Graham: Budget of small giveaways fails to tackle Britain’s biggest problems
Graham warns that the Chancellor’s Budget does nothing for growth, while rising business costs leave young people struggling to find work and families cutting back to make ends meet.
Graham has criticised Chancellor John Healey’s Budget for failing to tackle the problems holding back Britain’s economy, warning that small giveaways will do little to help businesses grow, create jobs or raise living standards.
Speaking in the House of Commons, Graham argued that the Chancellor had announced a record number of individual measures but failed to produce a convincing plan for economic growth.
The Office for Budget Responsibility (OBR) forecasts growth of just 1 per cent in 2027, with business investment expected to fall by 0.5 per cent. Its assessment is that the Budget measures will make no material difference to economic growth.
Graham welcomed plans to remove 70,000 businesses from business rates but argued that the Government should go further to help struggling high streets. He pointed to the Conservative proposal to remove 250,000 high-street businesses from business rates, helping shops, pubs and cafés stay open, expand and employ more people.
He warned that the consequences of weak investment and rising business costs were particularly serious for young people looking for their first job.
Graham also raised concerns about the Budget’s impact on coastal communities, including Hornsea and Withernsea, where amusement arcades are among the businesses facing higher taxes.
He argued that the Government’s approach risked placing further pressure on seaside businesses at a time when coastal towns needed more investment and opportunities.
The Budget comes as Graham’s latest survey across Beverley and Holderness reveals the pressure on household finances.
Of 313 respondents asked whether national decisions had made the cost of living easier, just one said they had, while 267 said things had become harder. Meanwhile, 290 of 317 respondents said they had cut back on something to make ends meet.
Graham welcomed the Chancellor’s £100 help with energy bills but said that lasting improvements in living standards depended on businesses investing, creating jobs and paying higher wages.
He called on the Government to reduce the costs facing employers, encourage investment and give young people better opportunities to find work and build successful careers.
Graham said:
“I want the Chancellor to succeed in getting Britain growing. We all have a stake in that. But this Budget is a collection of small giveaways when the country needs a serious plan for growth.
“The OBR says the measures announced will make no material difference to economic growth. Business investment is expected to fall, taxes are rising and too many businesses are struggling to take on staff.
“That’s not good enough for the young people I meet across Beverley and Holderness who desperately want their first job.
“Our shops, cafés and pubs don’t just bring life to our high streets. They give young people their first chance to earn money, learn new skills and build confidence.
“That’s why I welcome help with business rates, but the Government should be going much further. The Conservatives would take 250,000 high-street businesses out of business rates, giving them a better chance to survive, grow and employ people.
“I’m particularly concerned about the Chancellor’s plans to increase taxes on amusement arcades. Our coastal towns, including Hornsea and Withernsea, need more opportunities and investment, not additional costs for businesses that help attract visitors and support local jobs.
“And families need more than temporary help with their bills. Just one person out of more than 300 who answered my survey said national decisions had made the cost of living easier. Nearly nine in ten said they’d cut back on something to make ends meet.
“I welcome £100 off energy bills. But the best way to help families isn’t to keep giving them a little money back. It’s to build an economy in which they can afford their bills in the first place.
“Businesses create the wealth that pays for our public services. We should be making it easier for them to invest, expand and employ people, not making it harder.
“The Chancellor has told us how he intends to spend Britain’s money. Now he needs to explain how Britain is going to earn it.
“I want to see our high streets thriving, young people finding good jobs and families with more money left at the end of the month.
“I’ll keep pressing the Government to back businesses, encourage investment and deliver the growth that people across Beverley and Holderness deserve.”
