November has been a momentous month, punctuated by some truly historic events. On the first Tuesday we had the election of Barack Obama, who will, by his very presence in the White House, change the way the world looks at America. The Conservatives here talked up Obama’s victory saying it confirmed their view that people want change. However, we do not forget that the Conservatives invited John McCain to their Party Conference and were rooting for him. What hypocrites they are! In contrast, we all have high hopes for the Obama Presidency.
 
As usual, I attended the Remembrance ceremonies in Barrowford, Nelson and Barnoldswick which were held in truly appalling weather. On the following Tuesday on the 11th hour of the 11th day of the 11th month, the nation paid tribute to three surviving old soldiers, aged 108, 110, 112, at the Cenotaph in Whitehall. It was the 90th Anniversary of the end of the First World War and a very moving occasion.
 
At Westminster, all eyes were focused on the Pre Budget Report which makes astonishing reading. The Government forecasts the country will stay in recession next year and come out of it in 2010. And we all hope this is so. In the meantime, it is likely that unemployment will rise and some businesses will fold. The end of Woolworths and MFI illustrates what may happen over coming months.
 
In an effort to keep the recession as short and shallow as possible the Government is putting money into people’s pockets so they can continue to spend. Everyone knows about the two and a half percent cut in VAT and what is not passed on to the consumer in lower prices will be retained by businesses and, no doubt, used to offset their costs. The increase in the personal allowance for 22 million basic rate tax payers, which was introduced following the 10p tax rate cock-up, is now to be made permanent. Child Benefit increases to £20 for the first child are to be brought forward from April to January and in that month pensioners will get a payment of £60.
 
I welcome the first nervous and tentative steps towards more a progressive system of income tax. The Personal Allowance will be restricted for those with incomes over £100,000 (the 2% of people with the highest incomes) and there will be a new higher rate of income tax of 45% for those with incomes above £150,000. This is scheduled to come in, after the next election, in April 2011.
 
I could hardly believe my ears when I heard Ken Clarke tell the Commons on Wednesday during the debate on the Pre Budge Report that Geoffrey Howe’s 1981 Budget was a winner. As you know, the country was facing a deep recession and Howe increased taxes and cut public spending and Ken Clarke told us "it was successful". Whole swathes of manufacturing industry were wiped out and only the Falklands saved Thatcher.
 
The other truly earth shattering event is unfolding even as I write. The terrible carnage and brutality we are seeing in Mumbai is beyond my understanding. It is not yet clear who is behind the attack or what the motivation is, but all will become clear no doubt within the next 24 hours. By a strange twist of fate, the Liberal Democrat turned Conservative MEP, Sajjad Karim MEP, whose office used to be in Nelson, found himself in the lobby of the Taj Mahal Hotel when one of the gunmen started firing. It must have been traumatising to witness such slaughter.
 
At Westminster, we have tied up all the loose ends and Parliament is now prorogued until this coming Wednesday, when we will start the new Session with the State Opening with all its pomp and ceremony. The legislative agenda has been already published, although I suspect there will be one or two new Bills to reflect the current realities. I think there will be something on Credit Unions and I am hopeful the Government will do even more to promote mutual organisations.
 
I read in the papers today that there may be moves to force offenders who are out working in the community as part of the "Community Pay Back" scheme, to wear fluorescent jackets advertising that fact. Sometimes I despair! Why do we go for the populist options and seek to humiliate people?

On the brighter side, we had a very welcome Government decision to retain the Post Office Card Account with the contract staying with the Post Office. This was, as they say, a "no-brainer". A decision to give POCA to Paypoint would have meant the further closure of thousands of post offices.
 
On my Select Committee, we are continuing our inquiry into Equitable Life. It points to the need for tighter regulation all round. Whether the Government decides to compensate those who lost out is another matter. It is already shelling out billions of pounds it had previously no plans to do. (I bank with the NatWest which is part of the Bank of Scotland Group, which is now 57% owned by the tax payer) The Conservatives accuse us of incredible profligacy, but the Americans are pumping over $700 billion into their economy as a rescue package and France and Germany have announced rescue packages 860 billion euros.

The crisis which confronts us is global. But there is a real difference between the political parties in how best to respond.