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Budget Resolutions and Economic Situation

My hon. Friend and neighbour makes an absolutely valid point. That is the trouble with this Government. They see these schemes, they get put in place, and then, as we approach the election, things are moved around for electoral gain. The tactics of yesterday were all about attempts to overshadow key aspects of the Budget. We heard nothing about allowances being frozen, despite inflation running at 3 per cent., which effectively introduces another form of stealth tax. We heard nothing about the fact that national insurance is on its way up—not necessarily the best thing to do when one is trying to find support for businesses up and down the country. Of course, there was no mention of delaying the spending review, which is so critical from now until October. I ask the Economic Secretary: what is the difference between conducting the next three-year spending round now and doing it in October, apart from the fact that there happens to be a general election in May? A £24-billion-hole remains in the Budget, which is supposed to be filled from savings in public services. The Government have identified and even ring-fenced the money, but they have not said where it will come from. I am afraid that that will be an election issue. People will ask where Labour intends to make the cuts. Of course, we will not know until after the election, if at all. There are no details in the Budget, which is a "Don't rock the boat" Budget. It is the bluffers' Budget, which leaves the economy and the country guessing Labour's true intentions. As my hon. Friend the Member for Broxbourne said, we often come into the Chamber and experience exchanges of pleasantries or otherwise; we chew over the issues and say things to each other. Yet the opinion that actually matters as much as anyone's is that of the investors, who examine the Budget speech and the details of the Red Book and decide whether to invest and support the Government. Hon. Members should consider the gilt markets and what happened during the Budget speech yesterday. Investors around the world started to sell Government bonds, pulling their money out of the UK. They did not like what they saw. The Economic Secretary shakes his head, but they did not like it.