Richard Fuller is Shadow Chief Secretary to the Treasury.

John Healey’s first Budget continues the enterprise-sapping policies of his predecessor, Rachel Reeves.

Last week’s Budget was the third tax raising budget from a Labour government addicted to borrowing.

Healey has failed to address the fundamental problems facing Britain. Taxes are rising again, borrowing continues to grow and the Chancellor has ducked the difficult decisions needed to get our economy back on track, preferring instead to kick the can down the road.

That’s not smart. That’s not fair. In such financially difficult times that’s dereliction of duty.

Instead, Healey chose to punish aspiration and make it harder for businesses to invest and grow. That comes at a great cost.

This Budget delivered tax rises where there should have been tax cuts, fiddled with energy costs rather than delivering a long-term plan for cheap, reliable power, and offered nothing in the way of a plan to bring welfare under control.

Why can Labour governments never learn that you cannot tax your way to growth?  The Government must create the conditions for businesses to thrive, not hammer entrepreneurship and aspiration. Yet Labour’s approach is leaving businesses with less confidence, less investment and fewer opportunities to hire.

The problem is particularly acute with young people. Labour say they are worried about the number of young people who are not in employment, education or training. But the consequence of their decisions is an economy where young people and graduates are increasingly denied the chance to build a career and achieve financial independence, and to contribute to our economy.

There were countless opportunities for Labour to back British business in this Budget, and countless opportunities it failed to take. The cruel Family Farms Tax continues to threaten the future of family farms and Britain’s rural industries. Stamp duty continues to freeze the housing market and stop young families getting on the housing ladder. And Labour’s small business rates relief package pales in comparison to the billions they are adding to the overall bill. Shifting the tax burden from one sector to another does nothing to create the jobs, investment and opportunities our country desperately needs.

A Chancellor who really understood business would know that growth comes from confidence, investment and ambition. The Conservatives will stand up for businesses of every size and sector. We know that it is British ambition and ingenuity that create jobs, drive innovation and give the next generation a chance to succeed.

But Labour’s failure goes beyond taxation. Britain’s debt continues to grow, borrowing is going up even more than expected, and the Chancellor has once again ducked the question of welfare spending.

The Chancellor could have finally set out plans to reform welfare, tackle economic inactivity and free up resources to strengthen Britain’s defence capabilities. Instead, he and the Prime Minister ran scared of their own backbenchers, dodged making a tough decision and left taxpayers to shoulder the cost once again.

The confusion over Labour’s position on welfare reform last week only reinforced the impression of an administration without a coherent plan.

The failure to address unsustainable spending is not simply an economic failure, but a failure of leadership. Britain cannot afford more tax rises, higher borrowing and a refusal to tackle the spending pressures holding our economy back. Nor can we afford to neglect our national security any longer.

The Conservatives offer a clear alternative.

Unlike Labour, we have a credible plan to get welfare spending under control and reduce the tax burden for hardworking families and businesses. We have set out a plan for £70 billion of savings, including £36 billion from the benefits bill, ensuring that taxpayers are no longer left funding the lifestyles of people who choose not to work.

The Conservatives believe that every pound of taxpayers’ money must be spent responsibly. Through our golden economic rule, for every £1 of savings made, 50p will go towards cutting the deficit. We cannot allow future generations to be crippled by the consequences of this Government’s profligacy.

The remainder of the savings can be used to cut taxes, relieving the pressure on families and businesses and backing those who work hard and grow our economy, and fund our Armed Forces with the resources they need to keep us all safe.

This Budget confirmed that Labour has neither the ambition nor the backbone to deliver the change Britain needs. We may have a new Prime Minister and Chancellor, but it is the same old Labour Party in power.

The Conservative Party is different. We believe in a Britain where businesses can thrive, working people keep more of what they earn and Government lives within its means. And we have a plan to deliver it. The choice at the next election could not be clearer.