and raising prices for parents with round two thirds of childcare providers increasing fees last year alone. so we will increase the funding paid to nurseries providing free childcare under the hours offer by £204 million from this september, rising

to £288 million next year. that is an average of a 30% increase in the 2—year old rate this year, just as the sector has requested. i will always offer providers more flexibility in how they operate, in line with other parts of the uk, so alongside that additional funding we will change minimum staff to child ratios from one to four, to one to five for 2—year—olds in england as happens in scotland although the new ratios will remain optional with no obligation on childminders or parents to adopt them. i want to help the 700,000 parents on universal credit. who until the reforms i announced today had limited requirements to look for work, many remain out of work because they cannot afford the up front payment necessary to access subsidised childcare. so for any parents who are moving into work, or want to increase their hours, we will pay the childcare costs up

front. and we will increase the maximum they can claim, to £951 for one child an £1,630 for two children, an increase of almost 50%. i turn now to parents of school age children, who often face barriers to working because of the limited availability of wrap round care. one third of primary schools do not offer childcare at both ends of the school day, even though for many people a job requires it to be available before and after school. to address think we will find schools and local authorities to increase the supply of wrap round care, so all school age parents can drop their children off between 8.00am and 6pm, and our ambition is that all schools will start to offer a full wrap round offer, either on their own, or in partnership with other schools by september 2026.

madam deputy speaker, today�*s childcare reforms will increase the availability of childcare, reduce costs and increase the number of parents able the use it. takening to with earlier conservative reforms, they amount to the most significant improvements to childcare provision in a decade. but if we really want to remove the barriers to work, we need to go further, for parents who have a child under three. for them, childcare remainjust too have a child under three. for them, childcare remain just too expensive. in 2010 there was barely any free childcare for under fives. a conservative led government changed that, with free childcare for three and four—year—olds in england, it was a landmark reform, but not a complete one, i don�*t want any parent with a child under five to be prevented from working if they want to, because it is damaging to our economy and unfair mainly to women. so today, i announce that in

eligible households where all adults are working at least 16 hours we will introduce 30 hours of free childcare, notjust for three and four—year—olds but for every single child over the age of nine months —— months. the 30 hour offer will now start from the moment maternity or paternity leave ends, it�*s a package worth on average £6,500 every year for a family with a 2—year—old child using 35 hours of childcare every week and reducing their costs by nearly 60%. week and reducing their costs by nearly 6096-— nearly 60%. because it is such a lane nearly 60%. because it is such a large reform. — nearly 60%. because it is such a large reform, we _ nearly 60%. because it is such a large reform, we will— nearly 60%. because it is such a large reform, we will introduce i nearly 60%. because it is such a | large reform, we will introduce it in stages to ensure there is enough supply in the market. working parents of two—year—olds will be able to access 15 hours of free care from april 2024, helping around 500,000 parents. from

september 24, that will be extended to all children from nine months up, meaning a total of nearly1 million parents will be eligible. and from september 25, parents will be eligible. and from september25, every single parents will be eligible. and from september 25, every single working parent of underfives september 25, every single working parent of under fives will have access to 30 hours free childcare per week. access to 30 hours free childcare er week. ~ ~ , , .,, per week. order, mr perkins, stop it! madam — per week. order, mr perkins, stop it! madam deputy _ per week. order, mr perkins, stop it! madam deputy speaker, - per week. order, mr perkins, stop it! madam deputy speaker, today | per week. order, mr perkins, stop i it! madam deputy speaker, today we com - lete it! madam deputy speaker, today we comlete a it! madam deputy speaker, today we complete a landmark _ it! madam deputy speaker, today we complete a landmark conservative i complete a landmark conservative reform. we helped the economy transform the lives of thousands of women and build a childcare system comparable to the best. a major early years reform for our education system, the e of education, along with the pillars of enterprise, employment and everywhere. madam deputy speaker, in november we delivered stability. today it is

growth. we tackle the two biggest barriers that stop businesses growing. investment incentives and labour supply. the best investment incentives in europe, the biggest ever employment package for disabled people fuel cut, and for parents, 30 hours of free childcare for all under fives. hours of free childcare for all underfives. today, we build for the future, with inflation down, debt falling and growth up. the declinists are wrong, the optimists are right. we stick to the plan because the plan is working. and i commend the statement of the house. jeremy hunt, the chancellor, sitting down and being congratulate and by the prime minister and other colleagues. we are waiting for the labour leader to respond. sir keir

starmer. jeremy hunt spoke forjust over an hour. a lot of it we already knew. to recap some of the important figures announced byjeremy hunt, he said the office for budget responsibility had scrutinised what he had to say and said that the uk has avoided, swerved, technical recession this year, although it will contract by 0.2% before returning to growth next year. halving inflation, jeremy hunt says, again, they have been told it will go down, they will achieve lower inflation by the end of 2023. and certainly come down to 2.9%. he also talked about the return to work, the big support for families, particularly that childcare offer where he said there would be 30 hours of free childcare for eligible households, with both people working at least 16 hours. that will be 30 hours of free childcare for every child over nine months. so,

following the end of maternity or paternity leave. fuel duty freeze, yes, that 5p cut that we had from last year is going to be maintained. and the freeze will continue. he said that would be to the benefit of about £100 per year. and the alcohol duty, well, that will go up in line with inflation, as expected, except for draught beer. it will be £11 lower than it otherwise would have been. —— 11p lower. that will be cheered in the pubs, but it will not affect supermarkets. it will be something they will be pleased about in pubs across the country. he then said that, actually, in terms of a growing economy, it will return next year, although some of the forecasts for future years have been somewhat downgraded. the corporation tax that has been talked about, and many in his party have criticised, it is

going up, as expected, from 19%, up to 25%. interestingly, jeremy hunt said that 19% did not reap the benefits that had been thought, over the last ten years or so of conservatives being in power. we will talk and a little bit more depth with the editors at the bbc about some of the individual measures. there was no discussion, as we thought, about pay. and, of course, those strikes are ongoing. let�*s hear the labour leader. course, those strikes are ongoing. let's hear the labour leader. thank ou, let's hear the labour leader. thank you. madam — let's hear the labour leader. thank you. madam deputy _ let's hear the labour leader. thank you, madam deputy speaker. - let's hear the labour leader. t�*ia'ya; you, madam deputy speaker. could i say, it is good to see you back in the chair? so, for all the hype, a budget for growth that downgrades the growth forecast? his opening boast was that things aren�*t quite as bad boast was that things aren�*t quite as had now as they were in october last year, after the kamikaze budget. and the more that he pretends everything is fine, the more he shows just how out of touch they are. after 13 years of his

government, our economy needed major surgery. but, like millions across our country, this budget leaves us stuck in the waiting room with only a sticking plaster to hand. a country set on a path of managed decline, falling behind our competitors, the sick man of europe once again. this was a day for ambition, for bringing us together with purpose and intent, for unlocking the pride that is in every community, matching their belief in the possibilities of the future. but, madam deputy speaker, after today, we know the tory cupboard is as bare as the salad isle in our supermarket. the lettuces may be out, but the turnips are in. a hopelessly divided party, caught between a rock of the client and a hard place of their own economic

recklessness. dressing up stagnation as stability, as their expiry date looms ever closer. and the figures published today spell it out. a year of stagnation. growth is nonexistent. according to the imf, the worst performing country in the g7 this year. a prediction today confirmed by the obr, and growth downgraded in years to come. this is a failure you can measure notjust on the figures, but in the empty pockets of working people right across the country. 13 years without wage growth. 13 years, no better off. 13 years, stuck in a doom loop off. 13 years, stuck in a doom loop of lower growth, higher taxes, and broken public services. madam deputy speaker, the obr makes clear today that things don�*t look any better in a long run. a broken labour market

holding back our prospects. 7 million on the nhs waiting lists. ill health and disability on the rise. and the consequences, as we�*ve just heard, deferred to the future. the classic short term sticking plaster cycle. decisions, cynically ducked today, for working people tomorrow. it doesn�*t have to be like this. britain has enormous potential. in science, innovation, technology, we should be leading, not liking. we need an industrial strategy that removes barriers to investment. but the announcements today are nowhere near the mark. the lowest investment in the g7. that is their record. all our competitors know this. they are gearing up for the almighty race, and we should be on the start line, not back in the changing room, tying your laces. he mentioned the war in ukraine. of

course, on this side of the house, we stand with ukraine and we stand with the government response to putin�*s brutality full stop we will look carefully at the details of the military spending an ounce, and we will support them. at what we cannot accept is the use of the war as a blanket excuse for failure. our economy has weak foundation. global crisis hit britain more than other countries. wages in this country are lower now in real terms than they were 13 years ago. the average french family is a tenth richer. the average german family a fifth richer. countries which faced the same pandemic, countries which face the same war. the war did not bind onshore wind, did not scrap the insulation scheme, didn�*t run down our gas storage facilities, they did. decisions which heard people battling the cost of living crisis

right now. it�*s been the same story for the whole 13 years. always the sticking plaster, never the cure will stop in today�*s budget does nothing to change that. again, we see a failure to grip the long—term challenges. see a failure to grip the long-term challenges-— see a failure to grip the long-term challenues. ., , , ., �* challenges. order. people shouldn't 'ust be challenges. order. people shouldn't just be speaking _ challenges. order. people shouldn't just be speaking well— challenges. order. people shouldn't just be speaking well the _ challenges. order. people shouldn't just be speaking well the leader- challenges. order. people shouldn't just be speaking well the leader of. just be speaking well the leader of the opposition is delivering his response. they should be listening. we will_ response. they should be listening. we will now listen to the leader of the opposition. we will now listen to the leader of the opposition-— the opposition. today's budget chan . es the opposition. today's budget changes nothing. _ the opposition. today's budget changes nothing. again, - the opposition. today's budget changes nothing. again, we - the opposition. today's budget| changes nothing. again, we see the opposition. today's budget i changes nothing. again, we see a failure to grip the long—term challenges. no determination to create growth which unlocks the potential of the many. working people being made to pay for tory choices and tory mistakes. madam deputy speaker, these are the organising principles of conservative economics. judge them by their choices. the running down of our public services. paid for by working people. the disaster of the

tory mortgage premium, paid for by working people. opportunity is still messed for a proper windfall tax, paid for by working people. that is what makes the chancel�*s boasts about lower inflation so ridiculous. the idea that it is a tax cut. british people can see through that. they see their tax burden at its highest level for 70 years. and they know it�*s not the government that is lowering inflation, it�*s working people. earning less, enjoying less. it's people. earning less, enjoying less. it�*s their sacrifice that is helping to bring inflation down. they deserve better than another cheap trick from the garment of gimmicks, making them pay, while trying to claim the credit. even with the price guarantee, the average energy bill has doubled in 18 months. because of their recklessness, the average mortgage payment is up £2000 average mortgage payment is up £2000 a year. a massive hit to living

standards. howeverthey a year. a massive hit to living standards. however they cooked the books. and yet still, no real ambition on industrial strategy, no real ambition on the clean energy that will give us a cheaper bills. no real ambition on house—building. the same old tories choices, sticking plaster politics, no growth for the many, working people pay. and let�*s turn to his policies on the cost of living. madam deputy speaker, i say his policies, because there is a history to this, a pattern. over the course of the whole cost of living crisis, time and again it is labour that bring the government notjust to its senses, but to our position. who first pushed for the energy price guarantee? labour! who first called for a proper windfall tax? guarantee? labour! who first called fora properwindfall tax? labour! for a proper windfall tax? labour! who fora properwindfall tax? labour! who first stood by people on prepayment meters? labour! and who first said we should freeze the price guarantee this april? labour!

and we can go on. because it was all so labour who first committed to extending the fuel duty cut. a policy that in january he extending the fuel duty cut. a policy that injanuary he dismissed as part of a dossier that he published. for one poor soul and his research team at least, this really is a back to work budget. and a word of advice to the chancellor, as he promotes this policy in coming days. use your own car, and for heaven sake, make sure you know how to use a debit card. and i look forward to the prime minister promoting the swimming pools policy. unlike the car, he won�*t have to borrow one of those. madam deputy speaker, the cost of living crisis is not over. and once again, they�*ve left money on the table when it comes to oil and gas companies. money that could have been better spent on working

people. politics is about whose side you�*re on. there are loopholes that urgently need to closing, even the former ceo of shell admitted they should be paying more. and the long—term planjust should be paying more. and the long—term plan just isn�*t there. the same old tory choices. the same three principles. sticking plaster politics, no growth for the many, working people pay. and you see those principles are to play in our broken labour market. much of what the chancellor said today focused on that, as well it might. the figures announced in this budget show how damaging the current situation is to growth. a long—term drag on our ability to create more wealth. our in activity levels are particularly shocking. but 500,000 since the pandemic. the worstjobs recovery since the g7. people unable to work because of ill health more than ever before. now, we will look at what the chancel has announced today,

because all of these benches we have long called for reform of the work capability assessment, for a welfare system that supports people with disabilities and long—term health conditions to thrive at work, a universal credit system must help people into employment, and child care is a huge barrier to that. we�*ve made the case for reform. more money is the system is obviously a good thing. they obviously a good thing. they obviously didn�*t listen to when he said he was going to do it. we have seen the story —— tories expand free hours before, it is no use having more free hours if you can�*t access them and it pushes the cost for parents outside the offer, that is what we have seen before, and on

pensions he made a big spending commitment which will benefit those with broadest shoulders when many people are struggling to save into their panion, we needed a fix for doctors but announcement today is a huge give away to some the very wealthiest. the only permanent tax cut if the budget is for the richest 1%. how can that possibly be a priority for this government? the truth is, our labour market is the cast iron example of an economy with weak foundations, our crisis cast iron example of an economy with weakfoundations, our crisis in participation simply hasn�*t happened elsewhere, not to this extent. it is a feature of tory britain. and global excuses won�*t wash. we need a wider reform agenda. instead of making working people pay, we need to make work pay. move on from growth that is based on insecure low paid jobs to growth which comes from good work, from strong employment

right, that can deliver higher productivity, growth from the many, for the many, that makes people better off in all parts of our country. i welcome these announcement on devolution deal, the principle that we should push power out of westminster is fully supported on this side of the house. in fact, we want him to go further. communities beyond birmingham, manchester, deserve the right powers and the same powers to drive growth as well. but madam deputy speaker, the chancellor is a former health secretary. a published author on health no less, he gave me a signed copy of his book. he knows that growth needs an nhs fit now the future and no country can be fit for work, there are seven million people on hospital waiting lists. so i was waiting for him to match labour�*s ambition. waiting for him to match our plan, to train more doctors and

nurses, to tackle the capacity crisis, a policy he publicly —— publicly praised just 15 days before he became chancellor. yet it never came. and madam deputy speaker, if there was ever a symbol of the poverty of ambition, that is it. because the reality is, the country getting sicker is a country getting poorer. and a country getting poorer is a country getting sicker. health and wealth must go together. britain can�*t afford to be the sick man of europe, britain can�*t afford the tories. and there is another way, on these benches we understand, institutions must be respected. constraints accepted. the fiscal rule should be sound and followed rigorously, that every pound is precious and must not be wasted. but they want to shout about their record, let them shout, wages lower, taxes higher. borrowing higher. debt

higher. their chaos has a cost. certainty is vital for the growth we need. essentialfor certainty is vital for the growth we need. essential for businesses and investors in our country, as we have speued investors in our country, as we have spelled out compared with a blanket cut to corporation tax, investment allowances are the right approach. but the question many business also ask today is, how long before the wind blows again, and we all go through this again? and that is what they don�*t understand about business investment. their endless fighting on tax is bad for growth, in and of itself. madam deputy speaker, real stability means that taxes don�*t go up stability means that taxes don�*t go up and down like yoyos, the rnd tax credit regimes doesn�*t get overhauled twice in six months. ok. overhauled twice in six months. ok, that is enough- _ overhauled twice in six months. ok, that is enough. i _ overhauled twice in six months. ok, that is enough. i now can't hear the right _ that is enough. i now can't hear the right honourable gentleman at all. it is nothing to do with being old!

