13:27 Keir Starmer (Labour)

Of course, the biggest challenge for this country is the climate emergency. The Chancellor just talked up his green credentials, but his Budget stops way short of what was needed or what is happening in other countries. This Budget should have included a major green stimulus, bringing forward billions of pounds of investment to create new jobs and new green infrastructure. Instead, the Government are trying to build a new coalmine, which we now learn might not even work for British Steel. If anything sums up this Government’s commitment to a green recovery and jobs for the future, it is building a coalmine that we cannot even use.

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13:54 Ian Blackford (Ross, Skye and Lochaber) (SNP)

The Chancellor and the Government need to give Ofgem a strategy objective to support the delivery of net zero. Transitioning to net zero is an economic imperative, but it is also a moral imperative. Last week, the United Nations Secretary-General warned that

“2021 is a make or break year to confront the global climate emergency.”

I genuinely say to all hon. Members that COP26 in Glasgow this November offers the chance to unite around an ambitious agenda to tackle the climate crisis.

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14:26 Meg Hillier (Labour)

The country is crying out for change. It is in debt and there is an uncertain future for many individuals and businesses. Brexit, which I do not think I heard mentioned in the Chancellor’s speech, is hitting businesses and individual consumers very hard and proving costly to the economy, certainly in the short term. The bit that was missing from the Budget is the vision for a country that should be supporting people into decent, affordable homes; that should be properly tackling net zero, on which I will touch in more detail; and that should have a plan for social care, the sector that was abandoned in the early stages of covid.

Structurally, there are real issues. A few figures have been announced today on green initiatives—I have not had a chance to go through the detail in the Red Book—but there is no clear plan. We have targets on net zero and other environmental targets, including on things such as electric or net zero cars, yet there are not enough milestones along the way to the targets, which are coming upon us really fast. I will look in detail at the little bits of money announced today, as my Committee, the Public Accounts Committee, is examining issues relating to the green economy in a series of inquiries.

On net zero and the environment, the Government are setting big targets, but our detailed work in the Public Accounts Committee raises many concerns. This is on top of failures on the green deal, the privatisation of the green investment bank, three competitions for carbon capture and storage—one more was recently announced, but so far the first three have failed—and real inertia on developing proper, long-term commitments to really tackling climate change.

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14:35 Sajid Javid (Bromsgrove) (Con)

Lastly, in the long term, putting the country back on a firm financial footing means that we need to build resilience against future disasters, as the Chancellor recognised in his Budget speech. Of course, not every disaster is a black swan and it would be foolish to prepare for crises we cannot foresee while we ignore those that we can. In terms of their potential impact on the future economy, few crises are more existential than climate change and declining biodiversity. That is why, as Chancellor, I set Professor Dasgupta very ambitious terms for his independent review on the economics of biodiversity. It makes clear that biodiversity is declining faster than at any other time in human history. If we continue to undermine the resilience of the natural world, we will introduce new sources of serious financial uncertainty, not least the increased spread of infectious diseases. While of course it will take time for the Treasury to digest Professor Dasgupta’s review, the Treasury should make a start on one of his most central recommendations: the need to recognise the value of the natural world in our national accounts. I urge the Chancellor to formally ask the UK Statistics Authority to review how that might be done. The Office for National Statistics is one of the most widely respected economic institutions in the world. If it can lead by example, it can make such a difference in trying to persuade other countries and financial institutions to do the same. We can lead on this, not least because of our chairmanship of the G7 and the COP26 conference this year.

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14:43 Jeremy Corbyn (Other)

Towards the end of his speech, the Chancellor managed to provide a great deal of greenwash for his proposals. Of course, we all support a green industrial revolution. It was central to Labour’s manifesto at the last election, but where is the commitment to net zero emissions by 2030? Where is the commitment on protection of biodiversity to protect us all for the future? This Budget is such a lost opportunity. At the end of it, our society will be more divided than it is at the present time, there will be greater stress and uncertainty in so many people’s lives because of this Budget. We can, should and must do much better than this.

