Budget Resolutions and Economic Situation

Seamus Logan Excerpts

Wednesday 28th October 2026 Commons Chamber

[Graham Stuart]

I am delighted. Only one thing is worse than fat, greedy, complacent, lazy banks—if that is how the hon. Member wants to characterise them—and that is broke ones, because once we have a bust banking system, the whole of society is stuffed. People cannot get on the housing ladder, start a small shop or get anywhere. That is why I plead with Labour Members, who I know have had little to do with private businesses—they have come from their charities, social work and trade unions, and have no understanding of business. It seems a populist thing to do to attack the banks, but in fact it hurts ordinary people and means that that small shop on the high street cannot take on the unemployed youngster outside.

[Seamus Logan (Aberdeenshire North and Moray East) (SNP)]

rose—

[Graham Stuart]

I will not give way if the hon. Member will allow me.

What is happening to business investment next year? According to the Government’s own figures, it is falling. What is happening to the debt of the nation as a result of today’s Budget, compared with the position earlier in the year? It goes up in every year of the forecast—five years of additional debt, and it was already scary. Labour Members such as the hon. Member for Warwick and Leamington (Matt Western), whom I respect a great deal, and the hon. Member for Chesterfield (Mr Perkins) have been trying to say that this is a great Budget for entrepreneurs, but it is not. It is a Budget that allows a listing ship of state and the economy of this country to drift ever closer to the rocks. Year by year we will see debt going up, taxes going up and incentives going down, and without those incentives, those businesses in Beverley, Withernsea, Hedon and Skirlaugh, or wherever they are in my constituency, just cannot offer that job to that person.

To look at the specifics of the Budget, how is some of this being funded? The Chancellor skated over it as best he could, but he is going to tax amusement arcades. As if coastal towns such as Withernsea and Hornsea up the coast are not hurting enough, he is going put up tax on the entertainment of ordinary people going to the amusement arcade. He is an enemy of fun.