now, _ it is nothing to do with being old! now, quiet. it is nothing to do with being old! now. quiet-— it is nothing to do with being old! now, quiet._ let- it is nothing to do with being old! | now, quiet._ let me now, quiet. keir starmer. let me cive an now, quiet. keir starmer. let me give an example. _ now, quiet. keir starmer. let me give an example. it _ now, quiet. keir starmer. let me give an example. it is _ now, quiet. keir starmer. let me give an example. it is a _ now, quiet. keir starmer. let me give an example. it is a fraught i give an example. it is a fraught subject but when he was culture secretary the chancellor apparently took lessons on the rules of football. so let me provide a refresher. the amount of times his government has broken their fiscal rules, 11. that is one football team. the amount of times they are changed corporation tax policy, 22. that is two teams. you have got a game. but if he wants the post match analysis he will have to consultant the expert, i know the whole house will want to applaud that back on our screens. madam deputy speaker, a budget is ottjust about our screens. madam deputy speaker, a budget is ott just about the our screens. madam deputy speaker, a budget is ottjust about the choices made, but the choices ignored. britain needs more than certainty for growth, that is the least we should expect. we need change, stability and success, anyone

listening to this and worried are about nhs waiting lists, about crime going unpunished, they don�*t want to hear about the waiting lists. they don�*t want to hear about the crime going unpunished. house building rates falling, don�*t want to hear about that i suppose, do you? they will have heard very little that makes them feel hopeful about our future. they could have used sensible taxation policies is on non—domses or oil and gas company, and made the money work for working people. tack taele the vests interests that gum up the planning system, the investment we meed to turn us into a green growth superpower, that was the taste today. can we move beyond the usual sticking plaster solution, set a new direction for growth that serves the interests of working people? but i am afraid the verdict on this budget is clear. they won�*t offer change

because they can�*t. and so our course is set. managed decline, britain going backwards the sick man of europe once again. that is the britain they have created and they should look it in the eye. today�*s figures on growth put their failures up figures on growth put their failures up in light. after 13 years of tory sticking plaster politics, 13 years of no growth for the many, 13 years of no growth for the many, 13 years of being asked to pay, working people are entitled to ask, am i think better off than i was before? and after 13 years, with no excuses left, nobody left the blame, no ambition or answer, the resounding ange is no, and they know it xxxxanceis ange is no, and they know it xxxxance is no, and they know it. and that is the end of keir starmer, the labour leader�*s response to the

chance�*s budget, from jeremy hunt. he spoke for about 15 minutes or so, saying that the country was paying for 13 years of tory failure, that the global crises, that have hit everybody have hit the uk worse than other comparable country, the tories had made choices that armed home and they had made mistakes. he also said they had made mistakes. he also said they were stealing a lot of labour�*s policies, everything from the windfall tax to the offer that we heard there on childcare, although as of yet labour hadn�*t actually set out precisely what they were going do. he raised a as big issue of concern for a lot of people and those are the backlog, the waiting lists in the nhs. this is a bbc politics live special, we are with you until 3.00. with our experts here, chief political correspondent for the bbc nick eardley, faisal islam, we have simonjack, business

editor and pauljohnson hasjoined editor and pauljohnson has joined us editor and pauljohnson hasjoined us the director of the institute for fiscal studies. we will come to you in a moment. with can announce and confirm much of what we had expected in those key measures from jeremy hunt. inflation, to fall to 2.9% by the end of this year. confirmation of that rise, in corporation tax, from 19—25%, free childcare for working parents extended and the energy price guarantee maintained for another three months at £22500. the pension lifetime allowance has been abolished. defence spending increase of £11 billion over five year, that will take defence spending to 2.25%. 12 new entrepreneurial investment zones and fuel duty frozen for the 13th consecutive year, at a cost of round £6 billion. there is more. alcohol

duty to rise with inflation, as it normally does from august, but duty frozen on draft products in pubs. —— draught. full capital expensing introduced for three year, we will get simonjack to explain what that means and 400 million for levelling up means and 400 million for levelling up partnership, as you can see a raft of measures from the chancellor, new apprenticeships for over 505, a £100 million fund announced for charity, a new one hundred £1 million for artificial research and an extra £200 million for pothole funds next year. let us get initial thoughts, from editors before we talk to paul johnson, nick eardley. i suppose the most striking thing was at the beginning when the chancellor said that the uk will swerve, avoid what they call a technical recession, but

let us be frank, there is going to be a 0.2% contraction before growth returns. what did you make, generally of the budget? given that rishi sunak is _ generally of the budget? given that rishi sunak is staked _ generally of the budget? given that rishi sunak is staked much - generally of the budget? given that rishi sunak is staked much of- generally of the budget? given that rishi sunak is staked much of his i rishi sunak is staked much of his premiership on improving the economic picture from the one he inherited there was some ok, news in there, may be a slightly better picture, with the exception of the fact that the growth figures for the latter part of the forecast are down from what they were in the autumn. look, i mean the prime minister has made his big calls financially for this year about what he thinks he can dome to help households and persuade them. the energy bill, the childcare, the fuel duty will matter a lot, to a lot of people at home. there are some big supply side reforms as well, but there is one figure that has jumped out already from flicking through the dense book and it is on page eight, you might remember after the autumn statement, we were talking about disposable income for households and how that

would plummet. it is not as bad as it was but keir starmer finished saying people will ask are we better off? this says that in the two financial years there will be a cumulative 5.7% in disposable income for households, i suspect that is something the prime minister will be continued to be asked about. you heard the two attack lines you will get. a lot from labour. one is about the forecasts f for after 2025 being less than they were in the autumn, and the other is the decision to get rid of the lifetime allowance all together. they will portray that as another tax cut for the wealthy. it is the political question which is do you feel better off now, when it comes to the next election, than you did, when a party takes office. yes, the context is difficult for the government, because of the external shocks we talked about. but nick is

right about the sort of downgrading of growth in the sort of final two years, certainly into the election and out the other side. how positive or optimistic are you?— or optimistic are you? think think there is a broad _ or optimistic are you? think think there is a broad strategic - or optimistic are you? think think there is a broad strategic set - or optimistic are you? think think there is a broad strategic set of i there is a broad strategic set of decisions the government has made. growth is better than expected from november. they have a windfall. they have spent it, be clear what that mean, they have borrowed the money that within their rules they have the space to borrow, right, and that is roughly about 20 billion a year, thatis is roughly about 20 billion a year, that is not, you know... insignificant. and they have prioritised, business investment, getting people back to work, a bit of defence as we said and the general picture on growth is a kind of like micro surgery of lots of different types of measures, on business investment, on getting workers back in to try and shiftty growth so it makes an impact before the next election, some of the biggest louise mensches measures run

out after the election, that is why you get growth going down a bit after. it is maximising the bang for the buck but early, trying to give a deliverable impact i think for voters by the time of that election. what was your take away? thea;r voters by the time of that election. what was your take away? they were under enormous _ what was your take away? they were under enormous pressure _ what was your take away? they were under enormous pressure to - what was your take away? they were under enormous pressure to replace | under enormous pressure to replace something _ under enormous pressure to replace something called the superdeduction, which meant for every pound you invest _ which meant for every pound you invest you — which meant for every pound you invest you got 1.30 tax relief. they did it _ invest you got 1.30 tax relief. they did it as— invest you got 1.30 tax relief. they did it as expected that means that any pound — did it as expected that means that any pound you spend on it. plant and machinery— any pound you spend on it. plant and machinery can you can knock off profits _ machinery can you can knock off profits for — machinery can you can knock off profits for tax cuts. it will cost £9 billion _ profits for tax cuts. it will cost £9 billion a year for the next three years— £9 billion a year for the next three years when— £9 billion a year for the next three years when it runs out but they said they wanted to keep it in place as soon _ they wanted to keep it in place as soon as— they wanted to keep it in place as soon as it — they wanted to keep it in place as soon as it is — they wanted to keep it in place as soon as it is responsible to do so 0 it is cheaper— soon as it is responsible to do so 0 it is cheaper than the thing it replaces _ it is cheaper than the thing it replaces which was 12 billion a year. — replaces which was 12 billion a year. so — replaces which was 12 billion a year, so businesses will welcome that, _ year, so businesses will welcome that, think— year, so businesses will welcome that, think faisal is right, that business — that, think faisal is right, that business investment boom you will

see, hopefully, overthe next three years. _ see, hopefully, overthe next three years. after— see, hopefully, overthe next three years, after that, it disappears and maybe _ years, after that, it disappears and maybe that — years, after that, it disappears and maybe that could explain to some extent _ maybe that could explain to some extent why you are seeing weaker growth _ extent why you are seeing weaker growth after that business investment boom pet terses out. there _ investment boom pet terses out. there is— investment boom pet terses out. there is the point the economy will be better— there is the point the economy will be better in— there is the point the economy will be better in the short—term than we thought. _ be better in the short—term than we thought, which means that the percentage changes towards the end of the _ percentage changes towards the end of the period will be lower because you are _ of the period will be lower because you are changing the base. so i think— you are changing the base. so i think the — you are changing the base. so i think the businesses will largely welcome the fact they have something in place _ welcome the fact they have something in place for— welcome the fact they have something in place for the next three year, quite _ in place for the next three year, quite an— in place for the next three year, quite an omission, there will be omissions — quite an omission, there will be omissions here, there will be an omission— omissions here, there will be an omission having a low headline rate does nothing for business investment it, does nothing for business investment it. even— does nothing for business investment it, even though we have a lower headline — it, even though we have a lower headline tax rate, we still don't -et headline tax rate, we still don't get as— headline tax rate, we still don't get as much investment as others do, so that— get as much investment as others do, so that is— get as much investment as others do, so that is what they are trying to address — let�*s talk about the impact on households and families. the chancellor said that measures to help people this year and next amount to £94 billion, that inflation will fall, he says, the

office for budget responsibility underlines the hope that inflation will fall to 2.9% by the end of this year. so, prices will come down. but theissue year. so, prices will come down. but the issue of pay still hasn�*t been resolved. that wasn�*t talked about. we know there are strikes ongoing. there was nothing about dealing with people�*s pay? there was nothing about dealing with pe0ple's pay?— there was nothing about dealing with peeple's pay?— people's pay? let's be clear, prices aren't coming _ people's pay? let's be clear, prices aren't coming down, _ people's pay? let's be clear, prices aren't coming down, they _ people's pay? let's be clear, prices aren't coming down, they are - people's pay? let's be clear, prices aren't coming down, they are just l aren�*t coming down, they are just expected to go up more slowly. it�*s quite striking, actually come inflation down to less than 3% by the end of the year, from 10% at the beginning. but, nevertheless, as nick was saying, over this two—year period, households can expect to be substantially less well off on average than they were at the beginning of it, and looking at the obr figures, no better off than they were a decade ago. households aren�*t going to be feeling great at the end of this. part of the reason is something the chancellor didn�*t mansion, a great big tax rise coming

next month. that is the holding of personal tax allowances and thresholds where they are, which when inflation is very high means more and more of your income gets dragged into tax, or if you are a higher taxpayer, dragged into tax, or if you are a highertaxpayer, moore dragged into tax, or if you are a higher taxpayer, moore gets dragged into higher tax, that means £1000 loss for a basic rate taxpayer, taxpayer. loss for a basic rate taxpayer, taxpayer-_ loss for a basic rate taxpayer, taxa er. ~ ~' ., . j~ j~ taxpayer. we know there are 8.8 million peeple — taxpayer. we know there are 8.8 million people in _ taxpayer. we know there are 8.8 million people in the _ taxpayer. we know there are 8.8 million people in the uk - taxpayer. we know there are 8.8 million people in the uk termed | taxpayer. we know there are 8.8 i million people in the uk termed as currently economically inactive, as they are called, in the official figures. well, your mind, the chancer figures. well, your mind, the chancel�*s announcements, for example on childcare, the author on childcare, get significant numbers of those people back to where? it�*s of those people back to where? it's reall of those people back to where? it�*s really hard to make a big difference here. even the child care packages expected only to get a view tens of more mothers, mostly, back into work. now that is obviously uncertain, but we know that, actually, a lot of people don�*t even take up what they are entitled for

for a three under four—year—old. some of that will just leave people better off, which they will clearly better off, which they will clearly be pleased about. i think the changes to pension rules will make very little difference at all to the number of people in work. the idea was to directly _ number of people in work. the idea was to directly target _ number of people in work. the idea was to directly target that - number of people in work. the idea was to directly target that asked i was to directly target that asked doctors, for example, not leaving the workforce, or even returning to work. i the workforce, or even returning to work. ~' , ., ., ., ., work. i think if you want to target some thing _ work. i think if you want to target some thing a _ work. i think if you want to target some thing a doctor's _ work. i think if you want to target some thing a doctor's community| work. i think if you want to target i some thing a doctor's community to some thing a doctor�*s community to sort out the nhs pension scheme. it was not sensible to change the entire tax system in order to sort out a problem that was essentially a problem with the way that the nhs pension scheme works. that said, i think there�*s quite a lot to be said for people more flexibility to save for people more flexibility to save for retirement, but there are all sorts of other things that ought to have been done at the same time. there are some seriously excessive bits of support through the pension system which were not addressed. what about the impact on economic growth, to go back to that? with these measures, to get people back to work, even if it is tens of thousands that you talk about, is it going to have a direct impact on growth? it going to have a direct impact on urowth? ., going to have a direct impact on urowth? . ., , ., .,

growth? it will have a bit of an im act growth? it will have a bit of an impact over— growth? it will have a bit of an impact over this _ growth? it will have a bit of an impact over this period. - growth? it will have a bit of an impact over this period. not i growth? it will have a bit of an impact over this period. not a | growth? it will have a bit of an - impact over this period. not a huge one. it�*s difficult for governments to have big effects in the short run. i think if you were to build on this, budget by budget you are making things better, in terms of labour force, making things better, in terms of labourforce, in terms making things better, in terms of labour force, in terms of corporate tax system, that does make a big difference in the long run. you can�*t expect to see a big difference just from something like this. but it�*s disappointing, for example, what is quite a sensible corporation tax reform, allowing for expensing, only for three years, it leaves companies for the continued uncertainty about the structure of the system on the way that has been messed around with, year on year, is more damaging than the overall level. ., more damaging than the overall level. . . ., ,., level. can i come in with something? the obr report. _ level. can i come in with something? the obr report, they _ level. can i come in with something? the obr report, they say, _ level. can i come in with something? the obr report, they say, as - level. can i come in with something? the obr report, they say, as a - the obr report, they say, as a tempera — the obr report, they say, as a tempera measure, we assume that the budget— tempera measure, we assume that the budget has— tempera measure, we assume that the budget has no long—term impact on the total— budget has no long—term impact on the total stock of business investment, and all additional investment, and all additional investment is displaced in future years _ investment is displaced in future years you — investment is displaced in future years. you literally get a pre—election boom in business investment, then it falls below the level that —

