Budget Resolutions

Richard Tice Excerpts

Wednesday 26th November 2025 Commons Chamber

[Richard Tice (Boston and Skegness) (Reform)]

This Budget has been a car crash—the third car crash over which this Chancellor has presided. The first was last year’s Budget, which was so damaging to business confidence, to jobs, and to the farmers who provide the food for this great nation. The second was the run-up to this Budget, with so many leaks. It was the hokey-cokey Budget—in, out, shake it all about—which, again, was damaging to business confidence. The third car crash has, I fear, written off the engine of the British economy, because once again all the data, all the incentives, are bad.

Let us just look at the simple data, shall we? Growth is down. It has been flatlining over the last quarter, and the OBR numbers show that the growth forecasts for the next four years have all been reduced. Jobs are down by nearly 200,000 people since the last Budget. Earlier this week I spoke to recruitment agents from up and down the country who told me that, essentially, businesses had stopped hiring particularly, and most damagingly, young workers. I fear this Budget will make that even worse.

Let us now look at the other data. Taxes will go up, over the next few years, to the highest level since the second world war. This Chancellor has achieved the extraordinary, unbelievable feat, after just two Budgets, of being the second highest tax raising Chancellor ever, raising taxes by some £70 billion.

[Lewis Atkinson (Sunderland Central) (Lab)]

On putting up taxes, a household living in a band A property in Sunderland that is worth £50,000 currently pays more council tax than one living in a £50 million property in Westminster. Do the hon. Gentleman and his Reform UK colleagues agree that reforming the system to increase council tax for those in higher bands is a good tax change to make in order to reduce people’s energy bills and to take 2,000 kids in Sunderland Central out of poverty?

[Richard Tice]

The good news is that when Reform wins more and more elections next May, we will be able to get better value for council tax across the whole country.

I will keep going. Over the next five years, welfare spending will increase by £70 billion per annum. That shows that this is not a Budget for workers; it is a Budget for those on welfare. It reduces the incentive to work, and it reduces the incentive to be an entrepreneur or a small business owner.

[Tom Tugendhat]

I am interested to hear the hon. Gentleman using the figure of £70 billion, and I agree with him. He knows that £30 billion of that results from the rise in the triple lock, so does he agree that the triple lock is simply not affordable?

[Richard Tice]

The truth is that if we carry on going this way, nothing will be affordable, because this Chancellor is heading us towards bankruptcy as a nation. The reality is that nothing becomes affordable if we go bust under the Minister’s and the Chancellor’s mismanagement of this economy, so we need to change course, because all the data is bad.

I cannot believe the borrowing numbers, Madam Deputy Speaker! The OBR is forecasting that borrowing in this year alone will be some £21 billion higher—

[Torsten Bell]

It will fall every year!

--- Later in debate ---

[Richard Tice]

The Minister clearly does not know the facts of the Budget that he is presiding over. The numbers in the Blue Book show that borrowing will be £21 billion more than the OBR forecast back in March. Over the next four years, borrowing will increase by over £60 billion. To help the Minister: mathematically, that is up.

All the data and the numbers are going in the wrong direction, but it did not need to be this way. The Government could have followed Reform’s fine recommendations. The Chancellor could have said to the Governor of the Bank of England, “Stop paying voluntary interest on the quantitative easing reserves.” She could have also said that we should stop quantitative tightening, which is why we have the highest QE programme in the western world. She could have said that we should reduce the foreign aid budget. She could have said that we should stop paying welfare to overseas nationals in order to protect British citizens. She failed to make those choices, and that is why we have had to increase taxes to the highest levels ever.

[Ms Billington]

Will the hon. Gentleman give way?

[Richard Tice]

I have been very generous with my time, but many others wish to speak.

It is time for change, because this Budget disincentives work and it disincentivises risk-taking, and some of the finest and brightest of our nation are seriously considering leaving the country.

There is, however, some good news: this is the last Budget that this Chancellor has given. Why? Because she has proven herself to be a learner driver with her multiple car crashes. Based on the parliamentary Labour party’s antics, it is probably also the last Budget that the Prime Minister will preside over. The final good news is that after the next general election, Reform will redesign and re-engineer the economy to make work pay, to make risk-taking pay and to get our economy growing again.