The Chancellor had the chance to change course and fix the damage she’s caused - but she didn’t. Instead, this Emergency Budget confirms what many feared: Labour’s reckless decisions are dragging the economy down, and it’s hardworking families and businesses who are paying the price.

The Office for Budget Responsibility (OBR) has slashed its growth forecast for 2025 from 2.0 percent to just 1.0 percent. This comes after Labour’s Autumn Budget, which broke key promises, introduced the damaging Jobs Tax, and shattered business confidence. Meanwhile, unemployment is expected to keep rising, reaching 4.5 percent next year; higher than previously forecast. The OBR also warns that Labour’s welfare policies will mean fewer people in work, doing nothing to help the economy grow.

Instead of supporting businesses and encouraging job creation, Labour is overseeing the highest tax burden in British history. While income tax and VAT haven’t changed, new farming, education, and jobs taxes will hit rural communities hard. Small businesses, already struggling with rising costs, are being weighed down even further. At my hospitality roundtable in January, the British Institute of Innkeeping warned that up to a quarter of pubs could be forced to close under Labour’s tax-and-spend policies. I’ve raised these concerns in Parliament, but Labour isn’t listening.

At the same time, the cost of living keeps climbing. The OBR confirms inflation will peak at 3.2 percent this year, more than double what was forecast under the previous government. This means higher prices in the shops, putting more pressure on household budgets. Mortgage rates are also set to rise again, and the OBR warns that a third of homeowners on fixed-rate mortgages haven’t yet felt the full impact of Labour’s economic decisions, meaning worse is yet to come. On top of that, borrowing is spiralling out of control, with the government set to borrow an extra £47.5 billion - an average of £8 billion more per year. As a result, debt interest payments will jump by £30 billion, taking money away from vital public services.

Labour’s approach to welfare is failing both families and the economy. The Government’s own figures show that 250,000 people - including 50,000 children - will be pushed into relative poverty due to welfare cuts. Yet despite this, spending on health and disability benefits is still expected to hit £97.7 billion by the end of the decade - showing that Labour’s plans aren’t working.

This Emergency Budget should have been a turning point, but instead, it confirms what we already knew: Labour’s policies are failing, and Britain is paying the price.

The months ahead won’t be easy, but I will continue standing up for our rural communities and local businesses across Farnham, Bordon, Haslemere, and Liphook. Labour needs to wake up to the real-world impact of its policies before it’s too late.