My Lords, this is the third voice, joining the noble Lords, Lord Forsyth and Lord Tunnicliffe. Will the Minister understand that this House is ringing the crisis bell, because it is going to be a crisis for a very large number of people trying to live through this coming year? The OBR forecasts inflation at 9% by the end of the year, and if the Minister takes into account every argument that she has made and every measure produced by the Chancellor, the OBR still says that we will experience
“the largest fall in a single financial year”
in real household disposable incomes
“since ONS records began in 1956-57”.
Is it not extraordinary that, in order to finance a tax cut in 2024, the Chancellor is raising national insurance contributions today? Let us not have shilly-shallying over hypothecation. In fact, he could cancel today’s national insurance contribution rise, use windfall taxes to fill in for the two-year period and come out no worse in 2024. Why does he not do it?