Thank you very much indeed, Madam Deputy Speaker. I am sure that the whole House will want to join me in wishing a very happy birthday today to His Majesty the King.
The last few days in global politics have been extraordinary, featuring one of the most incredible comebacks of modern times. It was wildly hard to predict, many people have panicked at the possible consequences, and some are still in a state of denial—but even so, I must say that I am delighted to have been appointed as shadow Leader of the House of Commons.
I pay tribute to my immediate predecessors: the Luke Skywalker of the Conservative party, my right hon. Friend the Member for Croydon South (Chris Philp), and the great Obi-Wan Jedi sabre-wielding master—or mistress—of the Despatch Box herself, the former Member for Portsmouth North, Penny Mordaunt. As it was with the Galactic Empire, so it is with the Labour party. Recent events have reminded us of the truth of the ancient saying: power reveals.
So it is with this new Government. What have their first chaotic few months in office revealed? First, we know that they like to say one thing and do another. They talk about supporting working people, but the rise in national insurance will hit all working people. They talk about growth, but have imposed the largest tax rise for a generation, pushing up both interest rates and inflation. Only last week, we saw a reported 64% rise in companies filing for insolvency compared with the same week last year—and that is before all the red tape of the new Employment Rights Bill, which will make it harder than ever to give somebody a job and grow a business.
Madam Deputy Speaker, there is so much sheer incompetence here. To take one example, the Government have raised employer national insurance, lowered the income threshold and increased the minimum wage, all at the same time. No one seems to have noticed that the combined effect of those measures is to raise the cost of hiring an entry-level employee not by 2% but by something closer to 12%. That is a terrible blow, especially to the retail and hospitality sector. I ask the Leader of the House: was that deliberate or just a mistake? Will she ask the Treasury to publish an assessment of the total impact of those three measures before any legislation comes to this House?