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Legislative Programme and Budget Statement (Wales)

I shall return briefly to what I think has been the most important issue that we have discussed today: the Budget and the rather rushed rehash that we heard this morning from the Chief Secretary of last week’s speech by the Chancellor. There was a moment in the middle of the right hon. Gentleman’s speech when I think we heard the kernel of the Government’s rationale and hopes for the Budget. I paraphrase slightly, but in effect the Chief Secretary said that the Budget was a credible plan to restore confidence and to allow the private sector to grow and to create jobs. That broadly sums up what the Government hope will come out of their Budget. I think that they are wrong on almost every count. It is not a credible plan, it does not restore confidence, and it will not allow the private sector to grow and expand. As someone who has worked in the private sector for the past five years, I have seen a great lack of confidence and I do not see that changing now. We hear a lot of rhetoric in this place, but sometimes facts are worth bearing in mind. We should start to look at the facts, at how the markets have responded and at how those people who will make the decisions in the private sector about how we might see growth in the economy are responding. I think that the message is already clear. We have a Budget that was forged with the hot breath of the credit rating agencies and the markets on the neck of the Chancellor, and it is a Budget that we will repent at leisure because the markets are already reneging on their side of the deal.