It is a real pleasure to follow the hon. Member for East Dunbartonshire (Jo Swinson); this is the first time in a while that we have debated in the Chamber together.

I commend my right hon. Friend the Chancellor of the Exchequer for the Budget. From my ministerial apprenticeship at the Treasury three years ago, I recall the great efforts that the then Chancellor and the entire team made to put the Budget together, particularly as Ministers were lobbied constantly by a whole range of interests. It is, of course, a challenge to balance the needs with the responsibility to keep the public finances in good, sound, solid order. The Treasury should be commended for navigating those pressures and for continuing to put stability at the core of the Budget. Economic stability should rightly stand at the core of every Budget.

It is worth reminding Members, especially those on the Opposition Benches, of the progress that has been made in putting the public finances back in order after the appalling situation in 2010. Back then, the budget deficit exceeded £150 billion—more than our spending on health, education, policing and the armed forces. The level of public spending was financed by borrowing that was totally unsustainable. We know that the Opposition, who are chuntering away, never want to take responsibility for how they mishandled the public finances and love to point the finger of blame elsewhere, but it is a fact that before the financial crisis, the Labour Government racked up an eye-watering level of debt.

In 2010, the Conservative Government said they would eliminate the deficit by 2015. They were aware of the deficit at that stage, so why did they fail?

The obvious answer is the scale of Labour’s economic mismanagement. The hon. Gentleman will recall that his party’s 2008 Budget planned for a £43 billion deficit, which is more than all the revenues raised in excise duty. That says everything we need to know about Labour’s financial economic management.

Does my right hon. Friend not think that the Opposition have a brass neck to intervene on her in that way? They criticise the Government for not cutting the deficit faster, yet on every single occasion when they have been invited to support the deficit-cutting strategy they have voted against it.

My right hon. Friend is absolutely right. On many occasions since 2010, the Labour party has not only not supported the Government’s approach on deficit reduction, but failed to vote to support policies to reduce the deficit and bring sound financial economic management back into our public finances. We have come a long way on bringing the deficit down and understanding the reasons why sound financial management matters. We need money to be available to invest in our public services. We need an economy that embraces enterprise, which brings in the tax receipts to pay for hospitals, schools, police and the armed forces. Today’s Budget absolutely recognises that fundamental point.

We have heard criticism in the debate about the NHS. Our NHS is a great institution. It is right that the Chancellor has today committed more public funds— ​billions—to the NHS. As an Essex Member of Parliament, I am delighted to see new support and capital investment in the NHS. Frankly, for 13 years under Labour, health services in Essex went backwards and suffered from underfunding. My right hon. Friend the Member for Sutton Coldfield (Mr Mitchell) is right to say that Labour Members have a brass neck criticising the work we have been doing and the investment we have made.

One great success since 2010 is the record level of job creation in our economy. Like many of my right hon. and hon. Friends, I recall sitting through these debates from 2010 onwards hearing doom and gloom and scaremongering from the Labour party, with outlandish claims about unemployment and recession. As we know, those predictions proved to be completely wrong. In today’s Budget, we heard about greater investment in key sectors going forward. We know we have to think about the future of the labour market. Automation will be coming in, and we need to consider how we can invest in construction and key services.

Does the right hon. Lady not recognise that under the Labour Government the economy grew by 40% in the 10 years to 2008? The Conservative Government have doubled debt from 45% to 90% of the economy and we have the lowest growth in the G7. Surely that is not a success.

In my constituency, the claimant count has fallen by 70% from its peak under Gordon Brown, and there has been a 17% growth in small enterprises. That means more jobs for my constituents and the county of Essex. We should welcome that, rather than talk it down.

Can my right hon. Friend recall an occasion when the Labour party talked up the economy, or is it always about more spending, more borrowing, more debt and more benefits and taking the country back to the brink?