I beg to move an amendment, at the end of the Question to add:

“but humbly regret that there is no mention in the Gracious Speech of the improved economic conditions the Government is inheriting, with the fastest recorded growth in the G7, inflation at the Bank of England’s target for the second month in a row, and unemployment at half the rate that it was in 2010; further regret that there is no mention of how to make necessary savings on welfare;
urge the Government to meet the commitment set out in the Labour Party’s manifesto not to raise taxes on working people;
regret that the Gracious Speech fails to make a commitment not to use changes to reliefs to raise taxes;
and call on the Government to increase income tax thresholds to prevent income tax from being charged on the State Pension.”

It is an important and rather painful part of our democracy that today I am a shadow Chancellor, responding to the King’s Speech in exactly the same way that the new Chancellor responded to me just a few months ago, so I start by congratulating her, as well as Mr and Mrs Reeves. As the father of two girls, one of whom has her 10th birthday today, I warmly welcome the smashing of a glass ceiling by Britain’s first female Chancellor. As I said on election night, she has led the Labour party on a difficult journey, which has changed it for the better. Her stated commitment to fiscal responsibility, stability and economic growth has been consistent and, I am sure, not always easy. Unfortunately for us, her success in holding the line means that we face rather a lot of Labour MPs on the Government Benches, but I wish her well in her new role.

I also commend to the right hon. Lady the superb Treasury officials she now inherits, and put on record my gratitude to them the excellent work they did for me, staying up in the middle of the night ahead of fiscal events, engaging in tense negotiations with spending Departments—and occasionally, it has to be said, with No. 10—bringing me endless flat whites and Pret lunches to keep me going and, most of all, making my family feel welcome in the goldfish bowl that is Downing Street. It is part of the magic of democracy that those same officials have seamlessly transferred their allegiance from me to her, and I know that they will serve her extremely well.

In opposition, we will not oppose for its own sake, and there are a number of Bills in the King’s Speech that we welcome. The right hon. Lady is right to focus on growth, and the improvements on planning will build on many reforms introduced by the last Government, including the 110 growth measures I introduced in last year’s autumn statement. Any boost to house building is also welcome. We delivered 1 million homes in the last Parliament, and she will soon find out that if she is to deliver 1.5 million, she will not be able to duck reforming environmental regulations—a change that Labour blocked in the last Parliament but will deliver an extra 100,000 homes. I caution her not to over-rely on bringing back top-down targets. In the end, we will build more houses only if we change attitudes to new housing, and that is unlikely to happen if unpopular targets are steamrollered through local communities.

We will also look carefully at the right hon. Lady’s Budget Responsibility Bill. We are proud that a Conservative Government set up the Office for Budget Responsibility, and I commend the work of Richard Hughes and his team. We did not always agree, but in the end, that is the point of an independent watchdog. We all understand the politics of a Bill that allows the Government to make endless references to the mini Budget, but if the right hon. Lady is really committed to fiscal responsibility alongside growth, I hope that she will today confirm that she will not fiddle with the five-year debt rule to allow increased debt through the back door. We—and, it has to be said, markets—will be monitoring the overall level of debt very carefully to make sure that that does not happen. I also hope that she will commission the OBR to do 10-year forecasts of our long-term growth rate rather than five-year forecasts, as at present, in order to bake long-term decision making into Treasury thinking.