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15:17 Douglas Ross (Moray) (Con)

Just as this pandemic has gone on longer than any of us could have imagined back in March last year, so, too, has the broad support delivered by the UK Treasury to the people of Scotland. Yet this is not just a Budget to help the Scottish economy to survive the pandemic. It is also a Budget for our recovery, with investments to support the economy in the north-east in its transition towards green energy, an acceleration of the transformative funding for Scottish growth deals to bolster the local economies in Ayrshire, Argyll and Bute, and Falkirk, and a freeze on the fuel duty to back Scottish drivers, which is crucial to our remote and rural areas. Just look at how that contrasts with the SNP Scottish Government lobbying for an increase in fuel duty. It has gone widely unreported that the SNP is calling for an increase. When we look at the options for fuel duty, how will that go down with voters in rural Scotland in a few weeks’ time? And, of course, as the MP for Moray, representing more Scotch whisky distilleries than any other MP in this place, I warmly welcome the freeze on spirits duty. That is hugely important to the distilleries in my constituency and alcohol producers more widely in Scotland and across the UK.

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15:59 Geraint Davies (Swansea West) (Lab/Co-op) [V]

We need a fairer future in Britain. There are 6.6 million people who are hungry and in food insecurity each day. We need to double the number of co-operatives. We need to target investment to smaller companies, particularly those that are committed to net zero, with local jobs that reduce inequality. We need to invest in children from poorer backgrounds who have lost out the most in terms of education, and we need to invest in sustainable transport. After all, 64,000 people a year are dying prematurely from toxic air. Again, there was nothing about that.

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16:03 Barry Gardiner (Labour)

Our species is grappling not just with one global pandemic, but with the two global emergencies of climate change and the destruction of nature through biodiversity loss. Today should not just be about the allocation of money; it should be about the management of our assets. Once we understand that our economy is bounded by nature, natural capital, we will perhaps understand the need to stop consuming each year goods and services that the planet takes 1.6 years to reproduce. Economists call this living beyond our means. The Intergovernmental Panel on Climate Change is clear that we need urgent and unprecedented transformational change. If this Budget had adopted the principles of the Dasgupta review, we would have got that change. It would have set out the basis of a green industrial revolution, full investment in low-carbon infrastructure and the greening of our economy. It could have created a million new jobs.

On the super deduction of 130% tax reliefs on investment, the Chancellor should have said that this could be used only for sustainable green investment, and not to subsidise what could be environmentally damaging infrastructure by oil and gas corporates. No wonder it took him until precisely 37 minutes into his speech before he even mentioned the word “green”—and that, ironically, came just after saying there would be no fuel duty rise. I welcome what he said about changing the remit of the Bank of England to consider environmental sustainability and net zero, but a transformative Budget would have mandated both climate and nature-related financial disclosures by listed companies. He patted himself on the back and said that he would be ready when the next crisis comes. The truth is that the next crisis is already here: it is called the climate catastrophe and environmental destruction, and this Budget has not prepared us to meet it.

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16:08 Liam Byrne (Labour)

I am grateful for the help in the short term that will make a difference, but the truth is that, over the medium term, we saw today £66 billion-worth of tax rises—tax rises that will also fall on teachers, nurses and police officers for the years to come. I think that is the biggest tax rise that we have ever seen in Budget history, and it is so high because the growth rate for this country is coming further and further down. That is why what we needed from the Chancellor today was a meaningful strategy to go from the pandemic to the Paris agreement—a plan to reindustrialise our country and create new green manufacturing jobs, avoiding the perils that the International Monetary Fund is warning about of a K-shaped recovery where the rich go in one direction and the poor go in another.

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16:23 Caroline Lucas (Brighton, Pavilion) (Green) [V]

This is the last Budget before the UK hosts the COP26 climate summit in November, before it presides over the G7 and before it takes part in the global biodiversity summit. In that context, the Chancellor should have embraced the enormous potential for a fair and green recovery, to create hundreds of thousands of jobs and to shift our economy on to new sustainable foundations.

