The Economy — House of Commons, 2018-03-22
Topic: Macroeconomics
Robert Edward Jenrick (Conservative, Centre-right): I thank all right hon. and hon. Members for their contributions today. We have heard a succession of Opposition Members espousing doom and gloom. There was one honourable exception—the hon. Member for Strangford (Jim Shannon). In that cocktail was mixed a dose of collective amnesia about the legacy of the last Labour Government. The shadow Minister, the hon. Member for Oxford East (Anneliese Dodds), could not even acknowledge the incredible, unprecedented economic success of her own constituency, where, thanks to this Government, we have seen record jobs levels and record levels of low unemployment. In the spring statement, we heard about further progress with the great Oxford to Cambridge and Milton Keynes corridor, one of the greatest growth and prosperity generators this country has ever seen. The shadow Chief Secretary, the hon. Member for Bootle (Peter Dowd), a proud Liverpudlian, could not bring himself to acknowledge the investment we are seeing in Liverpool. Well, this son of a Liverpudlian will tell him that there is unprecedented foreign and domestic investment being made into Liverpool’s ports. We even heard an unprovoked attack on Tigger by the shadow Chief Secretary—this time, of course, I do not mean on the Chancellor of the Exchequer What a difference we heard in the contributions from Conservative Members. My right hon. Friend the Member for Witham (Priti Patel) set out a bold plan—a vision for economic renewal as we leave the EU. My right hon. Friend the Member for Wokingham (John Redwood) invoked the legacy of Margaret Thatcher, going further than she ever went, exhorting us to take advantage of the opportunities presented by Brexit. We believe that Brexit will not determine the future of this country—rather, it is about the choices we make next. We are going to ensure that those choices are the right ones and that they are pro-innovation and pro-growth What infectious enthusiasm my hon. Friend the Member for Clacton (Giles Watling) shows for his constituency. What a difference a Conservative representative makes. I knew I was making a good investment in Clacton when I went there to support him in 2014. I am afraid it took him a little longer to come to this place, but we in the Conservative party believe in making long-term rather than short-term investment. He could not be a member of the class of 2014, but he did get in a few years later We heard from my hon. Friend the Member for Angus (Kirstene Hair) a devastating critique of the SNP’s failing economic record and about the fact that the greatest, most enduring and important single market that this country has ever known is the single market of the United Kingdom, which we will always support Six themes emerged in the debate. First, of fundamental importance to us all—our central mission since the Conservatives arrived at the Treasury in 2010 and found that note on the desk saying that there was no money left—has been to restore the public finances so that we can live within our means and provide the confidence and credibility that every economy requires. We need that confidence to create the jobs, which have been created, to secure the inward investment, which is at record levels, and to keep interest rates low so that people can stay in their homes and continue to have economic security. We will continue to work towards that, today and in future As my right hon. Friend the Chancellor said at the spring statement, debt is now forecast to be nearly 1% lower than at the autumn Budget, and we will see the first sustained fall in debt for 17 years. That is a turning point in the nation’s recovery from the financial crisis that was left to us in 2010 We have heard today about manufacturing, which is enjoying its longest period of sustained growth for a generation. UK foreign direct investment is leading Europe—it is third in the world behind only the United States and China—and is continuing to grow, even after the Brexit referendum. What do we hear from Labour Members on that? That they have learned nothing. We heard a series of bad puns and jokes with which the shadow Chief Secretary, the hon. Member for Bootle, managed to outdo his usual record. The Labour party would destroy the credibility that we have built up over the past few years. It does not know how to manage an economy. The last time the shadow Chancellor, the right hon. Member for Hayes and Harlington (John McDonnell), managed anything was before I was even born—and then he was sacked by Ken Livingstone for being too left wing Secondly, we have heard how, as a result of our hard-won economic credibility, we have secured the prize of record high levels of employment and record low levels of unemployment. Nothing matters more to our constituents than the dignity and security of a job. More young people, women and disabled people are enjoying employment. Some 3 million more jobs have been created and there are more jobs in every region and nation of the United Kingdom.