In the past fourteen years this country has weathered two recessions, left the EU, experienced a global pandemic, seen inflation rocket to 11.1%, and watched with horror as interest rates soared after Liz Truss’s catastrophic not-so-mini-budget in 2022. We've had 6 Prime Ministers, 8 Chancellors and a grand total of 18 Budgets.
And now it's Labour's turn. Today, Rachel Reeves will step up to the dispatch box as the first woman ever to deliver a budget, with a promise that her plan will “rebuild our country”.
But what exactly this means remains unclear as I write this, despite weeks of speculation about what the Chancellor will and won’t include in the Budget.
The Liberal Democrats know that public finances are in disarray after years of mismanagement under the previous government, but we need to see urgent investment in our NHS and public services, with action to fix our crumbling schools and hospitals. I hope that this will be the "health budget", with an acknowledgment that we can't rebuild our country if the population is too unhealthy to do so. Health and wealth really are two sides of the same coin.
Firstly I'll be looking for a commitment on hospital funding.
At Torbay Hospital 80% of the current estate is in either poor or unsatisfactory condition. This isn't acceptable or safe for staff, and it's bad for patients too, affecting morale and recovery.
The Health Secretary has said hospital projects included in Boris Johnson's so-called 'new hospitals programme' will not be cut, but there is no timeline for what work will be done and when.
I also want to see a firm commitment on GP funding and a commitment to renegotiate the NHS contract on dentistry.
Away from the NHS, I also want to see business rates relief extended for the Hospitality sector. Hospitality plays a crucial role in our economy here in South Devon and in the country as whole. It contributes 5% to our GDP all while paying 15% of all business rates.
The mooted return to a 20% rate is the wrong way to go if the Chancellor wishes to rebuild our country. In fact, it would likely force many already struggling pubs and restaurants to close their doors for good. A catastrophe for a rural economy like ours that relies heavily on the visitor economy.
That’s why, last week, I wrote to the Chancellor calling for business rates relief to be extended and for the Government to explore new, creative ways to support this critical sector.
The third area in which I'd like to see investment is the Environment Agency. Last week, I raised the chronic sewage problem affecting Kingsbridge in the House of Commons, where residents are wading through sewage that is seeping out of the drains during heavy rain.
This is an extreme example, but there are similar issues affecting villages across South Devon. And, as we approach winter and the rain becomes worse, issues with surface water, sewer flooding and discharge into our rivers, seas, and lakes are all going to become more common.
All of these are a symptom of a water industry that is fundamentally broken and if the government refuses to consider restructuring the industry, then we need a regulator with real teeth to try and get to grips with the situation.
I also hope there will be no change to Agricultural Property Relief - a tax relief that is vital for the survival of small family farms and the tenanted agriculture sector.
Now, I appreciate that all the proposals I’ve outlined here require extra funding, and since July, the new Government has made it clear that such funding is not readily available. I know many of you will be nervous about what the Chancellor may announce today with broad taxes being rumoured.
We Liberal Democrats are clear that the burden for cleaning up the Conservatives’ mess shouldn’t fall on small businesses, small care providers, or the pension pots of hard-working people. Instead, it should fall on big banks, social media giants, and oil and gas firms.
The Conservative government has left our economy on life support. Now is the time to boost growth by backing small businesses and investing in our crumbling public services.
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