investment, then it falls below the level that it would have done with the policy — level that it would have done with the policy. for the obr to say there is no _ the policy. for the obr to say there is no overall— the policy. for the obr to say there is no overall impact, well, you know. — is no overall impact, well, you know, people will be raising questions about the certainty, you have whacked up the rate, waited until the — have whacked up the rate, waited until the last moment to come up with the _ until the last moment to come up with the expensing to replace the super— with the expensing to replace the super reduction, they could have done _ super reduction, they could have done with— super reduction, they could have done with knowing that if they were going _ done with knowing that if they were going to _ done with knowing that if they were going to build a factory. now they don't _ going to build a factory. now they don't know if it is going to end, is it not. _ don't know if it is going to end, is it not. is— don't know if it is going to end, is it not. is it — don't know if it is going to end, is it not, is it for a future coming to work— it not, is it for a future coming to work out — it not, is it for a future coming to work out if— it not, is it for a future coming to work out if it _ it not, is it for a future coming to work out if it is too expensive? that _ work out if it is too expensive? that is — work out if it is too expensive? that is the _ work out if it is too expensive? that is the obr forecast. looking aaain at that is the obr forecast. looking again at what _ that is the obr forecast. looking again at what happens _ again at what happens around election year and beyond, because of course budgets political, the chancellor, jeremy hunt, when talking about public spending, public spinning has been going up, it will go up less in future years, but a lot of it is going to go to defence. we now know there is a big announcement of £11 billion over five years to defence. what will that mean for other departments that are not protected?—

are not protected? three things, firstl , it are not protected? three things, firstly. it really — are not protected? three things, firstly, it really is _ are not protected? three things, firstly, it really is the _ are not protected? three things, firstly, it really is the case - are not protected? three things, firstly, it really is the case of- firstly, it really is the case of public — firstly, it really is the case of public spending _ firstly, it really is the case of public spending has - firstly, it really is the case of public spending has risen - firstly, it really is the case of. public spending has risen really quite _ public spending has risen really quite forcefully _ public spending has risen really quite forcefully with _ public spending has risen really quite forcefully with this - quite forcefully with this parliament. _ quite forcefully with this parliament. we - quite forcefully with this parliament. we are - quite forcefully with this parliament. we are way| quite forcefully with this - parliament. we are way past austerity. _ parliament. we are way past austerity. we _ parliament. we are way past austerity, we have _ parliament. we are way past austerity, we have had - parliament. we are way pastl austerity, we have had bigger parliament. we are way past - austerity, we have had bigger than average _ austerity, we have had bigger than average increases. _ austerity, we have had bigger than average increases.— average increases. over 2.5%. absolutely. — average increases. over 2.5%. absolutely, quite _ average increases. over 2.5%. absolutely, quite big. - average increases. over2.5%. absolutely, quite big. but- average increases. over 2.5%. - absolutely, quite big. but pencilled in for— absolutely, quite big. but pencilled in forthe _ absolutely, quite big. but pencilled in for the next _ absolutely, quite big. but pencilled in for the next parliament - absolutely, quite big. but pencilled in for the next parliament is- absolutely, quite big. but pencilled in for the next parliament is 1%- absolutely, quite big. but pencilled in for the next parliament is 1% per| in for the next parliament is 1% per year~ _ in for the next parliament is 1% per year~ that — in for the next parliament is 1% per year~ that is — in for the next parliament is 1% per year. that is really— in for the next parliament is 1% per year. that is really very— in for the next parliament is 1% per year. that is really very tight. - in for the next parliament is 1% per year. that is really very tight. we i year. that is really very tight. we know _ year. that is really very tight. we know that — year. that is really very tight. we know that health _ year. that is really very tight. we know that health will— year. that is really very tight. we know that health will get - year. that is really very tight. we know that health will get more i know that health will get more money. — know that health will get more money. it— know that health will get more money, it always _ know that health will get more money, it always does. - know that health will get more money, it always does. we - know that health will get more i money, it always does. we have pledges — money, it always does. we have pledges on — money, it always does. we have pledges on defence, _ money, it always does. we have pledges on defence, some - money, it always does. we have pledges on defence, some of. money, it always does. we have| pledges on defence, some of the childcare — pledges on defence, some of the childcare funding _ pledges on defence, some of the childcare funding may _ pledges on defence, some of the childcare funding may come - pledges on defence, some of the childcare funding may come out. childcare funding may come out of that _ childcare funding may come out of that it _ childcare funding may come out of that it will— childcare funding may come out of that. it will be _ childcare funding may come out of that. it will be very— childcare funding may come out of that. it will be very tough. - childcare funding may come out of that. it will be very tough. it - childcare funding may come out of that. it will be very tough. it is - that. it will be very tough. it is not a _ that. it will be very tough. it is not a firm _ that. it will be very tough. it is not a firm plan, _ that. it will be very tough. it is not a firm plan, we _ that. it will be very tough. it is not a firm plan, we haven't- that. it will be very tough. it is| not a firm plan, we haven't had that. it will be very tough. it is i not a firm plan, we haven't had a spending — not a firm plan, we haven't had a spending review, _ not a firm plan, we haven't had a spending review, and _ not a firm plan, we haven't had a spending review, and whoever. not a firm plan, we haven't had a i spending review, and whoever wins the next _ spending review, and whoever wins the next election— spending review, and whoever wins the next election will— spending review, and whoever wins the next election will review - spending review, and whoever wins the next election will review that. i the next election will review that. the reason — the next election will review that. the reason the _ the next election will review that. the reason the chancel— the next election will review that. the reason the chancel has - the next election will review that. the reason the chancel has put i the next election will review that. j the reason the chancel has put 1% the next election will review that. i the reason the chancel has put 1% in after the _ the reason the chancel has put 1% in after the election— the reason the chancel has put 1% in after the election year, _ the reason the chancel has put 1% in after the election year, it _ the reason the chancel has put 1% in after the election year, it makes - after the election year, it makes his fiscal— after the election year, it makes his fiscal numbers _ after the election year, it makes his fiscal numbers add _ after the election year, it makes his fiscal numbers add up. - after the election year, it makes his fiscal numbers add up. so i after the election year, it makesj his fiscal numbers add up. so he says— his fiscal numbers add up. so he says that. — his fiscal numbers add up. so he says that. but _ his fiscal numbers add up. so he says that, but they— his fiscal numbers add up. so he says that, but they are - his fiscal numbers add up. so he says that, but they are pencilledj his fiscal numbers add up. so he i says that, but they are pencilled in numbers— says that, but they are pencilled in numbers that — says that, but they are pencilled in numbers that i _ says that, but they are pencilled in numbers that i suspect _ says that, but they are pencilled in numbers that i suspect will- says that, but they are pencilled in numbers that i suspect will not - says that, but they are pencilled in numbers that i suspect will not bel numbers that i suspect will not be kept to _ numbers that i suspect will not be ke -t to. . ~ numbers that i suspect will not be ket to. w' . , numbers that i suspect will not be ketto. . , v numbers that i suspect will not be ketto. . , �*, .,

kept to. nick eardley, let's go back to the issue — kept to. nick eardley, let's go back to the issue of _ kept to. nick eardley, let's go back to the issue of inflation, _ kept to. nick eardley, let's go back to the issue of inflation, because i to the issue of inflation, because thatis to the issue of inflation, because that is one of the priorities, one of those three economic priorities of those three economic priorities of rishi sunak. he is confident, or jeremy hunt is confident, it will go down to 2.9%. how big a deal is that for the government?— for the government? well, the 2.9% fiuure, i for the government? well, the 2.9% figure. i think _ for the government? well, the 2.9% figure. i think it— for the government? well, the 2.9% figure, i think it is _ for the government? well, the 2.9% figure, i think it is one _ for the government? well, the 2.9% figure, i think it is one that - for the government? well, the 2.9% figure, i think it is one that will- figure, i think it is one that will absolutely have delighted the treasury when they saw it. it�*s more than the target of halving inflation. it puts them in a much better place. politically, that will better place. politically, that will be seen as a bit of a win. the other thing to bear in mind is that everybody expected inflation to go down considerably. so everybody expected inflation to go down considerably.— down considerably. so nothing the government _ down considerably. so nothing the government is _ down considerably. so nothing the government is doing? _ down considerably. so nothing the government is doing? it _ down considerably. so nothing the government is doing? it would - down considerably. so nothing the. government is doing? it would have done it itself, _ government is doing? it would have done it itself, if— government is doing? it would have done it itself, if prices _ government is doing? it would have done it itself, if prices are - government is doing? it would have done it itself, if prices are higher. done it itself, if prices are higher this year. — done it itself, if prices are higher this year, by the time you get to the same — this year, by the time you get to the same place next year, wholesale prices _ the same place next year, wholesale prices are _ the same place next year, wholesale prices are coming down more than expected — prices are coming down more than expected i— prices are coming down more than expected. i don't think you can give the government an enormous amount of credit for— the government an enormous amount of credit for that, just happens as a

numerical— credit for that, just happens as a numerical thing on its own. well, the will numerical thing on its own. well, they will give _ numerical thing on its own. well, they will give themselves - numerical thing on its own. well, they will give themselves credit. | they will give themselves credit. lets welcomejohn glen from the government, chief secretary to the treasury. and, of course, a member of rishi sunak�*s cabinet. you want to pick up on that point? nothing to do with government, the figures were coming down anyway. and, thank goodness is what people will say, from 10%, a record high, to 2.9%. not until the end of this year. i think most people will be pretty relieved that inflation, which erodes their savings and the value of money, will be lower by the end of money, will be lower by the end of the year. is of money, will be lower by the end of the year-— of the year. is it anything to do with you? _ of the year. is it anything to do with you? you _ of the year. is it anything to do with you? you have _ of the year. is it anything to do with you? you have to - of the year. is it anything to do with you? you have to have - with you? you have to have discipline — with you? you have to have discipline in _ with you? you have to have discipline in how _ with you? you have to have discipline in how you - with you? you have to have discipline in how you spend| with you? you have to have - discipline in how you spend money to avoid inflationary pressures. the conversations i have with colleagues is about how we can spend money wisely, how can we prioritise investment in public services and make sure we look after public interest? one of the areas you haven�*t spent, whether it is wise or

not, is up for the public and voters to decide, the issue of pay. we�*ve already talked about and it was workers that are out on strike, junior doctors, civil servants, london underground staff, it is causing disruption and misery for the public. there is nothing on pay. whether you have spent and wise or not, you certainly haven�*t spent it on that, so we can look forward to more strikes? brute on that, so we can look forward to more strikes?— on that, so we can look forward to more strikes? we are in negotiations with a number— more strikes? we are in negotiations with a number of— more strikes? we are in negotiations with a number of workforces, - more strikes? we are in negotiations with a number of workforces, i - with a number of workforces, i welcome — with a number of workforces, i welcome that and i think a lot of progress — welcome that and i think a lot of progress is being made. the question will have _ progress is being made. the question will have to _ progress is being made. the question will have to be, we get to at the end of— will have to be, we get to at the end of that, in terms the settlements? i don't think you would be expecting us to put numbers in the budget for ongoing negotiations. are you _ the budget for ongoing negotiations. are you close to a resolution? i�*m are you close to a resolution? i'm not iioin are you close to a resolution? i'm not going to _ are you close to a resolution? i'm not going to give a running commentary on conversations happening between my colleagues and unions _ happening between my colleagues and unions |_ happening between my colleagues and unions. .. �* happening between my colleagues and unions. ., �* . unions. i don't need a running commentary. _ unions. i don't need a running commentary, we _ unions. i don't need a running commentary, we get - unions. i don't need a running commentary, we get into - unions. i don't need a running commentary, we get into a i commentary, we get into a resolution?— commentary, we get into a resolution? ., ~ ., . , . resolution? some workforces are havini resolution? some workforces are having conversations, _ resolution? some workforces are having conversations, that - resolution? some workforces are having conversations, that is - having conversations, that is welcome _ having conversations, that is welcome. do having conversations, that is welcome-— having conversations, that is welcome. ~ .. having conversations, that is welcome. ., .. , welcome. do think some of the money ou have,

welcome. do think some of the money you have, admittedly— welcome. do think some of the money you have, admittedly borrowing, - you have, admittedly borrowing, could have been spent on trying to resolve pay disputes question he spent £3 billion on freezing fuel duty, for example. if we have a look at the changes in pay since 2010, you will see private sector workers at 1.9%, and look at all public sector workers. on average, they have seen their pay go down nearly 8%. forteachers have seen their pay go down nearly 8%. for teachers specifically, have seen their pay go down nearly 8%. forteachers specifically, it have seen their pay go down nearly 8%. for teachers specifically, it is even worse, their pay has been cut by 11% in real terms. nurse pay, cut by 11% in real terms. nurse pay, cut by 10%. you�*ve been in office for 13 years, you have delivered a tiny pay rise in all that time for some workers, and for many others a big cut. it�*s been a failure? that workers, and for many others a big cut. it's been a failure?— cut. it's been a failure? that is wh i cut. it's been a failure? that is why i very _ cut. it's been a failure? that is why i very much _ cut. it's been a failure? that is why i very much hope - cut. it's been a failure? that is why i very much hope we - cut. it's been a failure? that is why i very much hope we will i cut. it's been a failure? that is i why i very much hope we will get cut. it's been a failure? that is - why i very much hope we will get to a resolution. but why i very much hope we will get to a resolution-— a resolution. but you admit it is a failure of conservative _ a resolution. but you admit it is a i failure of conservative government? i don�*t, what i am saying is that we are in negotiations, i�*m not offering a running commentary, i want is to resolve those, as the whole country does. i5 want is to resolve those, as the whole country does.— whole country does. is the that workers have _

whole country does. is the that workers have felt _ whole country does. is the that workers have felt justified - whole country does. is the that workers have feltjustified in i whole country does. is the that. workers have feltjustified in going out on strike in the numbers they have? i out on strike in the numbers they have? . . . ., have? i understand, with inflation at 10%, have? i understand, with inflation at 10%. people — have? i understand, with inflation at 10%, people felt _ have? i understand, with inflation at 10%, people felt the _ have? i understand, with inflation at 10%, people felt the pressure. | at 10%, people felt the pressure. that is why it is really good that inflation is going down, because of the disciplined approach we are taking to our public finances, and the way we are managing the economy. i think a lot of workforces will be very pleased that inflation is going to go below the target of 2% next year as well. so, there is some good news, and it�*s because we have taken a very disciplined approach since the autumn statementjust former and the autumn statement just former and a the autumn statementjust former and a half months ago. can ijust say, former and a half months ago, you had me on here and we were talking about a recession. let�*s not forget, the obr today has said that we are not going to go into recession. i am not going to go into recession. i am not complacent about the challenges of getting growth in this economy. but we can draw some comfort from the fact that the obr has said that due to the measures in this budget today they have put the growth forecast up higher than they have donein forecast up higher than they have done in any previous forecast. you sa we done in any previous forecast. you say we have _ done in any previous forecast. you say we have avoided recession,

