Thank you, Madam Deputy Speaker. It is a pleasure to see you in the Chair.

It is a real pleasure to contribute to the debate on behalf of the Liberal Democrats, not just because I am speaking on behalf of so many more of them than I used to, but because it gives me an opportunity to welcome the Chancellor of the Exchequer to her place and express my personal congratulations on becoming the first woman in the UK’s history to hold the position. I am personally delighted. I spent many years working in banking and finance, and I know how male-dominated those industries still are. I wish her well in her new role and look forward to working with her over the coming Parliament. The Liberal Democrats will be vigorous in scrutinising her plans, but we will always work in the national interest, and I can assure her of the support of the Liberal Democrats on all those matters on which we can agree.

I am sure that one of the things on which we can certainly agree is that the right hon. Lady and her colleagues have received a dismal inheritance from the departing Conservative Administration. The numbers reveal a dispiriting picture of low growth, high interest rates and a record fall in living standards delivered by an out-of-touch and incompetent Conservative party that took people for granted for years. Our constituents see this situation reflected in the increases in their mortgage payments, the hike in their energy bills and the prices they pay at the tills for their weekly shop. They see it in public services that are in a state of crisis and an NHS that is failing to deliver the care they need. The Liberal Democrats welcome the seriousness with which this King’s Speech focuses on stability, reinvesting in our crippled public services and growing the economy.

We welcome measures such as the introduction of an industrial strategy council to co-ordinate policy on economic growth, but the immediate and pressing problems that our constituents are facing in their everyday lives cannot just be addressed by centralised, top-down institutions run from Whitehall. Our economy needs to grow from the bottom up, bringing prosperity to every community, taking away the barriers to entry for small businesses and enabling individuals across the country to make the most of their skills and talents. The Liberal Democrats want urgent measures introduced to give immediate support to families and small businesses.

While out on the doorsteps during the general election campaign, I and my 71 colleagues heard a clear message from our constituents that their biggest priority was fixing the NHS. We are here because we promised to fight hard for a better NHS for our constituents and for communities across the country. That is why we are calling for the Chancellor to immediately draw up a Budget for health and social care. We cannot deliver economic growth without fixing the crisis in our NHS and in social care. NHS waiting lists are at an all-time high; it can take weeks to see a GP and it is now almost impossible to see an NHS dentist. Everyone deserves access to the care they need when they need it and where they need it. A successful health and social care system is fundamental to a fair society and our country’s prosperity.

The failures of the Conservative Administration led to a dramatic increase in the number of people experiencing long-term sickness conditions and the Liberal Democrats will continue to push for public service investment to help reduce NHS waiting lists to get people back to work.