In the autumn, I took the decisions to put our public finances back on a firm footing. The most recent GDP data showed that the economy grew by 0.4% in the final month of last year. As I have said on many occasions, our fiscal rules are non-negotiable. The Conservative party sent mortgage rates and business borrowing costs spiralling; we have returned stability to the public finances to give families and businesses the stability they need.

I agree that we need to get a grip of the welfare budget, which got out of control under the previous Conservative Government. Frankly, I am not going to take lectures from the Conservative party, which crashed the economy. Let me remind the House what the right hon. Gentleman said about the disastrous mini-Budget: “I share entirely the free-market ideology that underpins the Chancellor’s statement…The Chancellor was right to be radical.” He added: “I rejoice at the two fingers the Chancellor has raised to socialist dogma and envy.” I think that the financial markets and the British public have united in their view on the previous Government.