technically we have avoided recession. at the economy is going to contract this year by 0.5%. i�*m to contract this year by 0.5%. i'm not complacent, _ to contract this year by 0.5%. in not complacent, the whole emphasis of the chancellor�*s remarks were about growth, getting more people into the workforce, making strategic investments in the industries of the future, to ensure that we can beat those forecasts, as we obviously did with what happened in the autumn statement. .. �* .. with what happened in the autumn statement. ., �* ., . ., with what happened in the autumn statement. ., . ., ., statement. you've got a long way to i o, statement. you've got a long way to no, let's statement. you've got a long way to go. let's remind — statement. you've got a long way to go, let's remind our— statement. you've got a long way to go, let's remind our viewers - go, let�*s remind our viewers of where we are. there we are, languishing at the bottom. this is economic growth since the pandemic at -0.8%. ~ ., ., .,, economic growth since the pandemic at-0.8%. ., , ., economic growth since the pandemic. at -0-8%-_ yes. at -0.8%. what about last year? yes, i know, at -0.8%. what about last year? yes, i know. this — at -0.8%. what about last year? yes, i know. this is — at -0.8%. what about last year? yes, i know, this is taking... _ at -0.8%. what about last year? yes, i know, this is taking... we _ at -0.8%. what about last year? yes, i know, this is taking... we can - i know, this is taking... we can all pick statistics. we i know, this is taking. .. we can all pick statistics.— i know, this is taking... we can all pick statistics. we can look at 2010 and u- to pick statistics. we can look at 2010 and up to 2020- — pick statistics. we can look at 2010 and up to 2020. the _ pick statistics. we can look at 2010 and up to 2020. the last _ pick statistics. we can look at 2010 and up to 2020. the last 12 - pick statistics. we can look at 2010 and up to 2020. the last 12 years, | and up to 2020. the last 12 years, the growth in the economy was 21% over 2010—20. the growth in the economy was 21% over2010—20. it the growth in the economy was 21% over 2010—20. it went up by 21% in the middle of the g7. last year, we had the highest growth in the g7. of

course i recognise the challenges that we face this year, and that is why the chancellor has brought forward the measures that he has today. forward the measures that he has toda . .. . , forward the measures that he has toda . ., . , . forward the measures that he has toda. .,. , ., today. productivity are still low, three years _ today. productivity are still low, three years since _ today. productivity are still low, three years since the _ today. productivity are still low, three years since the pandemic, today. productivity are still low, i three years since the pandemic, all of these countries have had the same challenges as us in terms of a war in ukraine and in terms of the pandemic. and yet there we are, at the bottom. just before i open it up to the editors, it�*s also true to say that the growth forecast had been downgraded for the years 26—27. yes, it recovers to 2.5%, local growth levels, and then it drops lower than the forecast. i5 growth levels, and then it drops lower than the forecast. is a lower than the forecast. is a treasury _ lower than the forecast. is a treasury minister, - lower than the forecast. is a treasury minister, i- lower than the forecast. i3 —. treasury minister, i regard all of these to be challenged and to be beaten. because it is important that we aren�*t complacent and that we have the energy to drive growth in this economy. can we talk about some of the substance of the budget? it would be good too.— would be good too. faisal islam, economics _ would be good too. faisal islam, economics editor, _ would be good too. faisal islam, economics editor, good - would be good too. faisal islam, economics editor, good to - would be good too. faisal islam, economics editor, good to have l would be good too. faisal islam, i economics editor, good to have you on. economics editor, good to have you on 0n—

economics editor, good to have you on on the — economics editor, good to have you on. on the two core issues you are seeking _ on. on the two core issues you are seeking to— on. on the two core issues you are seeking to invest, the business investment problem, you will agree that as _ investment problem, you will agree that as a _ investment problem, you will agree that as a problem, and the worker shortages — that as a problem, and the worker shortages issue, both of them have been _ shortages issue, both of them have been created on your watch. so, you are doing _ been created on your watch. so, you are doing a _ been created on your watch. so, you are doing a policy problem created by a conservative government. well, the challenger— by a conservative government. well, the challenger productivity _ by a conservative government. -ii the challenger productivity has endured over, i think, several governments. i think that is and reasonable. —— the challenge of productivity. george osborne made a decision to reduce headline rates of corporation tax, but we didn�*t see sustained investment. loafers. corporation tax, but we didn't see sustained investment.— sustained investment. was that a mistake? in _ sustained investment. was that a mistake? in the _ sustained investment. was that a mistake? in the course _ sustained investment. was that a mistake? in the course of - sustained investment. was that a mistake? in the course of time, i | mistake? in the course of time, i think it has _ mistake? in the course of time, i think it has proved _ mistake? in the course of time, i think it has proved better - mistake? in the course of time, i think it has proved better to - mistake? in the course of time, i think it has proved better to go i mistake? in the course of time, i | think it has proved better to go to a model where we actually changed to still make our corporation tax most competitive in the g7, but have full expensing for investment. and we have given up three years, 100%, with the intention when we can do so, as soon as we can, beyond that. it's so, as soon as we can, beyond that. it�*s a bit of a fiscal fiddle, it's a bit of a fiscal fiddle, the 0br— it's a bit of a fiscal fiddle, the obr literally say there is no longer an impact—

obr literally say there is no longer an impact from that move, all of the additional— an impact from that move, all of the additional investment is ultimately displaced in future years. you have stolen _ displaced in future years. you have stolen from — displaced in future years. you have stolen from the future, to put it before _ stolen from the future, to put it before an — stolen from the future, to put it before an election? given the costings, in the score card by the obr, that wasn�*t possible at this fiscal event. the option that the cbi said was to do 50% to start with, and if we wanted to go to 100% we would have december placed it more in the first few years because people would have said let us wait until... what we want is we want to get that investment as quickly as possible and endure and make it credible as soon as we can. the problem is businesses chop and change too much. you the problem is businesses chop and change too much.— change too much. you have a superdeduction _ change too much. you have a superdeduction which - change too much. you have a superdeduction which allows | change too much. you have a - superdeduction which allows you, and that comes _ superdeduction which allows you, and that comes to an end at the same time _ that comes to an end at the same time that— that comes to an end at the same time that corporation tax goes up, wiping _ time that corporation tax goes up, wiping out — time that corporation tax goes up, wiping out an entire decade but then you put— wiping out an entire decade but then you put in— wiping out an entire decade but then you put in this full expensing.

we announced the corporation tax two years ago, we are now delivering it, we have had only the top 10% pay that higher rate which is the low nest the g7. we have a taper for those businesses that have profits between 50 and 250,000 meaning they don�*t pay that higher rate. the full expensing is a replacement of what has just ended expensing is a replacement of what hasjust ended in expensing is a replacement of what has just ended in terms of the allowances the previous chancellor had. it allowances the previous chancellor had. . . allowances the previous chancellor had. , ., . ., , allowances the previous chancellor had. it is a cheaper replacement. it is less generous _ had. it is a cheaper replacement. it is less generous than _ had. it is a cheaper replacement. it is less generous than the _ is less generous than the superdeduction, it is 9 billion and the superdeduction is 12 billion. not at _ the superdeduction is 12 billion. not at the rate at the time. time. corporation tax has gone up. haifa corporation tax has gone up. how will this feel — corporation tax has gone up. how will this feel for _ corporation tax has gone up. how will this feel for voters? it is all very— will this feel for voters? it is all very well— will this feel for voters? it is all very well talking _ will this feel for voters? it is all very well talking about - will this feel for voters? it is alli very well talking about economic growth _ very well talking about economic growth but — very well talking about economic growth but this _ very well talking about economic growth but this document, - very well talking about economic growth but this document, the i very well talking about economic i growth but this document, the obr shows— growth but this document, the obr shows people — growth but this document, the obr shows people will— growth but this document, the obr shows people will be _ growth but this document, the obr shows people will be paying - growth but this document, the obr shows people will be paying more i growth but this document, the obri shows people will be paying more tax than they— shows people will be paying more tax than they have — shows people will be paying more tax than they have ever— shows people will be paying more tax than they have ever paid, _ shows people will be paying more tax than they have ever paid, it— shows people will be paying more tax than they have ever paid, it is- than they have ever paid, it is going — than they have ever paid, it is going to — than they have ever paid, it is going to keepm _ than they have ever paid, it is going to keep. . ._ than they have ever paid, it is going to keep... less than france. let us talk — going to keep... less than france. let us talk about _ going to keep... less than france. let us talk about what _ going to keep... less than france. let us talk about what it _ going to keep... less than france. let us talk about what it means i going to keep... less than france. | let us talk about what it means for people _ let us talk about what it means for people in— let us talk about what it means for people in the — let us talk about what it means for people in the uk. _ let us talk about what it means for people in the uk, more— let us talk about what it means for

people in the uk, more tax- let us talk about what it means for people in the uk, more tax will. let us talk about what it means for people in the uk, more tax will be| people in the uk, more tax will be paid by— people in the uk, more tax will be paid by the — people in the uk, more tax will be paid by the public _ people in the uk, more tax will be paid by the public. it _ people in the uk, more tax will be paid by the public. it will- people in the uk, more tax will be paid by the public. it will continue| paid by the public. it will continue to go— paid by the public. it will continue to go up— paid by the public. it will continue to go up because _ paid by the public. it will continue to go up because you _ paid by the public. it will continue to go up because you have - paid by the public. it will continue to go up because you have frozen| paid by the public. it will continue . to go up because you have frozen the thresholds— to go up because you have frozen the thresholds but— to go up because you have frozen the thresholds but at _ to go up because you have frozen the thresholds but at the _ to go up because you have frozen the thresholds but at the same _ to go up because you have frozen the thresholds but at the same time - thresholds but at the same time household — thresholds but at the same time household disposable _ thresholds but at the same time household disposable income i thresholds but at the same time household disposable income is| thresholds but at the same time - household disposable income is going to be 6% _ household disposable income is going to be 6% lower— household disposable income is going to be 6% lower by— household disposable income is going to be 6% lower by the _ household disposable income is going to be 6% lower by the end _ household disposable income is going to be 6% lower by the end of- household disposable income is going to be 6% lower by the end of 2024. i to be 6% lower by the end of 2024. that is _ to be 6% lower by the end of 2024. that is the — to be 6% lower by the end of 2024. that is the legacy _ to be 6% lower by the end of 2024. that is the legacy of _ to be 6% lower by the end of 2024. that is the legacy of this _ that is the legacy of this government. _ that is the legacy of this government.— that is the legacy of this government. . , , , government. the sad reality is, is that we had _ government. the sad reality is, is that we had a _ government. the sad reality is, is that we had a once _ government. the sad reality is, is that we had a once in _ government. the sad reality is, is that we had a once in a _ government. the sad reality is, is that we had a once in a one - government. the sad reality is, is i that we had a once in a one hundred year pandemic where we borrowed £300 billion. when we came out of that, we had the first war on top continent of europe since the second world war. necessitating spending 80-90 world war. necessitating spending 80—90 billion supporting families which we have in the budget announced we will continue to support another three month, that has imly cases, £110 billion we are spending, more than any other department apart from the nhs, that is the reality of the challenges that we face, i don�*t think most people would think that covid or the war in ukraine were the responsibility and fault of the conservative government. i suppose the ointi conservative government. i suppose the point i am — conservative government. i suppose the point i am asking _ conservative government. i suppose the point i am asking you, _ conservative government. i suppose the point i am asking you, is - conservative government. i suppose the point i am asking you, is it - conservative government. i suppose the point i am asking you, is it is - the point i am asking you, is it is all fine _

the point i am asking you, is it is all fine and — the point i am asking you, is it is all fine and well talking about this economic— all fine and well talking about this economic growth, you be honest with people. _ economic growth, you be honest with people, they will feel poorer in a couple _ people, they will feel poorer in a couple of— people, they will feel poorer in a couple of years' time than now. all i can couple of years' time than now. i can say is 4.5 couple of years' time than now. fill i can say is 4.5 months ago when i came into this role. i i can say is 4.5 months ago when i came into this role.— came into this role. i am going by the obr figures. _ came into this role. i am going by the obr figures. so _ came into this role. i am going by the obr figures. so am _ came into this role. i am going by the obr figures. so am i. - came into this role. i am going by the obr figures. so am i. we - came into this role. i am going by. the obr figures. so am i. we were facina the obr figures. so am i. we were facing recession, _ the obr figures. so am i. we were facing recession, the _ the obr figures. so am i. we were facing recession, the obr - the obr figures. so am i. we were facing recession, the obr say - the obr figures. so am i. we were facing recession, the obr say we i the obr figures. so am i. we were i facing recession, the obr say we are not now. what we are facing is a growth challenge, and that is what the chancellor has set out today. trying to get more people into work, more people to stay in employment. investing in practical interventions that drive the industries of the future with regulatory changes we couldn�*t have made when we were part of the framework of the eu. iiiiai’itln couldn't have made when we were part of the framework of the eu.— of the framework of the eu. with the ension of the framework of the eu. with the pension decisions _ of the framework of the eu. with the pension decisions they _ of the framework of the eu. with the pension decisions they will _ of the framework of the eu. with the pension decisions they will cost - pension decisions they will cost about a billion pounds a year in the next couple of year, that is a massive tax cut for the rich. why didn�*t you willem dafoes can this on doctors? it didn't you willem dafoes can this on doctors? . ' :: :: :: ., , .,, doctors? it gets 15,000 more people in the workforce, _ doctors? it gets 15,000 more people in the workforce, and _ doctors? it gets 15,000 more people in the workforce, and what _ doctors? it gets 15,000 more people in the workforce, and what you - doctors? it gets 15,000 more people in the workforce, and what you find i in the workforce, and what you find at the time, is there are many people who in senior people in the

civil service, and in other professions, who would face a similar challenge and there would be legal risks round that, so, our primary driver is to sort this out for consultant, we think it has an impact on people willing to stay but it has a positive effect in the economy as a whole.- it has a positive effect in the economy as a whole. you did it a coule economy as a whole. you did it a couple of — economy as a whole. you did it a couple of years _ economy as a whole. you did it a couple of years ago _ economy as a whole. you did it a couple of years ago for— economy as a whole. you did it a couple of years ago forjudges. i economy as a whole. you did it a i couple of years ago forjudges. and gave them a specific pension scheme, because of reattention issue, you could have done that for doctors instead it looks like a tax cut it instead it looks like a tax cut if is a bit more complicated than that, when you look at different senior workforces that would launch legal challenges round the lack of equivalents to out. why is why. we have talked a bit about tax, you know there are colleagues of yours, conservative mps, know there are colleagues of yours, conservative mp5, i am sure they are delighted. they would like do you cut taxes, in order to get the economy going, is that what, but what did you say, you disappointed them? ~ . what did you say, you disappointed them? . ., ,