Climate leadership means deeds, not words. It means following the science on the speed and scale of the investment required to meet climate goals and halt the loss of biodiversity. The question is not whether we can find a climate initiative here or a mention of green spaces there—I welcome the progress on green bonds and the investment bank. The question is whether, as a whole, this Budget addresses the climate and ecological emergency with anything approaching the ambition or urgency required, and it gives me no pleasure to say that it does not. It is alarming and disappointing to see the Chancellor doubling down on economic dogma that is fuelling the fires of the climate crisis and making our society more unequal and less resilient. Because the Chancellor has failed to make space for nature in his Red Box, we are missing out on thousands of jobs that a national nature service could create, for example. More fundamentally, as the Treasury’s own Dasgupta review, “The Economics of Biodiversity”, explains, bio- diversity loss is

Secondly, we need transformational investment to create green jobs. With unemployment rising and so much needing to be done to create a fair and green economy, we could have been investing millions. For example, £48 billion over 18 months could have created over 1 million good green jobs. In the US, Joe Biden has a $2 trillion plan to address the climate emergency. Maybe there has been some kind of spreadsheet error here in the UK.

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16:35 Alex Sobel (Labour)

This Budget is made in the context of the UK having the worst economic performance during covid of any major economy and the highest death toll per capita. The Government have failed to protect the nation’s health or its economy. However, as the chair of the net zero all-party group, I have called for an infrastructure bank and, as a Leeds MP, I have called for that to be in Leeds, so I am pleased that one thing that I have lobbied for has come to fruition. My experience on the Environmental Audit Committee in looking at the performance of the Green Investment Bank, sold to Macquarie in 2017, means that I will scrutinise the detail of the bank’s capitalisation, mission and governance very closely to ensure that it supports net zero and biodiversity, and is not greenwash.

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16:41 Ben Lake (Plaid Cymru)

Of equal concern is the Budget’s underwhelming green measures, as the UK joins rather than leads the green transition. For Wales to achieve our net zero commitments, we urgently need to start by retrofitting more than 100,000 homes, to expand and electrify our rail network and to provide gigabit broadband connection throughout Wales. If the Government are serious about their levelling up agenda, they must act on their rhetoric by decentralising power from Whitehall. Given the right economic tools, Wales can deliver a truly transformational low-carbon infrastructure stimulus package itself, and pave the way for an economy that is truly fit for the future.

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17:31 Rachael Maskell (Labour)

Let me turn to my constituency. York is one of the worst-hit economies in the country. In my Budget submission, I set out three pillars for investment to rebuild York’s economic foundations. First, BioYorkshire would have put York at the heart of the global bioscience economy through significantly cutting emissions and reducing waste, while creating 4,000 green collar jobs and upskilling 25,000 people. Just £12 billion for a green investment bank in the year of COP26 shows no commitment to mitigating the climate crisis.

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17:44 Matt Western (Labour)

Where is the vision and delivery of public-private investment? Where are the plans for the network of electric vehicle charging points and hydrogen infrastructure that we need if we are to deliver net zero? It is not enough to leave it to those in the private sector, as they themselves state. Finally, it is not enough to continue with the business rates holiday. The Chancellor failed to do the right thing and undertake the wholesale revision needed to address the massive distortion in our economic landscape. The evidence is damning. The OBR has underlined the fact that we have sustained the worst economic damage of any G7 country, and it will be the public who pay for the Chancellor’s mistakes. A word of advice, then, for the Chancellor: he needs to start acting in the national interest and not in his own self-interest, or the public will never forgive him. Once again, he has got it wrong.

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18:02 Ben Bradley (Mansfield) (Con) [V]

I thank the Chancellor for choosing the east midlands as home to one of the new freeports. That is important and will be welcomed across the whole region. The impact of the jobs and growth that can come from the site, in conjunction with plans for a development corporation, the boost to green energy and businesses, and the potential for new infrastructure in that part of the world just a few miles down the M1, will be vital for the recovery across the east midlands. Combined with our new approach to skills, adult learning and retraining, which was announced in the FE White Paper, it will help many of my constituents to get into work or back into work and to rebuild their lives after covid.

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