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Budget Resolutions and Economic Situation

I personally think that that was a mistake, yes, although there was a legitimate issue about the replacement of council and social housing stock, and it remains an issue today. The second premise set out in my right hon. Friend’s Budget was that poverty will not be solved simply by economic growth, and that it needs specific action. Given the increasing returns to skills and qualifications, the global economy has tendencies towards greater inequality. Our choice is either to accept this or to take action. The child poverty figures got a lot of publicity a couple of weeks ago because the Government missed their target of taking 1 million children out of poverty. That is true and it is a matter of regret. It is why we must do more. That is why I welcome the new measures announced in the Budget last week, including the decision to index the child tax credit to earnings. I appeal for candour, particularly to the shadow Chancellor when he winds up the debate, if we are genuinely to tackle child poverty. The only reason why we have achieved what we have is because, in Budget after Budget, my right hon. Friend has taken specific measures to tackle child poverty. How do I know that? Because the figures show that by relying solely on the proceeds of economic growth and without his measures on tax credits, the number of children in poverty would have gone up by 1.5 million. Instead, as a result of the measures that we have taken, the figure has gone down by 700,000. Child poverty is at it lowest point for nearly 20 years. But hon. Members need not take my word for that. In a recent document published after the latest figures came out, the Institute for Fiscal Studies concluded:"““Child poverty has now fallen in every year since 1998/99, which is the longest period of sustained falls in child poverty since consistent data on relative poverty rate started to be available [in 1961]””." That is, it is the most sustained fall in child poverty for 45 years. But where are the Opposition on all this?