what did you say, you disappointed them? . . , ., what did you say, you disappointed them? . . , . ., them? what i said is we have to get inflation down, _ them? what i said is we have to get inflation down, growth _ them? what i said is we have to get inflation down, growth going - them? what i said is we have to get inflation down, growth going in - them? what i said is we have to get inflation down, growth going in the| inflation down, growth going in the economy, we have to get debt falling and deal with the challenges we face in the nhs and with the small bite, nose are the prime minister�*s priority, we can�*t do everything simultaneously. priority, we can't do everything simultaneously.— priority, we can't do everything simultaneously. priority, we can't do everything simultaneousl . ., . , . . simultaneously. you have been a tax raising govent. _ simultaneously. you have been a tax raising govent. is — simultaneously. you have been a tax raising govent, is that _ simultaneously. you have been a tax raising govent, is that what - simultaneously. you have been a tax raising govent, is that what you - raising govent, is that what you said to them too? you have raise it the corporation tax, we were prepared for, you have frozen the income tax threshold and overall, the level of tax in this country is at an historic high, so you have been a tax raising government. brute been a tax raising government. we sent, been a tax raising government. - spent, borrowed unexpectedly, tens of billions to support the british economy through a pandemic. that is why we need to have taxes, to deal with temperature investment in public services. is— public services. is except that rishi sunak, _ public services. is except that rishi sunak, last _ public services. is except that rishi sunak, last summer, i public services. is except that rishi sunak, last summer, soj public services. is except that i rishi sunak, last summer, so we public services. is except that - rishi sunak, last summer, so we had had the pandemic, we had also got into the war in ukraine, and he was still promising then to cut taxes, quite significantly, there is an

issue of trust. even your own politicians won�*t trust you. i issue of trust. even your own politicians won't trust you. i don't think so. politicians won't trust you. i don't think so- we _ politicians won't trust you. i don't think so. we know _ politicians won't trust you. i don't think so. we know what - politicians won't trust you. i don't| think so. we know what happened politicians won't trust you. i don't i think so. we know what happened in the autumn, we mow when the chancellor came in, in a matter of days he reversed those aspect of the mini budget and we have tried to bring stability and address the growth challenge. most of those people viewing this will understand the fact when you spend and borrow a lot of money, you can�*t then immediately give it all back until you have paid it back, and got more growth into the economy, and that is of course what we are trying to be of course what we are trying to he do. of course what we are trying to be do. . . of course what we are trying to be do. ., , ., , do. that is an interesting judgement. _ do. that is an interesting judgement, you - do. that is an interesting judgement, you have - do. that is an interesting i judgement, you have talked do. that is an interesting - judgement, you have talked about do. that is an interesting _ judgement, you have talked about the increase _ judgement, you have talked about the increase in— judgement, you have talked about the increase in growth, avoiding a recession. _ increase in growth, avoiding a recession, that has given you more wiggle _ recession, that has given you more wiggle room but... the recession, that has given you more wiggle room but...— wiggle room but... the smallest amount wiggle room but. .. the smallest amount of— wiggle room but... the smallest amount of headroom _ wiggle room but... the smallest amount of headroom in - wiggle room but... the smallest amount of headroom in any - wiggle room but... the smallest i amount of headroom in any obr. .. wiggle room but... the smallest - amount of headroom in any obr. .. but ou have amount of headroom in any obr... but you have used it all and this is borrowed _ you have used it all and this is borrowed money, you have paid for the extra _ borrowed money, you have paid for the extra defence spending, the extra _ the extra defence spending, the extra corporation tax you have paid for all _ extra corporation tax you have paid for all of _ extra corporation tax you have paid for all of this, you have borrowed the month — for all of this, you have borrowed the month. | for all of this, you have borrowed the month-— for all of this, you have borrowed the month. ~ . . , the month. i think the challenge is, when ou

the month. i think the challenge is, when you face _ the month. i think the challenge is, when you face things _ the month. i think the challenge is, when you face things that, - the month. i think the challenge is, when you face things that, in - the month. i think the challenge is, when you face things that, in a - the month. i think the challenge is, when you face things that, in a very uncertain world with the defence budget w the nuclear stockpiles directly for the ukraine, that is a significant amount. these are national priorities we might not want to spend. you know the figures better than i do, we want to bring debt down, but we have got to make judgements about how to live within our means and give clarity to the market. we have a significant borrowing imperative this year, i think it is 246 billion from the gilt gilt market, these are are the measures i don�*t think we quite discussed. you have just put aside... discussed. you havejust put aside... i discussed. you have 'ust ut aside... .. �* you have 'ust put aside... i don't hide you have just put aside. .. i don't hide anything — you have just put aside. .. i don't hide anything away. _ you have just put aside. .. i don't hide anything away. i _ you have just put aside. .. i don't hide anything away. i have - you have just put aside... i don't i hide anything away. i have straight conversation, we publish ourfigures we have conversations with workforces. we have conversations with workforces-— we have conversations with workforces. . . ., workforces. that is reassuring to know.

workforces. that is reassuring to know- john _ workforces. that is reassuring to know. john glen, _ workforces. that is reassuring to know. john glen, the _ workforces. that is reassuring to know. john glen, the longest - workforces. that is reassuring to - know. john glen, the longest serving chief secretary to the... know. john glen, the longest serving chief secretary to the. . ._ chief secretary to the... longer economic _ chief secretary to the... longer economic secretary. _ chief secretary to the... longer economic secretary. sorry - chief secretary to the... longer economic secretary. sorry you i chief secretary to the... longer i economic secretary. sorry you are startin: economic secretary. sorry you are starting on — economic secretary. sorry you are starting on the _ economic secretary. sorry you are starting on the chief _ economic secretary. sorry you are starting on the chief secretary. i economic secretary. sorry you are i starting on the chief secretary. you have been in the treasury for a long time. thank you forjoining us. on these big event, we will be talking to labour to the shadow chief secretary to the treasury shortly, but before we do, that, let�*s find out the thoughts of our guests, in the west midlands and go to the midlands correspondent there, phil mackie in sandwell. phil. yes, back at the haden hill leisure centre where we have been digesting what has been said by the chancellor, remember and important election battleground, this has been labour forever but in the 2019 two of the seats were won by the conservatives for the first time, really in living memory, so, a lot of things have been targeted this area, there is a big regeneration project in tip on the five miles away, west midlands mayor, the conservative andy street

is one of two mayoral areas that will get more hand on money. we are in a leisure centre we are, where part of the ceiling fell in over the pool which will benefit from that extra money for swimming pool�*s. we have some people with us here. today individual mcwilliams from bjs haulage. you are based here in the west midlands in the black country, what are you big takeaways from today? what are you big takeaways from toda ? ~ . . what are you big takeaways from toda ? ~ . , ., . today? think a bit of relief that the fuel duty — today? think a bit of relief that the fuel duty is _ today? think a bit of relief that the fuel duty is frozen, - today? think a bit of relief that the fuel duty is frozen, better i today? think a bit of relief that| the fuel duty is frozen, better if it dropped obviously, there is some benefits for the fuel, the heating, etc, that will help employees, i remember ours is a family business, we are we like to ensure our family personally and in business is a bit better looked after and able to cope. it has been a tough time for people, and, just concerned for the future, coming into the summer, the fuel cap is there, but we will be

using less fuel what will we do longer term? using less fuel what will we do longerterm? it using less fuel what will we do longer term? it is long—term we are look at. we want to know, we want stability, and longer term planning, strategy, to help us. we stability, and longer term planning, strategy, to help us.— strategy, to help us. we have had a lot of prime — strategy, to help us. we have had a lot of prime minister— strategy, to help us. we have had a lot of prime minister pes _ strategy, to help us. we have had a lot of prime minister pes and - strategy, to help us. we have had a lot of prime minister pes and a - strategy, to help us. we have had a lot of prime minister pes and a fair| lot of prime minister pes and a fair few budgets do you feel a bit more secure now? abs, few budgets do you feel a bit more secure now?— secure now? a bit less. a bit less secure. i think _ secure now? a bit less. a bit less secure. i think the _ secure now? a bit less. a bit less secure. i think the instability - secure. i think the instability created by all that has made people really nervous at the moment. 0k. really nervous at the moment. ok. back to really nervous at the moment. 0k. back to anne—marie simpson, looking back, reminds everybody you run a gin bar and back, reminds everybody you run a gin barand you back, reminds everybody you run a gin bar and you distil your own gin, what did you think of what you have got? what did you think of what you have not? ~ ~ . . what did you think of what you have lot? ~ ~' , , ., what did you think of what you have lot? ~ ~ , , ., ., got? mixed i think there is is a lot lookin: got? mixed i think there is is a lot looking forward, _ got? mixed i think there is is a lot looking forward, the _ got? mixed i think there is is a lot looking forward, the enterprise i looking forward, the enterprise zone. _ looking forward, the enterprise zone, disappointed they have to be through— zone, disappointed they have to be through a _ zone, disappointed they have to be through a bidding process, that will take some — through a bidding process, that will take some time, it is mixed for us as a business— take some time, it is mixed for us as a business because we have things like the _ as a business because we have things like the beer duty going down, but everything else and all the other products— everything else and all the other products we serve going up, so that will probably be a still plus effect _

will probably be a still plus effect. we could have done more on the fuel— effect. we could have done more on the fuel costs for business, that is really— the fuel costs for business, that is really difficult and it has a big knock — really difficult and it has a big knock on _ really difficult and it has a big knock on effect with suppliers and the big _ knock on effect with suppliers and the big thing for me is high street, we haven't— the big thing for me is high street, we haven't had any response, the hi-h we haven't had any response, the high streets have changed beyond recognition and hospitality is a difficult — recognition and hospitality is a difficult position, where does that leave _ difficult position, where does that leave town centres? we need to be able to _ leave town centres? we need to be able to communicate. we have community spaces, we need to have vibrant _ community spaces, we need to have vibrant places to go and that is a bil vibrant places to go and that is a big miss — vibrant places to go and that is a big miss really. in vibrant places to go and that is a big miss really.— big miss really. in terms of your staff do you _ big miss really. in terms of your staff do you think— big miss really. in terms of your staff do you think some - big miss really. in terms of your staff do you think some of - big miss really. in terms of your staff do you think some of the i big miss really. in terms of your- staff do you think some of the other things might help, so childcare, do you think that might get more people to come and work for you, is that something?— to come and work for you, is that somethin? . . , , , ., _ something? yes, that is is probably hel ful. something? yes, that is is probably helful. it something? yes, that is is probably helpful- it is — something? yes, that is is probably helpful. it is difficult _ something? yes, that is is probably helpful. it is difficult in _ something? yes, that is is probably helpful. it is difficult in the - helpful. it is difficult in the night—time economy when you have children. _ night—time economy when you have children, where it may help people with families put more money in their— with families put more money in their pockets so that is possibly of benefit _ their pockets so that is possibly of benefit it — their pockets so that is possibly of benefit. it sit good on childcare, business — benefit. it sit good on childcare, business wise just less so but we have _ business wise just less so but we have got— business wise just less so but we have got some positives in there.

shaun _ have got some positives in there. shaun sookoo who works for the food division, what do you make south of that budget division, what do you make south of that budue- ., . , division, what do you make south of that budue- .. . , ., . ., that budget unfortunately not a lot for me, i that budget unfortunately not a lot for me. i was _ that budget unfortunately not a lot for me, i was hoping _ that budget unfortunately not a lot for me, i was hoping for— that budget unfortunately not a lot for me, i was hoping for as - that budget unfortunately not a lot for me, i was hoping for as i - that budget unfortunately not a lot for me, i was hoping for as i said i that budget unfortunately not a lot for me, i was hoping for as i said a| for me, i was hoping for as i said a bit of an injection of optimism, speaking broadly across sme owners there is a feeling of everything seems to be going up, fuel has gone up, costs of employment have gone up, costs of employment have gone up, raw materials have gone up. there is a lot of consumer lack of consumer confidence, do we pass those costs on or not. that is real issue, ultimately we are trying to hold costs where they, margins are squeezed and on op top of that we have more corporation tax to pay, for me i am a little lit unhappy. you relocated from london up here, because costs were bad, how do you think the west midlands is faring if you can keep it brief. well, moving

up, anything to keep costs down, that was my motivator to move up in the first place. 50 that was my motivator to move up in the first place-— the first place. so there is a little bit to _ the first place. so there is a little bit to take _ the first place. so there is a little bit to take out - the first place. so there is a little bit to take out of - the first place. so there is a little bit to take out of it, i the first place. so there is a - little bit to take out of it, across the west midlands i would say. to both of you are relatively happy or indifferent about it. be both of you are relatively happy or indifferent about it. b. bit indifferent about it. a bit indifferent. _ indifferent about it. a bit indifferent. less - indifferent about it. a bit indifferent. less happy. i indifferent about it. a bit - indifferent. less happy. lots more heavy lifting _ indifferent. less happy. lots more heavy lifting for— indifferent. less happy. lots more heavy lifting for the _ indifferent. less happy. lots more heavy lifting for the chancellor - indifferent. less happy. lots more heavy lifting for the chancellor to i heavy lifting for the chancellor to do. you may have noticed some of the same faces that were at the spin class, we are working them hard. we haven�*t got a great deal of enthusiasm so far, we will be talking to different people later on. thank you very much for that phil mackie. yes, you are working them hard. we are working the politicians hard. we are working the politicians hard too. we are joined hard. we are working the politicians hard too. we arejoined by hard. we are working the politicians hard too. we are joined by pat mcfadden, shadow chief secretary to the treasury. not a lot of enthusiasm there, perhaps in sandwell, from these people talking to phil mackie. but, recession has

been avoided. pat mcfadden, and projections are inflation will fall to 2.9% by the end of this year. it is going in the right direction isn�*t it. is going in the right direction isn't it. ~ . is going in the right direction isn't it. ~ , , , isn't it. well, it is probably the first time _ isn't it. well, it is probably the first time we _ isn't it. well, it is probably the first time we have _ isn't it. well, it is probably the first time we have had - isn't it. well, it is probably the first time we have had a - isn't it. well, it is probably the | first time we have had a budget isn't it. well, it is probably the - first time we have had a budget for growth where the growth forecasts were downgraded, in years three, four and five of the forecast. quite a lot of this budget had been trailed in advance, we, you know, it seems to the new style, we are to long eer in the era when chancellors went into purdah and everything comes out in advance now, one thing that wasn�*t we this announcement that wasn�*t we this announcement that the only permanent tax cut in the bouj for the richest 1% of workers. i don�*t think anyone in sandwell or anyone else saw that coming. i think it�*s an extraordinary choice for the chancellor to make. there was a specific issue with doctors

retiring early. there is a separate scheme forjudges where the government recognise there was a specific issue. they could have gone down a road like that. that would have been a fraction of the cost. instead, they have chosen to give a permanent tax cut. brute instead, they have chosen to give a permanent tax cut.— permanent tax cut. we asked john glen about — permanent tax cut. we asked john glen about that. _ permanent tax cut. we asked john glen about that. to _ permanent tax cut. we asked john glen about that. to the _ permanent tax cut. we asked john glen about that. to the top - permanent tax cut. we asked john glen about that. to the top 1%. i permanent tax cut. we asked john i glen about that. to the top 1%. that is the standout _ glen about that. to the top 1%. that is the standout feature. _ glen about that. to the top 1%. that is the standout feature. lets - is the standout feature. lets concentrate _ is the standout feature. lets concentrate on _ is the standout feature. lets concentrate on what - is the standout feature. lets concentrate on what they i is the standout feature. lets concentrate on what they did in oz. well, they did announce that. perhaps what we were not expecting, childcare, something you will welcome. asjeremy hunt called it, he is completing the reforms started by previous conservative governments in terms of offering free childcare, or 30 hours for 3—4 —year—old, extended to 1—2 —year—olds. it�*s a generous offer, and it will probably have the desired effect of bringing people back into the workforce. i was glad that the chancellor brought up was glad that the chancellor brought up the tory record on this, i remember when the labour garment

