THE controversial first Labour budget in 15 years was met with diametrically opposed views from the two Isle of Wight MPs.

Chancellor of the Exchequer, Rachel Reeves, announced tax hikes, alongside promises of investment in public services, in her autumn budget statement. 

The budget also includes a substantial increase in borrowing.

Joe Robertson, the Isle of Wight East Conservative MP, criticised the budget, when he appeared on ITV News, live this afternoon (Wednesday, October 30).

"This is a high tax, high borrowing budget, that will hit small businesses and working people, as well as pensioners and social care providers," he said.

"The Treasury's own figures say growth in the economy will decline — from two per cent next year, to 1.5 per cent by 2027.

Read more: Budget 2024 highlights: What does the budget mean for me?

"The Office of Budget Responsibility says the budget will be 'inflationary'.

"A grim day for social care providers and health charities, like hospices too. They will see their employment costs rise, with the hike in National Insurance contributions, which the NHS will avoid."

In contrast, Richard Quigley, the Isle of Wight West Labour MP, praised the budget.

He said: "It was a great budget — and one that was better than we expected, after 14 years of underfunding our public services and austerity, that punished those most in need of help.

"The minimum wage is up to £12.21 next April, which is £1,400 a year extra for a 40-hour week.

"The Household Support Fund is supported with £1 billion, to help those who need it, and the amount of money carers can earn, before losing their allowance, is increased to £196 a week.

"Pensions are up 4.7 per cent, and pension credit is up.

Read more: Budget 2024: What can we expect including benefit changes

"An additional £22.6 billion for the NHS and an additional £3 billion for capital projects in hospitals."

Mr Quigley said billions of pounds will go on core schools spending, SEND, the aerospace industry, tax relief for the creative industries that provide VFX, delivering homes and fixing potholes.

"And local government funding will be up ten per cent over the next two years," he added.

"All of these will be a positive for the Island.

"As a Labour MP, this is the start of the promises we have made to invest in our communities, invest in our people and invest in our country — and I’m proud to support it."