What Rishi Sunak said during his Budget speech – and what he meant

Our chief political commentator tries to unpick the new chancellor’s first major address

As Rishi Sunak delivered his first Budget speech as chancellor of the exchequer, what was going through his head? Read on for a glimpse of his likely thought process.

What Sunak said: Madam Deputy Speaker, I want to get straight to the issue most on everyone’s mind: coronavirus, Covid-19.

What he really meant: I am the nation’s new doctor, and this is my bedside manner.

What he said: I am announcing today in total a £30bn fiscal stimulus to support British people, British jobs and British business through this moment.

What he meant: I am your next prime minister and I am ready to serve.

What he said: Coronavirus will have a significant impact on our economy, but it will be temporary. I will do whatever it takes to get our nation through it. I know all members of this House will want to give this plan their full support.

What he meant: The opposition will not dare to play party politics with this.

What he said: The story of this government has been the story of a national jobs miracle. And given the last few weeks I’ve had, I am all in favour of jobs miracles.

What he meant: I can deliver jokes too, which I am told is useful if not absolutely necessary.

What he said: Despite the speculation, today’s Budget is delivered not just within the fiscal rules in our manifesto but with an amount to spare.

What he meant: After all the fuss about whether I would do the prime minister’s bidding and relax the rules to allow him to spend liberally, the coronavirus did it for me. I have to spend lots of money, but it is all “temporary”.

What he said: As we enter a period of challenge, we start from a position of strength.

What he meant: Everything was fine when I became chancellor a few weeks ago, and it is not my fault it has already gone to pieces.

What he said: Someone working full time on the minimum wage will be more than £5,200 better off than in 2010. The Conservatives are the real workers’ party.

What he meant: The opposition don’t seem to want the title, so we’ll have it.

What he said: I am certainly mindful of the fiscal cost and the environmental impacts, but...

What he meant: It is irresponsible and environmentally damaging to keep the fuel duty freeze, but the political cost of an increase is too great.

What he said: To tackle the scourge of plastic waste, we will deliver our manifesto promise to introduce a new Plastics Packaging Tax.

What he meant: I have listened to the man who stands outside parliament with a placard urging me to ban poisonous plastics.

What he said: We are going to change the whole mindset of government ... our ultimate ambition is to move 22,000 civil servants outside central London.

What he meant: We are going to send some junior office staff to Zone 3.

What he said: If the country needs it, we will build it.

What he meant: Terms and conditions apply.

What he said: From 1 December, just in time for Christmas, books, newspapers, magazines or academic journals, however they are read, will have no VAT charge whatsoever.

What he meant: Journalists ought to like this. Vote for Santa. Vote for me.

What he said: The Office for Budget Responsibility has said that today’s Budget will be the largest sustained fiscal boost for 30 years.

What he meant: Even Jeremy Corbyn, who is looking at me like a stunned tuna, can understand that bit. It’s what he promised at the last election.

What he said: The Conservatives are the party of public services.

What he meant: Thank goodness the party that ran the country into the ground over the past 10 years was swept aside at the last election.

What he said: For the first time ever, today’s OBR forecast shows that the billions of pounds we would have sent to the EU we can now spend on our priorities.

What he meant: High-spending Euroscepticism: you can put a fiver on me at 12-1 to be next prime minister if you’re quick.

What he said: Over the next few months we’ll tackle the big issues head on, from our National Infrastructure Strategy to social care and further devolution.

What he meant: Never let an emergency go to waste: the coronavirus is also a great excuse for putting off these urgent reforms.

What he said: A people’s Budget from a people’s government, and I commend it to the House.

What he meant: This is a Labour Budget designed to give Keir Starmer nothing to say when he is elected Labour leader on 4 April.