introduced sure start, which was then dismantled by the conservatives when they got into office. i can regularly walk past the old building in bilston market and see where we used to have a fantastic childcare facility, and there isn�*t one there at the moment. sol facility, and there isn�*t one there at the moment. so i do welcome childcare coming back on the agenda. we have been raising this a lot in recent years. we we have been raising this a lot in recent years-— we have been raising this a lot in recent years. we haven't heard any details from _ recent years. we haven't heard any details from you, _ recent years. we haven't heard any details from you, will— recent years. we haven't heard any details from you, will you - recent years. we haven't heard any details from you, will you commit i recent years. we haven't heard any| details from you, will you commit to the same provision that has been announced by the chancellor? bend announced by the chancellor? and every question _ announced by the chancellor? fific every question any budget, will you commit to it, the sensible answer after the budget is to take it away and look at it over a day or two, and look at it over a day or two, and that is what we will do. you have made _ and that is what we will do. you have made a — and that is what we will do. you have made a lot _ and that is what we will do. you have made a lot of _ and that is what we will do. you have made a lot of childcare, we all listened to bridget phillipson, the shadow education secretary, making her announcements that childcare policies would be a centrepiece of the manifesto, or whatever you�*re going to campaign on, the next election. so you have thought about it, you�*ve heard exactly what the chancellor has said on childcare. will you commit to it? the

chancellor has said on childcare. will you commit to it?— chancellor has said on childcare. will you commit to it? the kind of thins we will you commit to it? the kind of things we will— will you commit to it? the kind of things we will look _ will you commit to it? the kind of things we will look at _ will you commit to it? the kind of things we will look at is _ will you commit to it? the kind of things we will look at is why - will you commit to it? the kind of things we will look at is why does | things we will look at is why does it take until 2026 west or not this was supposed to help with the workforce crisis right now. in three years�* time, that is quite a long way away from where we are now, we look at whether this is the best way to spend the money on the existing system that the chancellor has committed to. what we said in advance, and we hoped to bring it in before 2026, that we would certainly have breakfast clubs in any primary school that will help parents and we have said exactly how we would fund it through the abolition of the non—dom tax allowance. it through the abolition of the non-dom tax allowance. childcare costs upfront _ non-dom tax allowance. childcare costs upfront for _ non-dom tax allowance. childcare costs upfront for people _ non-dom tax allowance. childcare costs upfront for people on - costs upfront for people on universal credit?— costs upfront for people on universal credit? . . , , , universal credit? that is sensible. you do sign _ universal credit? that is sensible. you do sign up — universal credit? that is sensible. you do sign up to _ universal credit? that is sensible. you do sign up to that, _ universal credit? that is sensible. you do sign up to that, but - universal credit? that is sensible. you do sign up to that, but you i you do sign up to that, but you don�*t know if you would commit to 30 hours of free childcare for every child over nine months at the end of parental leave?— child over nine months at the end of parental leave? after every budget i come on here _ parental leave? after every budget i come on here and _ parental leave? after every budget i come on here and take _ parental leave? after every budget i come on here and take these - come on here and take these questions. i�*ve been doing it for a long time. on individual measures,

it is usually better to examine them over a day or two.— over a day or two. that might be a little bit of — over a day or two. that might be a little bit of a _ over a day or two. that might be a little bit of a get _ over a day or two. that might be a little bit of a get out, _ over a day or two. that might be a little bit of a get out, people - little bit of a get out, people might say, but there are left. let�*s look at the overall tax burden. we heard keir starmer yet again say that he uses this phrase doom loop, high tax, low growth. from that, can we assume that labour will commit to lower taxes? you we assume that labour will commit to lower taxes?— lower taxes? you can assume we will to for lower taxes? you can assume we will go for growth- _ lower taxes? you can assume we will go for growth. that _ lower taxes? you can assume we will go for growth. that is _ lower taxes? you can assume we will go for growth. that is not _ lower taxes? you can assume we will go for growth. that is not what - lower taxes? you can assume we will go for growth. that is not what i - go for growth. that is not what i asked, go for growth. that is not what i asked. to _ go for growth. that is not what i asked. to be _ go for growth. that is not what i asked, to be fair. _ go for growth. that is not what i asked, to be fair. the _ go for growth. that is not what i asked, to be fair. the reason i asked, to be fair. the reason we have these _ asked, to be fair. the reason we have these interconnecting - asked, to be fair. the reason we l have these interconnecting series asked, to be fair. the reason we - have these interconnecting series of things of low growth, upward pressure on tax, stagnating incomes, they are all connected. and unless you get growth up, you don�*t change the pattern. the worst part is that you�*ve got upward pressure on taxes and you don�*t even have world—class public services to show for it. we have 7 million people on the waiting list. you can�*t tax your way out of this. you�*ve got to grow your way out of it. that is why i think the

growth forecast being downgraded for years three, four and five of the forecast, even over this year, the economy is still being to contract, just by not as much as we thought in november. ii just by not as much as we thought in november. ., . , , november. if keir starmer says he is auoin to november. if keir starmer says he is going to make _ november. if keir starmer says he is going to make the — november. if keir starmer says he is going to make the uk _ november. if keir starmer says he is going to make the uk the _ going to make the uk the fastest—growing economy in g7, zoomable if you win the election, so from 2024, how are you going to do that? ~ , ., , that? well, there is no single thin , that? well, there is no single thing. but — that? well, there is no single thing, but for _ that? well, there is no single thing, but for example, - that? well, there is no single thing, but for example, if - that? well, there is no single| thing, but for example, if you that? well, there is no single - thing, but for example, if you look at what is happening in the united states right now, you�*ve got a huge investment push triggered by the inflation reduction act. we will have a european response to that as well. we are just not on the pitch on that front at the moment. 50 well. we are just not on the pitch on that front at the moment. so what would ou on that front at the moment. so what would you do? _ on that front at the moment. so what would you do? a _ on that front at the moment. so what would you do? a transformational- would you do? a transformational thing that is certainly going to turbo boost growth, make as the fastest growing. there is nothing we have seen so far from labour that would do that? we have seen so far from labour that would do that?— have seen so far from labour that would do that? we have set out our

treen would do that? we have set out our green prosperity — would do that? we have set out our green prosperity plan. _ would do that? we have set out our green prosperity plan. £28 - would do that? we have set out our green prosperity plan. £28 million i green prosperity plan. £28 million investment per _ green prosperity plan. £28 million investment per year? _ green prosperity plan. £28 million investment per year? that - green prosperity plan. £28 million investment per year? that is - green prosperity plan. £28 million investment per year? that is a - investment per year? that is a version of _ investment per year? that is a version of the _ investment per year? that is a version of the inflation - investment per year? that is a i version of the inflation reduction act, that will bring good jobs to every part of the country and will fire up the transition that we have to do. this transition will happen anyway, but the question is, why not have as much of it as possible made in britain, invested here, with our technology, our leading universities. we�*ve got to be ambitious about this. because, at the moment, if we are not careful, the moment, if we are not careful, the action is going to happen in the united states and europe, but not enough of it here. there united states and europe, but not enough of it here.— enough of it here. are you suggesting _ enough of it here. are you suggesting a _ enough of it here. are you suggesting a significantlyl enough of it here. are you - suggesting a significantly larger amount— suggesting a significantly larger amount of borrowed money to fund investment? i know you will talk about _ investment? i know you will talk about the — investment? i know you will talk about the windfall tax now, aren't you? _ about the windfall tax now, aren't you? but— about the windfall tax now, aren't you? but gas prices have fallen, you will not _ you? but gas prices have fallen, you will not make as much money out of that _ will not make as much money out of that. . . will not make as much money out of that. . , , ., , that. there are still loopholes in the windfall _ that. there are still loopholes in the windfall tax, _ that. there are still loopholes in the windfall tax, we _ that. there are still loopholes in the windfall tax, we have - that. there are still loopholes in i the windfall tax, we have discussed it before. the investment allowance, that allows people to set off 90% of

it. that allows people to set off 9096 of it. �* , ., . that allows people to set off 9096 of it. but it is not a loophole, it is a deliberate _ it. but it is not a loophole, it is a deliberate feature _ it. but it is not a loophole, it is a deliberate feature of - it. but it is not a loophole, it is a deliberate feature of the - it. but it is not a loophole, it is i a deliberate feature of the policy. it a deliberate feature of the policy. it doesn't — a deliberate feature of the policy. it doesn't need to be there, it is it doesn�*t need to be there, it is something that can be closed. i do think that borrowing for investment in the green transition is a prudent thing for the government to do, because it�*s not only for the benefits, but also the cost of not doing it. the obr themselves have pointed to significantly greater debt and deficit in the future, if we don�*t make these investments. but we don't make these investments. but it's 196 we don't make these investments. but it's196 of we don't make these investments. but it's 1% of gdp, we don't make these investments. but it's1% of gdp, something like that. if it's1% of gdp, something like that. if you _ it's1% of gdp, something like that. if you want — it's1% of gdp, something like that. if you want to get up to us standards, it must be bigger than that? _ standards, it must be bigger than that? �* , ., ., ., ., that? don't see that we have to go be ond that? don't see that we have to go beyond what _ that? don't see that we have to go beyond what we — that? don't see that we have to go beyond what we have _ that? don't see that we have to go beyond what we have said - that? don't see that we have to go beyond what we have said on - that? don't see that we have to go beyond what we have said on this. | beyond what we have said on this. the figure they have used is over eight ten year period too, for the inflation reduction act. year—on—year, it can bring big benefits to the country. it is not the only thing we can do. there are holes in the borisjohnson brexit deal that need to be filled, for

example. deal that need to be filled, for examle. . deal that need to be filled, for examle. , ., i. example. tell us how you will feel that. we would _ example. tell us how you will feel that. we would want _ example. tell us how you will feel that. we would want to _ example. tell us how you will feel that. we would want to see - example. tell us how you will feel that. we would want to see a - that. we would want to see a veterinary — that. we would want to see a veterinary agreement. - that. we would want to see a veterinary agreement. is - that. we would want to see a veterinary agreement. is a i that. we would want to see a i veterinary agreement. is a close reliance on _ veterinary agreement. is a close reliance on those _ veterinary agreement. is a close reliance on those things? - veterinary agreement. is a close reliance on those things? we i veterinary agreement. is a close i reliance on those things? we want veterinary agreement. is a close - reliance on those things? we want to see mutual recognition _ reliance on those things? we want to see mutual recognition of— see mutual recognition of professional qualifications, more on skills with the premiership levy, business rates reform. it�*s notjust one policy, but it�*s a real effort to go for growth. one policy, but it's a real effort to go for growth.— one policy, but it's a real effort to go for growth. you say that, i foruot, to go for growth. you say that, i forgot. we _ to go for growth. you say that, i forgot, we have _ to go for growth. you say that, i forgot, we have got _ to go for growth. you say that, i forgot, we have got an - to go for growth. you say that, i forgot, we have got an example| to go for growth. you say that, i i forgot, we have got an example of what labour might do, because there is a labour government in wales. what has been the rate of growth there? ~ . . . what has been the rate of growth there? ~ . . , ., there? wales in itself cannot, with 3 million population, _ there? wales in itself cannot, with 3 million population, it _ there? wales in itself cannot, with 3 million population, it can't - 3 million population, it can�*t really influence the uk rate of growth. really influence the uk rate of urowth. �* . . . growth. but it is a labour government _ growth. but it is a labour government that - growth. but it is a labour government that has - growth. but it is a labour| government that has been growth. but it is a labour i government that has been in growth. but it is a labour - government that has been in power growth. but it is a labour _ government that has been in power in wales, what sort of thing have they done? they�*ve had broadly the same rate of growth as in england. if we want to see what a labour government might do? want to see what a labour government miaht do? .. ... , want to see what a labour government miaht do? ., , ,, want to see what a labour government miahtdo? , , , . might do? nobody is pretending that the devolved — might do? nobody is pretending that the devolved government _ might do? nobody is pretending that the devolved government in - might do? nobody is pretending that the devolved government in wales i might do? nobody is pretending that i the devolved government in wales has the devolved government in wales has the kind of powers that the uk

government has. that�*s the difference when it comes to this. nick? i difference when it comes to this. nick? ~ .. difference when it comes to this. nick? ~ ., i. difference when it comes to this. nick? ~ ., . , .,. ., nick? i know you are trying to avoid committing — nick? i know you are trying to avoid committing to _ nick? i know you are trying to avoid committing to too _ nick? i know you are trying to avoid committing to too much, _ nick? i know you are trying to avoid committing to too much, but - nick? i know you are trying to avoid committing to too much, but let - nick? i know you are trying to avoid | committing to too much, but let me try you _ committing to too much, but let me try you again. would labour reintroduce a maximum tax free allowance — reintroduce a maximum tax free allowance on pensions?- reintroduce a maximum tax free allowance on pensions? well, we were absolutely shocked _ allowance on pensions? well, we were absolutely shocked at _ allowance on pensions? well, we were absolutely shocked at the _ allowance on pensions? well, we were absolutely shocked at the government| absolutely shocked at the government making this choice, it is deeply inequitable. making this choice, it is deeply inequitable-— making this choice, it is deeply ineauitable. . , .. inequitable. presumably you would reintroduce it _ inequitable. presumably you would reintroduce it if _ inequitable. presumably you would reintroduce it if you _ inequitable. presumably you would reintroduce it if you tim _ inequitable. presumably you would reintroduce it if you tim power? i inequitable. presumably you would | reintroduce it if you tim power? we will set reintroduce it if you tim power? will set out reintroduce it if you tim power? - will set out our policies at the election, it is not a choice we would have made today. this is extraordinary, that the single tax cut that the government has gone for, in terms of individuals, not talking about businesses, is going to benefit the richest 1% of the population. they could have had a discreet scheme for the nhs. instead, they have gone for something that will benefit, you know, when you think about all of those people that are working hard at the moment, they have taken a real terms cut in pay, what is the priority in the budget? the richest 1%. that is not supposed to be the

conservative party as it has market itself to others in recent times. but by their actions today, that is what they have done. [30 but by their actions today, that is what they have done.— but by their actions today, that is what they have done. do you accept that one of — what they have done. do you accept that one of the _ what they have done. do you accept that one of the biggest _ what they have done. do you accept| that one of the biggest impediments to growth— that one of the biggest impediments to growth is that there aren't enough — to growth is that there aren't enough workers and we need to extend the size _ enough workers and we need to extend the size of— enough workers and we need to extend the size of the workforce? you said you sign— the size of the workforce? you said you sign up— the size of the workforce? you said you sign up to the childcare provisioh _ you sign up to the childcare provision. would you perhaps add other— provision. would you perhaps add other sectors to the provisional list. _ other sectors to the provisional list, bringing in foreign workers, as hospitality, construction, retail have— as hospitality, construction, retail have been— as hospitality, construction, retail have been calling for? if as hospitality, construction, retail have been calling for?— as hospitality, construction, retail have been calling for? if you leave the pension _ have been calling for? if you leave the pension tax _ have been calling for? if you leave the pension tax policy _ have been calling for? if you leave the pension tax policy aside - have been calling for? if you leave the pension tax policy aside for. have been calling for? if you leave the pension tax policy aside for a i the pension tax policy aside for a moment, a lot of what the chancellor announced today on the over 505, for example, were things that we have been calling for. and we have been saying that we need more on childcare. it was the expense of it is a barrier to people entering work. quite a lot of the other measures were things that we had been calling for in recent months.

