Facebook Twitter Instagram
    Latest News:
    • John Stevenson looks forward to an Action Packed Jubilee Weekend in Carlisle
    • John Stevenson Re-elected to Chair the Parliamentary Food and Drink Group
    • John Stevenson Thanks Veterans from across the Country and Cumbria’s Residents for their Support with Carlisle’s Falklands 40 Commemorative Event
    • John Stevenson MP urges Museums across Carlisle and Cumbria to bid for Funding to Level Up Culture
    • John Stevenson Celebrates Victory in Government U-Turn on BOGOF Offers for Shoppers
    • John Stevenson MP Welcomes Campaign to Boost take up of Pension Credit in Carlisle
    • John Stevenson MP Backs Falklands Forty School Competition
    • With its New Medical School, Carlisle is going to be an Educational Destination
    Subscribe
    Facebook
    John Stevenson MP
    MP For Carlisle
    • Home
    • Coronavirus
    • News
      1. Latest News
      2. In Parliament
      3. E-Bulletins
      Featured
      14th April 20200

      The Coronavirus Crisis

      Recent
      19th May 2022

      John Stevenson looks forward to an Action Packed Jubilee Weekend in Carlisle

      19th May 2022

      John Stevenson Re-elected to Chair the Parliamentary Food and Drink Group

      17th May 2022

      John Stevenson Thanks Veterans from across the Country and Cumbria’s Residents for their Support with Carlisle’s Falklands 40 Commemorative Event

    • About John
    • Photo Gallery
    • Events & Surgeries
    • Get In Touch
    John Stevenson MP
    You are at:Home»In Parliament»Budget 2020
    Parliament

    Budget 2020

    0
    By John Stevenson on 18th March 2020 In Parliament

    John Stevenson: The backdrop to the debate is very much one of a serious crisis with huge implications for us individually and collectively, for our country and for our economy. Before I touch upon the Budget itself and the subject of today’s debate, I want to make one observation. The overwhelming majority of the people of this country are employed by small and medium-sized businesses; people’s mortgage, lifestyle and standard of living depend on them. Indeed, the wealth of this country very much depends on small and medium-sized businesses. Therefore, looking at this crisis, I hope that when the Chancellor makes his statement this evening he concentrates on the lifeblood and the success of those businesses. Otherwise, the crisis will be detrimental to the long-term health and success of this country.

    Specifically on the Budget, I want to make three comments. The first is one of support and encouragement to the Government. The second is one of hope. The third is a word of caution from somebody who is a strong supporter of the Government.

    I very much support and congratulate the Government on the serious amount of capital investment that they propose for the regions, and not just for the north. It is widely recognised that that is badly needed, and indeed, many people would suggest that it is long overdue. The important thing is that this must not be a splurge. We must not see a surge of money going into investment and then a famine in a few years’ time. We need consistent and maintained investment for many years—indeed, beyond this Parliament. We should almost be suggesting that this is a cross-party initiative, because it might well go beyond the Conservative Government. If we are to see real change in our regions and in the north, in our roads, rail and airports, and in digital and skills we need a sustained period of investment.

    Through that investment, what we ultimately want to do is create an environment for business to thrive. In many respects, the success of this investment will not be the new roads, new rail and so on. It will be whether there is private sector investment following Government and taxpayer investment. We want to see private sector jobs and wealth creation in the north. Indeed, I want people wanting not to come to London for their career, but to go to other parts of the country. I also give a word of warning: we should always remember that Governments do not create wealth; it is business and the private sector that do so.

    I also support the Government’s review of the Green Book, which again is long overdue and extremely welcome. That will create a real opportunity to see investment going to places that have wrongly missed out in the past.

    My second point is about hope—a hope that the Government’s is a real ambition to change our public services and our complicated tax system; a hope that we have the ambition to reform social care and to look at how we can reform other public services, improve their performance and develop them for the future; a hope that we have true reform of local government and real devolution to the regions, so that they can make their own decisions and investments, and have some self-governance in a way that we have not seen in our regions for many years; and a hope that we see some reform of the taxation system to make it efficient and fair, and making a real contribution to the economy—less tinkering, more simplicity.

