I am grateful to the hon. Gentleman for that intervention, because it allows me to explain why he is completely mistaken in what he is saying. We offered a set of carefully and fully funded tax cuts—unlike the £38.5 billion of unfunded spending commitments that came from the Labour party—but we always said that they would be brought in over time over the next Parliament. We did not make a commitment that they would come in immediately, and indeed they would not have. We would have done it in a responsible way.

When it comes to dubious claims, the new Chancellor herself has been making some that do not withstand scrutiny. She said, for example, that the economy would have been £140 billion bigger if we had matched the average OECD growth rate, but she knows that the OECD is a diverse group of 38 countries, including many with economies very different from our own, such as Turkey, Mexico or Luxembourg. A much more meaningful comparison is with other similar G7 economies, which shows that since 2010 we have grown faster than France, Italy, Germany and Japan. Indeed, the International Monetary Fund says that thanks to difficult measures taken by the last Conservative Government, we will grow faster than any of those four countries, not just in the short term but over the next six years. One reason for that is our record on attracting investment.

Since 2010, greenfield foreign direct investment has been higher in the UK than anywhere in the world except the United States and China. In the last year alone, Nissan, Jaguar Land Rover, Tata, BMW Mini, Google and Microsoft have all voted for the UK with their dollars, not least because of cuts in business taxation, such as full expensing, introduced by the last Government. If the Chancellor now looks for back-door ways to increase business taxation, as many fear, she will risk the UK’s attractiveness to foreign investors, of which she is now the beneficiary.