is there enough carrot and enough stick? _ is there enough carrot and enough stick? sanctions will be applied more _ stick? sanctions will be applied more rigorously to those who fail to meet _ more rigorously to those who fail to meet strict — more rigorously to those who fail to meet strict work of search requirements, or choose not to take a reasonable job offer. is that your policy? _ a reasonable 'ob offer. is that your oli ? . ., , . , a reasonable 'ob offer. is that your oli ? . ., , ., , ., policy? sanctions have been part of the system — policy? sanctions have been part of the system for _ policy? sanctions have been part of the system for a _ policy? sanctions have been part of the system for a long _ policy? sanctions have been part of the system for a long time. - policy? sanctions have been part of the system for a long time. i - the system for a long time. i believe you need a balance. for a certain number of people you will need to do that. but i think most people, you know, it�*s a balance of support and sanctions is the right way to go about that. before we finish on workforce, there is a really important point here. if we look at all the people we have hard leaving the labour market since covid, the shortages of workers that businesses are seeing, is it really the case, is the government is telling us, is a huge proportion of thatis telling us, is a huge proportion of that is people rubbing up against the pension limits? that is a tiny proportion of the workforce problem. thank you forjoining us today with your reaction to today�*s budget.

that is the shadow chief secretary to the treasury. let�*s go to central lobby, because stephen flynn, the snp's lobby, because stephen flynn, the snp�*s westminster leader, has been waiting patiently. hello to you. just give us your reaction, first of all, to what you have heard. i think it is a bit of— all, to what you have heard. i think it isa bitofa— all, to what you have heard. i think it is a bit of a let _ all, to what you have heard. i think it is a bit of a let down. _ all, to what you have heard. i think it is a bit of a let down. for - all, to what you have heard. i think it is a bit of a let down. for hard i it is a bit of a let down. for hard pressed families up and down scotland and, indeed, the rest of the uk, they will be looking it as the uk, they will be looking it as the best thing that the chancellor can offer, a freeze on energy bills, particularly the fiscal headroom available to him. it�*s particularly pertinent for folk in scotland, because energy bills have been closer to £3500, near a tripling in the last three years alone. the chancellor is getting rid of the £400 energy rebate that was in place. no matter which way you turn when it comes to household on domestic energy bills, the tories have let folks down.— domestic energy bills, the tories have let folks down. what about the decision to increase _ have let folks down. what about the decision to increase alcohol - have let folks down. what about the decision to increase alcohol duties? | decision to increase alcohol duties? they are going to go up with inflation. �* , , , . ,, inflation. broadly speaking, there is obviously _ inflation. broadly speaking, there is obviously a _ inflation. broadly speaking, there is obviously a specific _ inflation. broadly speaking, there is obviously a specific issue -

inflation. broadly speaking, there is obviously a specific issue in - is obviously a specific issue in respect with scotch whisky, which we will have to look at. the respect with scotch whisky, which we will have to look at.— will have to look at. the scotch whisky association _ will have to look at. the scotch whisky association has - will have to look at. the scotch whisky association has been i will have to look at. the scotch - whisky association has been calling on the chancellor to extend the freeze, because it supports a lot of jobs. it you think that is the right thing to do?— thing to do? broadly speaking, i need to look _ thing to do? broadly speaking, i need to look at _ thing to do? broadly speaking, i need to look at the _ thing to do? broadly speaking, i need to look at the detail - thing to do? broadly speaking, i need to look at the detail of - thing to do? broadly speaking, i i need to look at the detail of what the chancellor set out, but the devil is always in the detail. at scotch whisky, the association and a lot of other drinks manufacturers have been looking for reform, the chancellor is just doing a blanket increase. i would want to have the opportunity to look at it in full detail. ~ . , , ., . detail. we are 'ust being told at scotch detail. we are 'ust being told at scotch whisky — detail. we are just being told at scotch whisky has _ detail. we are just being told at scotch whisky has been - detail. we are just being told at scotch whisky has been hit - detail. we are just being told at scotch whisky has been hit with historic blow after tax increase. so you better have a very quick look, hadn�*t you? i you better have a very quick look, hadn't you?— hadn't you? i had better do that. but i hadn't you? i had better do that. itut l have _ hadn't you? i had better do that. but i have bitterly _ hadn't you? i had better do that. but i have bitterlyjust _ hadn't you? i had better do that. but i have bitterlyjust come - hadn't you? i had better do that. i but i have bitterlyjust come direct from the chamber. but i have bitterly 'ust come direct from the chamber.— from the chamber. perhaps have a whiskey before _ from the chamber. perhaps have a whiskey before they _ from the chamber. perhaps have a whiskey before they go _ from the chamber. perhaps have a whiskey before they go up. - from the chamber. perhaps have a whiskey before they go up. you i whiskey before they go up. you said in the past of the chancellor should increase the windfall tax on oil and gas further. how does that go down

with your constituents, particularly in aberdeen? many of them work in the sector. .. . in aberdeen? many of them work in the sector. ., , ., . the sector. course, scotland produces — the sector. course, scotland produces six _ the sector. course, scotland produces six times - the sector. course, scotland produces six times more - the sector. course, scotlandj produces six times more gas the sector. course, scotland - produces six times more gas than it consumes, and almost 80% of our electricity comes from renewable sources already. the issue in respect of a windfall tax is one of much debate in my neck of the woods, understandably so. what my constituents want to know is that there is going to bejobs and security for those jobs long into the future. what we need there is notjust the future. what we need there is not just a the future. what we need there is notjust a transition. the chancellor could have stood up today and invested in carbon capture and storage in the north—east of scotland, he chose not to do that. he has continued on the path of previous chancellors, backing projects in the north—east of eglin. there are tens of thousands ofjobs associated with carbon capture and storage in the north—east of scotland and he refused to make the commitment. you scotland and he refused to make the commitment-— commitment. you used the word transition. _ commitment. you used the word transition, these _ commitment. you used the word transition, these things - commitment. you used the word transition, these things can - commitment. you used the word transition, these things can take | transition, these things can take time. only fabbri last year, you said that an extended windfall tax would mean that your constituents, in the meantime, would lose their jobs. where you are wrong about that? {if jobs. where you are wrong about that? . ., , ., .,

jobs. where you are wrong about that? .., , ., ., , that? of course i wanted to see the full proposal _ that? of course i wanted to see the full proposal that _ that? of course i wanted to see the full proposal that was _ that? of course i wanted to see the full proposal that was coming - full proposal that was coming forward, but the big difference between february last year and what happened in the months that followed was the price of gas absolutely skyrocketed, to a point where it was completely unsustainable for households and businesses to deal with the cost pressures that were being placed upon them. it�*s absolutely right to introduce that windfall tax, i called for it almost immediately and that is why we back it. the big thing is making sure that the transition works. the pathway that the chancellor is going down with respect to nuclear is wrong—headed, it is an open cheque book to an industry that cannot deliver early and efficient energy resources, in contrast to offshore and onshore wind, tidal. the things that should have got backing from the chancellor, but he chose not to do that. politics is all about choices. the chancellor made the wrong ones today. white indeed, perhaps you have changed your position somewhat when it comes to whether or not it would be good for your constituents. but let�*s talk about the backdrop to the snp, because the first minister nicola sturgeon has announced that she is

stepping down. we interviewed hamza yousaf from your colleague, the health minister, and you are backing him, and he has had a lot of big—name backers. why isn�*t he miles ahead in the polls i think he is in the lead when it comes to the population it is neck and neck, but for my point and my reason for backing humza yousaf i believe in his plan, ity thesist his proposals in respect of childcare, and the green industrial revolution we think can happen in scotland, our incredibly important, i think it comes as best place to deliver that and to unite the snp and the country as we move forward. 50 and to unite the snp and the country as we move forward.— as we move forward. so you are avoidinc as we move forward. so you are avoiding a _ as we move forward. so you are avoiding a split _ as we move forward. so you are avoiding a split in _ as we move forward. so you are avoiding a split in the _ as we move forward. so you are avoiding a split in the party - as we move forward. so you are. avoiding a split in the party which one of your colleagues hinted at? i don't think necessarily think there don�*t think necessarily think there will be a split in the party, you expect a robust debate it will be a split in the party, you expect a robust debate- will be a split in the party, you expect a robust debate it has been robust, expect a robust debate it has been robust. that _ expect a robust debate it has been robust, that is _ expect a robust debate it has been robust, that is for _ expect a robust debate it has been robust, that is for sure! _ expect a robust debate it has been robust, that is for sure! you - expect a robust debate it has beenj

robust, that is for sure! you know, what we have not had a leadership condition test for a long, i don�*t think there is anything wrong with them disagree, you need to disagree without being disagreeable. i hope it is humza but i no doubt the snp will come together and we will fossil fuel will come together and we will fossilfuel nor ward will come together and we will fossil fuel nor ward together thasmgt is what party and the public would expect. steven flynn we have nick eardley in the studio, who would like to put a question to you. hi, if humza yousaf is first minister— hi, if humza yousaf is first minister in a few weeks' time will you be _ minister in a few weeks' time will you be asking him to introduce free tchaikovsky for one and 2—year—olds. he has— tchaikovsky for one and 2—year—olds. he has been— tchaikovsky for one and 2—year—olds. he has been seeking to extend it. if you have a kid who is three or four as i do, you get free hours, humza wants to expand it as a dad to young children himself, as kate is, we recognise the challenges that face families and it is important to do everything we can to support them. so if the money is there to do it

presumably. so if the money is there to do it presumably-— so if the money is there to do it presumably. so if the money is there to do it resumabl. . , , presumably. presumably you can use the money from _ presumably. presumably you can use the money from barnet _ presumably. presumably you can use i the money from barnet consequential, the money from barnet consequential, the knock on of english spending and use that to replicate what has been done south of the border, will that be a good idea? itibfe done south of the border, will that be a good idea?— done south of the border, will that be a good idea? we will need to see the devil in — be a good idea? we will need to see the devil in the _ be a good idea? we will need to see the devil in the detail— be a good idea? we will need to see the devil in the detail that _ be a good idea? we will need to see the devil in the detail that come - the devil in the detail that come through from government in respect of this, and a lot will be predicated on when they choose to spend man honey money. if there someone coming to holyrood in terms of childcare i have no doubt the new first minister would look to put that back in the pockets of family, it is a good thing for family, that back in the pockets of family, it is a good thing forfamily, women in particular to get back into the workforce and it is a good thing for the economy. workforce and it is a good thing for the economy-— workforce and it is a good thing for the econom . .. , . ,, , ., the economy. steven flynn, thank you ve much the economy. steven flynn, thank you very much for— the economy. steven flynn, thank you very much for talking _ the economy. steven flynn, thank you very much for talking to _ the economy. steven flynn, thank you very much for talking to us _ the economy. steven flynn, thank you very much for talking to us from - very much for talking to us from central lobby. we can go back to sandwell in the west midlands, where phil mackie is there with some guest, phil. yes, hi againfrom phil mackie is there with some guest, phil. yes, hi again from the haden hill leisure centre in sandwell in the west midlands, there have been a few bonuses given to

this region, in the chancellor�*s budget today, a couple of things locally, tipton town centre, a few miles away will be getting millions of pounds as part of a regeneration project and there is more, more money being given to the region, and that will be in the power of the west midlands mayor andy street to dish out. we have the exercise class still going on but i have a few different guest, so adam potter, retired, used to work for hsbc, you are etired when you couldn�*t pay into your pension any more, how do you feel about the fact that this pension allowance has been scrapped now? i mean, do you it there have the desired effect? i now? i mean, do you it there have the desired effect?— the desired effect? i think for a lot of people — the desired effect? i think for a lot of people coming _ the desired effect? i think for a lot of people coming up - the desired effect? i think for a lot of people coming up to - the desired effect? i think for a i lot of people coming up to making the desired effect? i think for a - lot of people coming up to making a decision to retire, i think could make a big difference, there are is professions like doctors that have been talked about a lot. i will give them an incentive today? the

workplace, have been out of pensions for ten year, i was ineligible to go into the hsbc pension scheme because i was already at the lifetime allowance so for me it is not great, but for a lot of people, they will be looking at thinking, that gives me some encouragement, to continue. but it won�*t entice you back into the workplace? but it won't entice you back into the workplace?— but it won't entice you back into the workplace? but it won't entice you back into the worklace? .. . , ., the workplace? unfortunately for me it makes no — the workplace? unfortunately for me it makes no difference _ the workplace? unfortunately for me it makes no difference to _ the workplace? unfortunately for me it makes no difference to me, - the workplace? unfortunately for me it makes no difference to me, but. the workplace? unfortunately for me it makes no difference to me, but it| it makes no difference to me, but it would have enabled me to maybe say in the workplace for longer. do would have enabled me to maybe say in the workplace for longer.— in the workplace for longer. do you think people _ in the workplace for longer. do you think people in _ in the workplace for longer. do you think people in their— in the workplace for longer. do you think people in their your _ in the workplace for longer. do you think people in their your position, | think people in their your position, who have left the workplace are going to want to go back? is it more of a case of preventing people leaving? i of a case of preventing people leavin: ? ~ . . leaving? i think it is preventing eo - le leaving? i think it is preventing people leaving- _ leaving? i think it is preventing people leaving. flexibility- leaving? i think it is preventing people leaving. flexibility on i people leaving. flexibility on contributions if they do work which means they can contribute into a pension, previously they would have reached a lifetime allowance, it means they can off set some of the tax they pay on earnings, they can

make additional contributions, or build up some further savings for they retirement. that is important for people going back into the workplace, the lifetime alleptus is probably more important for the people who were thinking of leitching. people who were thinking of leitching— people who were thinking of leitchin.. . ,, ., leitching. damian kirkman, the manacer leitching. damian kirkman, the manager here _ leitching. damian kirkman, the manager here it _ leitching. damian kirkman, the manager here it has _ leitching. damian kirkman, the manager here it has been - leitching. damian kirkman, the manager here it has been a - leitching. damian kirkman, the| manager here it has been a busy leitching. damian kirkman, the - manager here it has been a busy day, thank you for hosting us, what do you make out the budget? i think with the support _ you make out the budget? i think with the support announced - you make out the budget? i think with the support announced for. with the support announced for particularly for leisure, with regards _ particularly for leisure, with regards to energy support up to 63 million. — regards to energy support up to 63 million, any support is welcome, particularly up to 12 months after the energy crisis began, we are keen to learn— the energy crisis began, we are keen to learn how— the energy crisis began, we are keen to learn how that would be distributed are. every week there is another— distributed are. every week there is another pool closing, due to rise in energy— another pool closing, due to rise in energy cost. — another pool closing, due to rise in energy cost, we operate six ourselves here in sandwell so any support— ourselves here in sandwell so any support is— ourselves here in sandwell so any support is welcome. with regards to the energy— support is welcome. with regards to the energy price can, that provides