    To give one specific example, I suggest looking at reform of inheritance tax—a tax that is disliked by many people, by those who are going to pay it and those who are not, and indeed by future generations, who think their parents might pay it or that they themselves might have to pay it. It is not a tax that raises a huge amount of income for the Treasury, but, through some simplicity and with some changes, it could be fairer and at the same time generate more money.

    Thirdly, I have a word of caution. I appreciate that we have a serious crisis going on, and I recognise that the Government will be looking to supply a great deal of funding and support for businesses, individuals and organisations up and down the country, but I am a fiscal conservative and I do, in the long run, believe that we must live within our means and that we must have balanced budgets. We cannot borrow forever. Looking around the world at other economies, we see that those that are debt laden do not function as well. Looking back to the 2008 crisis, the borrowing was £40 billion a year. That was after 16 years of economic growth, yet the Government at that time were still borrowing instead of repaying debt.

    We have had 10 years of growth, yet we still have a substantial budget deficit. The danger for us is that if at some point in the future there is a rise in interest payments, that will have a very detrimental effect on the state of our nation’s finances. Rates might well rise at some point, and unexpectedly, in the way that other things can hit an economy out of the blue.

    I therefore suggest to Government that while they plan for future annual growth in the economy, we must always remember that recessions will happen. Indeed, given the present crisis, a recession might already be under way, so we must be prudent in the long run to ensure that the nation’s finances stack up and that we have the firepower to deal with downturns when they come. A final point: prudence is a virtue, and it is one that I believe the Government should follow.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    John Stevenson Re-elected to Chair the Parliamentary Food and Drink Group

    Oral Question: Borderlands Growth Deal Mark 2

    Oral Question: Food Security

    Leave A Reply Cancel Reply

    Newsletter

    Enter your information below to stay up to date with John Stevenson's Newsletter. All emails include an unsubscribe link. You may opt-out at any time. The information you enter here will be stored in line with our Privacy Notice.

    Please wait...

    Thank you for signing up!

    • Skills & Apprenticeships
    • Infrastructure
    • Business & Investment
    • Charities
    • The NHS
    14th April 2022

    John Stevenson MP Welcomes £4,104,659 in Funding to Level Up the Carlisle area

    6th January 2022

    “New Year, New Career Opportunities!” says John Stevenson MP for Carlisle

    17th December 2021

    John Stevenson, MP for Carlisle has Welcomed News of a Skills Boost to Support More People into Jobs

    10th November 2021

    ‘It’s not too late to sign up for the Skills Fair!’ says John Stevenson, MP for Carlisle

    14th April 2022

    John Stevenson MP Welcomes £4,104,659 in Funding to Level Up the Carlisle area

    2nd June 2021

    Carlisle MP Welcomes Openreach’s Full Fibre Commitment

    14th May 2021

    Carlisle MP Welcomes Announcements in Queen’s Speech

    21st April 2021

    Carlisle MP asks Rural Constituents to Take Part in Open Consultation on ‘Improving Broadband for Very Hard to Reach Premises’

    14th April 2022

    John Stevenson MP Welcomes £4,104,659 in Funding to Level Up the Carlisle area

    7th April 2022

    John Backs University of Cumbria and Imperial College London Plans for a New Medical School in Carlisle

    25th March 2022

    John Stevenson MP visits Carlisle Cathedral to show Support for English Tourism Week

    30th November 2021

    John Stevenson, MP for Carlisle encourages Constituents to Shop Local ahead of Small Business Saturday this Weekend

    26th October 2021

    John Stevenson MP backs Guide Dogs Campaign on the use of E-scooters

    2nd August 2021

    John Stevenson MP Supports Wetheral’s Oak Tree Animals’ Charity

    25th June 2021

    John Stevenson MP visits Buzz Bingo ahead of National Bingo Day 2021

    20th November 2020

    John Stevenson MP Praises the Government’s Coronavirus Community Support Fund for helping Local Causes in Carlisle

