Budget Resolutions — House of Commons, 2017-11-27
Topic: Macroeconomics
Darren Paul Jones (Labour, Centre-left): I am not sure what briefings Government Members are reading, but all the ones I have read have made it clear that the message from this Budget is dire. Economic growth—downgraded. Productivity—down. And the potential of a pay rise apparently on ice for anything up to 17 years. That is all in the face of an ever-increasing burden of Government debt, fuelled by the persistence of a failed austerity-first economic policy Britain has gone from being one of the fastest-growing economies to one of the slowest. It is blindingly obvious that the main reason is Brexit. Yet I come to this place every week to be told that it will all be fine. It clearly is not fine. The Budget shows that this remarkable period of Brexit self-harm is causing pain to our country and to my constituents, not just now but for generations to come Britain maintained its post-imperial standing in the world due to its thriving economy, its ability to build consensus in the European Union while influencing policy in the United States, and the strength of our military. Yet today we are in the relegation zone of the league of major global economies. We are pulling out of the European Union while the President of the United States pulls away from everyone else. We have brewing rebellions over a lack of investment in our armed forces. We are telling the world that Britain is closed. We have decided to hide from the challenges and the opportunities of globalisation. We are hoping that if we keep our heads under the union flag-branded pillow, with "Rule, Britannia" on loud enough in the background, everything will be okay In Bristol North West, we have one of Europe’s largest hospitals; workers and supply chain businesses for advanced manufacturing at Airbus, GKN, Rolls-Royce, Boeing and the Ministry of Defence; world-leading researchers and academics at Bristol University and the University of the West of England; one of the largest digital economies in the UK outside of London; a port managing imports and exports across the world, including tens of thousands of motor vehicles each year; and 40,000 homes, 35% of which are owned with a mortgage and 35% rented. In the face of a hard Brexit, the economic reality for my constituents is a disaster. We will see delays at Bristol port causing gridlock on our roads, with re-directed car imports and exports due to leaving the customs union; waiting times rocketing due to departing EU doctors and nurses; clinical scans and cancer treatments potentially postponed due to impending deadlines on importing medical isotopes from the continent; the loss of investment and jobs due to the possibility of advanced manufacturing leaving the UK; and families left with little money each month due to increases in rent and mortgage payments following Bank of England increases in the base rate to try to control Brexit-induced inflation—all this, alongside no additional core funding for our schools, our police or our social care at a time when Brexit is costing billions and billions. There is one positive that I could be told by this Government to give to my constituents in Bristol North West. I would put the national interest first, revoke article 50, and stop this Brexit period before it causes any more damage—something that the Government are empowered to do. At the very least, I would commit to staying in the single market and the customs union to protect jobs, investment, standards, and the value of the pound. We need to wake up and deal with this Brexit disaster. That is the elephant in the room in this Brexit process and in the industrial strategy announced today—not just for the British people but for Britain’s standing and her role in the world. This Budget fails to do that. I hope that this Brexit Parliament can show that it is up to the challenge of putting it right.