further— the energy price can, that provides further short—term relief for us all, further short—term relief for us all. what — further short—term relief for us all. what is _ further short—term relief for us all, what is going to happen when that comes to an end? what about other things _ that comes to an end? what about other things not _ that comes to an end? what about other things not directly _ that comes to an end? what about other things not directly about - other things not directly about leisure centres but i was wondering about the childcare, in terms of more people having potentially the ability to work for you but also attend the classes. in ability to work for you but also attend the classes.— ability to work for you but also attend the classes. in terms of recruitment — attend the classes. in terms of recruitment it _ attend the classes. in terms of recruitment it would _ attend the classes. in terms of recruitment it would help, - attend the classes. in terms of recruitment it would help, it i attend the classes. in terms of recruitment it would help, it isj recruitment it would help, it is competitive at the moment, to entice staff to _ competitive at the moment, to entice staff to work, in this industry, particularly after the impact of covid. — particularly after the impact of covid. so. _ particularly after the impact of covid, so, childcare would certainly support— covid, so, childcare would certainly support with recruitment in enabling people _ support with recruitment in enabling people to _ support with recruitment in enabling people to take on roles and jobs they wouldn't necessarily be able to do due _ they wouldn't necessarily be able to do due costs and in terms of the activities — do due costs and in terms of the activities we could deliver for those — activities we could deliver for those people to bring for people fine the — those people to bring for people fine the leisure centre, particularly the daytime and allow them _ particularly the daytime and allow them to— particularly the daytime and allow them to exercise. find particularly the daytime and allow them to exercise.— them to exercise. and it is an interesting — them to exercise. and it is an interesting leisure _ them to exercise. and it is an interesting leisure centre, i them to exercise. and it is an i interesting leisure centre, they have 2,500 member, employ about 70 staff but it is an old building and yesterday part of the ceiling above the pool fell in, so that has had to be closed but there is money for a

brand—new leisure centre which will be built on this site and the provision in the part of the world, than knocks the commonwealth games has really ill improved. mixed reaction, you wouldn�*t expect anything different on budget day and i suspect a lot of what the small print it contain also be what we are reacting to over the next few days. phil, you are echoing what the politicians have been saying to us, the opposition politicians that is. they want to look, the devil is in detail. i hope that get that roof fixed. it looks all right from where we are sitting. phil mackie from the west midlands. we will get more political reaction now, and we are going to talk to ed davey, the leader of the liberal democrats. welcome to you, he is in central lobby there. ed davey, let talks about childcare offer, that must be something you welcome monarch is going to extend the hours, the free hours to one to 2—year—olds as well as three to four—year—olds which

will unlock the potential for parents to go back to work asme liberal democrats support the idea of free childcare for people, but very worried when you look at the details it will take a long time to deliver this promise, not least because they have done so much damage to nurseries and childminders over the last five year, i think people will be worried yes, they want this free childcare, the liberal democrats want it but the government�*s plan for delivering it looks very weak. government's plan for delivering it looks very weak-— government's plan for delivering it looks very weak. what about the fuel 0 du ? i looks very weak. what about the fuel o duty? i mean _ looks very weak. what about the fuel 0 duty? i mean the _ looks very weak. what about the fuel 0 duty? i mean the chancellor - looks very weak. what about the fuel 0 duty? i mean the chancellor has i o duty? i mean the chancellor has decided to extend the cut tow fuel duty, and then freezing it costing £6 billion, would you have done the same? . . . £6 billion, would you have done the same? ., , ., , same? that is all very fine, look what he has _ same? that is all very fine, look what he has not _ same? that is all very fine, look what he has not done _ same? that is all very fine, look what he has not done on - same? that is all very fine, look what he has not done on energy| what he has not done on energy bills. ., ., , . , what he has not done on energy bills. .,., , bills. the motorist also be happy --eole in bills. the motorist also be happy people in rural— bills. the motorist also be happy people in rural areas _ bills. the motorist also be happy people in rural areas where - bills. the motorist also be happy| people in rural areas where there isn�*t a transport network. itibfe people in rural areas where there isn't a transport network. we would have like to — isn't a transport network. we would have like to have _ isn't a transport network. we would have like to have see _ isn't a transport network. we would have like to have see more - isn't a transport network. we would have like to have see more help - isn't a transport network. we would have like to have see more help for| have like to have see more help for those in rural area, we have called for a ruralfuel duty those in rural area, we have called for a rural fuel duty tax to be extended and they haven�*t done that, you have to look at the package over

all and the failure to give more support from people, they, there is a cost of living crisis out there, millions are suffering is and if you look at the figures from the office for budget responsibility, they are seeing a record fall in living standards, laking leer and this year, a that is because the government isn�*t really providing help on things the like energy bills help on things the like energy hills which is crucial. ih help on things the like energy bills which is crucial.— which is crucial. in termses of help ou which is crucial. in termses of help you responded _ which is crucial. in termses of help you responded forcefully _ which is crucial. in termses of help you responded forcefully like - which is crucial. in termses of helpj you responded forcefully like many politicians, in terms of testify fall out from this mini budget last sum, but kwasi kwarteng. is it still liberal democrat policy to spend £3 billion helping people pay their mortgages, if they have experienced sharp rises? itibfe mortgages, if they have experienced shar rises? ~ . mortgages, if they have experienced sharp rises?— mortgages, if they have experienced shar rises? . . , sharp rises? we have set aside some fund to help--- _ sharp rises? we have set aside some fund to help... is _ sharp rises? we have set aside some fund to help... is it _ sharp rises? we have set aside some fund to help... is it 3 _ sharp rises? we have set aside some fund to help... is it 3 billion? - sharp rises? we have set aside some fund to help... is it 3 billion? it - fund to help... is it 3 billion? it is a fund _ fund to help... is it 3 billion? it is a fund to _ fund to help... is it 3 billion? it is a fund to enable _ fund to help... is it 3 billion? it is a fund to enable us _ fund to help... is it 3 billion? it is a fund to enable us to - fund to help... is it 3 billion? it is a fund to enable us to help i is a fund to enable us to help people who are facing reap session we may not need to spent erspend all of it. we think it is essential,

they have cut taxes to the banks at time when there are ten of thousands, if not more facing reap session, they have not provided help for people facing reap session that used to be there and the liberal democrats want that help. it is part of our package of helping people struggling with the cost of live, whether energy bill, mortgages, rent, it is vital people get more help. i am worried we are seeing a cost of living catastrophe. we will see millions going into poverty, many more using food bank, people who are homeless, we need to do something and i was, i thought the government seemled out of touch, inheard, with what millions are facing at the moment.- inheard, with what millions are facing at the moment. when you say ou are facing at the moment. when you say you are expecting. — facing at the moment. when you say you are expecting, predicting - facing at the moment. when you say you are expecting, predicting there i you are expecting, predicting there could be millions more in poverty, looking at the fund you were put being aside, up tow £3 billion, if you wanted a target that, you could spend that 3 billion, on people on

welfare, the poorest in society, certainly some of the poorest in society 0 i certainly some of the poorest in socie o . . , ., certainly some of the poorest in socie o . . . . society 0 i am glad you have raided that. we society 0 i am glad you have raided that- we have _ society 0 i am glad you have raided that. we have a _ society 0 i am glad you have raided that. we have a lot _ society 0 i am glad you have raided that. we have a lot of _ society 0 i am glad you have raided that. we have a lot of ideas - society 0 i am glad you have raided that. we have a lot of ideas to - society 0 i am glad you have raided that. we have a lot of ideas to helpj that. we have a lot of ideas to help the poorest in society. one example. warm home discount, a way of helping the poorest with their energy bill, some of the pensioner, disabled people. we argued that should be trebled so we target as much money as upon to those people who are least well—off. other people need help because we are such a crisis, we need to find ways to target those suffering the most, liberal democrats have done that and i can give you a number of areas where the liberal democrats are on the side of people who are struggling, and that is why i come back to this core point, the government seems so out of touch with what is happening out there. ed of touch with what is happening out there. , ., ,, of touch with what is happening out there. , . ,, ,~. of touch with what is happening out there. , . ~' ,. , of touch with what is happening out there. , . ,. ,~. , . there. ed davey, thank you very much for 'oininc , there. ed davey, thank you very much forjoining. you _ there. ed davey, thank you very much forjoining. you can — there. ed davey, thank you very much forjoining, you can find _ there. ed davey, thank you very much forjoining, you can find plenty - forjoining, you can find plenty more analysis on the bbc, the website gives lots of information on the budget and what it mean for you and there was a lot to digest, you

can find it on the website. we only have a few minutes more, before the end of this politics live special, following on from the budget. let me get your final thought, i asked at the begin of the programme what you thought perhaps would be the overarching issue or story from this budget. nick, what is yours? story from this budget. nick, what is ours? . ., , is yours? there are four things. four? we _ is yours? there are four things. four? we are — is yours? there are four things. four? we are going _ is yours? there are four things. four? we are going to - is yours? there are four things. four? we are going to here - is yours? there are four things. four? we are going to here a i is yours? there are four things. | four? we are going to here a lot about in the _ four? we are going to here a lot about in the next _ four? we are going to here a lot about in the next few _ four? we are going to here a lot about in the next few day, - four? we are going to here a lot i about in the next few day, -- hear. about in the next few day, —— hear. i will list them. that fall in living standards the obr is talking about. the tax relief for those with the big pension, that is becoming a big political row. tax rates remaining at the highest ever, we will hear more about it. and then the specifics of that childcare announcement. it�*s a big pledge, but many in the sector are already asking big questions about how you do it. �* asking big questions about how you do it. . . ,.. asking big questions about how you doit.�* . , do it. and also people saying it will take a _ do it. and also people saying it will take a lot _ do it. and also people saying it will take a lot of _ do it. and also people saying it will take a lot of time. - do it. and also people saying it will take a lot of time. what i do it. and also people saying it.

will take a lot of time. what about for you faisal? tbs, will take a lot of time. what about for you faisal?— for you faisal? a series of think-tank— for you faisal? a series of think-tank style _ for you faisal? a series of- think-tank style announcements think—tank style announcements designed, a surgery as i say to try and jump— designed, a surgery as i say to try andjump start designed, a surgery as i say to try and jump start growth which has been flat. and jump start growth which has been flat if— and jump start growth which has been flat if they _ and jump start growth which has been flat. if they pill pit off thing also — flat. if they pill pit off thing also feel better in a year's time. i see these — also feel better in a year's time. i see these election as a hidden feature — see these election as a hidden feature in _ see these election as a hidden feature in almost... gr see these election as a hidden feature in almost. . ._ see these election as a hidden feature in almost... or not that hidden. feature in almost... or not that hidden- all _ feature in almost... or not that hidden. all that— feature in almost... or not that hidden. all that sort _ feature in almost. .. or not that hidden. all that sort of- feature in almost... or not that hidden. all that sort of stuff i feature in almost... or not that| hidden. all that sort of stuff but one of temperatures _ hidden. all that sort of stuff but one of temperatures interesting things— one of temperatures interesting things is— one of temperatures interesting things is a contestable market inner politics— things is a contestable market inner politics that labour are ahead in the polls— politics that labour are ahead in the polls and people looking at the comparative offer here. the the polls and people looking at the comparative offer here.— comparative offer here. the tax deduction for _ comparative offer here. the tax deduction for investment, - comparative offer here. the tax deduction for investment, that| comparative offer here. the tax i deduction for investment, that will be welcomed. _ deduction for investment, that will be welcomed, 100% _ deduction for investment, that will be welcomed, 100% of— deduction for investment, that will be welcomed, 100% of what - deduction for investment, that will be welcomed, 100% of what you i deduction for investment, that will- be welcomed, 100% of what you invest you can _ be welcomed, 100% of what you invest you can knock — be welcomed, 100% of what you invest you can knock off— be welcomed, 100% of what you invest you can knock off your _ be welcomed, 100% of what you invest you can knock off your tax _ be welcomed, 100% of what you invest you can knock off your tax bill. - you can knock off your tax bill. there — you can knock off your tax bill. there will— you can knock off your tax bill. there will be _ you can knock off your tax bill. there will be a _ you can knock off your tax bill. there will be a gripe. - you can knock off your tax bill. there will be a gripe. it - you can knock off your tax bill. there will be a gripe. it only. you can knock off your tax bill. i there will be a gripe. it only lasts for three — there will be a gripe. it only lasts for three year. _ there will be a gripe. it only lasts for three year, we _ there will be a gripe. it only lasts for three year, we don't- there will be a gripe. it only lasts for three year, we don't have - there will be a gripe. it only lasts for three year, we don't have the| for three year, we don't have the stability— for three year, we don't have the stability for — for three year, we don't have the stability for businesses _ for three year, we don't have the stability for businesses to - for three year, we don't have the stability for businesses to investl stability for businesses to invest long-term — stability for businesses to invest long-term and _ stability for businesses to invest long—term and the _ stability for businesses to invest long—term and the tax _ stability for businesses to invest long—term and the tax break- stability for businesses to invest| long—term and the tax break fire higher— long—term and the tax break fire higher earns _ long—term and the tax break fire higher earns will— long—term and the tax break fire higher earns will be _ long—term and the tax break fire higher earns will be a _ long—term and the tax break fire i higher earns will be a humdinger, and i_ higher earns will be a humdinger, and i have — higher earns will be a humdinger, and i have to _ higher earns will be a humdinger, and i have to tell— higher earns will be a humdinger, and i have to tell you _ higher earns will be a humdinger, and i have to tell you there - higher earns will be a humdinger, and i have to tell you there is- and i have to tell you there is stockbrokers _ and i have to tell you there is stockbrokers round _

and i have to tell you there is stockbrokers round the - and i have to tell you there is. stockbrokers round the country and i have to tell you there is- stockbrokers round the country are licking _ stockbrokers round the country are licking their— stockbrokers round the country are licking their lips. _ stockbrokers round the country are licking their lips. oh _ stockbrokers round the country are licking their lips.— licking their lips. on that note that is all— licking their lips. on that note that is all we _ licking their lips. on that note that is all we have _ licking their lips. on that note that is all we have time - licking their lips. on that note that is all we have time for, i licking their lips. on that note - that is all we have time for, thank you very much for my guest, my experts in the studio. bye.

this is bbc news. welcome if you�*re watching here in the uk or around the globe. i�*m maxine croxall. our top stories: a high court in pakistan orders police to halt their operation to arrest former prime minister imran khan until thursday following clashes between police and his supporters. shares in the swiss banking giant credit suisse fall to a record low as investors remain worried after the collapse of silicon valley bank. the uk chancellor sets out his spring budget in parliament. extra help for childcare and scrapping the limit on tax—free pension savings are part of the government�*s plans. conflicting accounts from washington and moscow as a us drone crashes into the black sea, after an encounter with a russian fighter jet.

and a small number of wolves settle in belgium for the first time