HC Deb 09 March 1999 vol 327 cc173-4 3.31 pm
The Chancellor of the Exchequer (Mr. Gordon Brown)

Today's Budget is a Budget for Britain to succeed in the new economy and to lead in the new century. It is a Budget that builds on strong foundations of economic stability, advances a modern framework of efficient public services and encourages a dynamic Britain of enterprise and fairness.

With this, the last Budget of the 20th century, we also leave behind the century-long sterile conflicts between Governments of the left, who have too often undervalued wealth creation and enterprise, and Governments of the right, who have been too indifferent to public services and fairness.

In contrast, this is a new Labour Budget built on the central idea that our future depends on enterprise and fairness together.

The more enterprising Britain is, the more wealth we create, the higher our standard of public services and our standard of living can be—not just for the few, but for all of us.

The fairer Britain is, the more open Britain is to the talents of all, from whatever class and background, the more enterprising and prosperous all of Britain will be.

Because enterprise and fairness are founded on securing sound economic fundamentals, this Budget will lock in monetary and fiscal stability for the long term.

Because enterprise and fairness depend on modem public services, we are not only providing the £40 billion extra we promised to health and education, but today I will announce more money and more capital investment in schools, hospitals, transport and fighting crime.

And this Budget will implement far-reaching tax reform that will deliver a better deal for enterprise, a better deal for families, and a better deal for work.

Because for too long the tax system has undervalued entrepreneurship and investment, we will cut taxes on enterprise, we will champion the needs of small business, we will introduce a new competition policy and a new computer strategy for Britain.

Because for too long the tax system has undervalued the family, failing to reward those who take on the most important responsibility of all—bringing up children—we will cut taxes for families, helping parents when they need help most.

To recognise the contribution of our senior citizens to our country, the Budget will increase the income of all pensioners.

And because for too long Governments have taken too much in taxes from people who work hard but are not wealthy, this Budget will now reform tax and benefits and deliver tax cuts that reward work and make work pay for everyone in Britain.

So in a better deal for Britain that puts work, enterprise and families first, this Budget will cut tax rates and at the same time boost public investment—and it will do both at the right time for the British economy.

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