    7th April 2022

    John Backs University of Cumbria and Imperial College London Plans for a New Medical School in Carlisle

    3rd December 2021

    John Stevenson MP urges people in Carlisle to get their Booster Jab on ‘Boost Day’

    2nd August 2021

    John Stevenson MP Welcomes Opening of new Coronavirus Local Test Site in Carlisle

    1st July 2021

    John Stevenson, MP for Carlisle, Backs National Thank You Day adding Thanks of his Own

    Latest Photos
    John carries Commemorative Rose at Falklands Events
    John with Students on Dream Week Placement
    John with Mark Jenkinson MP and Cumbria Order
    John with Clark Door Limited supporting Family Business
    John with Rob and Claire Story of Story Decorating
    John attending meeting at Carlisle Cathedral celebrating EnglishTourismWeek21, which included tourism businesses from across Carlisle
    Search by Category
    • Agriculture
    • Arts & Culture
    • Business & Investment
    • Charities
    • Communities & Local Government
    • Crime & Police
    • Education
    • Energy
    • Health & The NHS
    • Housing
    • In Parliament
    • Infrastructure
    • Latest News
    • Publications
    • Skills & Apprenticeships
    • Transport
    • Work & Pensions
    John on Facebook
    John Stevenson MP

    22 minutes ago

    John Stevenson MP
    www.newsandstar.co.uk/news/20151175.john-stevenson-looks-forward-jubilee-weekend-carlisle/ ... See MoreSee Less

    City to come together to celebrate Platinum Jubilee

    www.newsandstar.co.uk

    WITH less than two weeks to go to the Queen’s Platinum Jubilee weekend, Carlisle has come together to offer a range of exciting events and...
    View on Facebook
    · Share

    Share on Facebook Share on Twitter Share on Linked In Share by Email

    John Stevenson MP

    3 hours ago

    John Stevenson MP
    Happy #WalkToSchoolWeek! ... See MoreSee Less
    View on Facebook
    · Share

    Share on Facebook Share on Twitter Share on Linked In Share by Email

    About

    JOHN STEVENSON

    John was educated at Aberdeen Grammar School and Dundee University. John subsequently qualified as a solicitor in 1990. In 2010 John was elected Conservative MP for Carlisle and was re-elected with an increased majority in 2015. John was re-elected again in 2017 and 2019 with a new majority of 8319. Carlisle is the only city in Cumbria and John enjoys representing a constituency at Westminster with such a strong identity.

    Latest Posts
    19th May 2022

    John Stevenson looks forward to an Action Packed Jubilee Weekend in Carlisle

    19th May 2022

    John Stevenson Re-elected to Chair the Parliamentary Food and Drink Group

    17th May 2022

    John Stevenson Thanks Veterans from across the Country and Cumbria’s Residents for their Support with Carlisle’s Falklands 40 Commemorative Event

    Photo Gallery
    John carries Commemorative Rose at Falklands Events
    John with Students on Dream Week Placement
    John with Mark Jenkinson MP and Cumbria Order
    John with Clark Door Limited supporting Family Business
    John with Rob and Claire Story of Story Decorating
    John attending meeting at Carlisle Cathedral celebrating EnglishTourismWeek21, which included tourism businesses from across Carlisle
    John and Chairman of Cumbria Tourism, Jim Walker, at restaurant during the 'Eat out to Help out' scheme
    John and Chairman of Cumbria Tourism, Jim Walker, at restaurant during the 'Eat out to Help out' scheme
    John at Carlisle Skills Fair 2020
    John at Carlisle Skills Fair 2020
    John at Carlisle Skills Fair 2020
    John at Carlisle Skills Fair 2020
    Copyright © 2015 JOHN STEVENSON. This website is funded from Parliamentary Allowances.
    • About John
    • Privacy Notice
    • Get In Touch

    Type above and press Enter to search. Press Esc to cancel.