Achieving Economic Growth — House of Commons, 2022-05-18
Topic: Macroeconomics
Simon Richard Clarke (Conservative, Centre-right): My hon. Friend tempts me. In all seriousness, we are acutely aware of this issue. Indeed, I have had meetings on it this week, and the Economic Secretary is looking at it very closely. We want to make sure we have the right investment climate to support the kind of activity to which my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake) alludes. As the Prime Minister told the House last week, we need the legislative firepower to fix the underlying problems in our energy supply, housing, infrastructure and skills, which are driving up costs for families across the country. The Queen’s Speech will help us to grow the economy, which is the sustainable way to deal with our cost of living challenges, and will ensure that we deliver on the people’s priorities. The Bills it outlined will do so in many different ways Every corner of the country can contribute to, and enjoy, economic growth, which is why we created the UK Infrastructure Bank, the establishment of which will be completed by the UK Infrastructure Bank Bill. The bank will be explicitly tasked with supporting regional and local economic growth and helping to tackle climate change as it goes. With £22 billion of capacity, it will be able to support infrastructure investment and level up the whole United Kingdom, in turn boosting private sector confidence and unlocking a further £18 billion of private investment The energy security Bill will build on the success of the COP26 summit in Glasgow, reduce our exposure to volatile global gas markets, and deliver a managed transition to cheaper, cleaner and more secure energy, all while we continue to help with energy costs right now, through a £9 billion package, an increase to the warm home discount and the £1 billion household support fund I have already alluded to the importance of skills. We have achieved plenty on that already, but we are far from done. Everyone, everywhere should be encouraged to fulfil their potential. The higher education Bill will help to ensure that our post-18 education system promotes real social mobility, putting students on to pathways along which they can excel. It will give them the skills they need to meet their aspirations, in turn helping to grow the economy Meanwhile, a bonanza of Brexit Bills, led by my right hon. Friend the Minister for Brexit Opportunities and Government Efficiency, mean that we will continue to seize the benefits of our departure from the European Union, and create a regulatory environment that encourages prosperity, business innovation and entrepreneurship. Regulations on businesses will be repealed and reformed and it will be made easier to amend law inherited from the European Union I alluded earlier to the Procurement Bill, which will make public sector procurement simpler, providing opportunities to small businesses that for too long have been out of their reach. New procedures will improve transparency and accountability and allow new suppliers to the market to bid for future contracts Another benefit to Brexit is the freedom with which we can now negotiate entirely new trade arrangements with partners around the world. The Trade (Australia and New Zealand) Bill will enable the implementation of the United Kingdom’s first new free trade agreements since leaving the European Union, spurring economic growth through our trading relationships, creating and securing jobs across this country. Well may Opposition Front Benchers snipe, having spent years trying to prevent our exit from the EU. Conservative Members know that we have honoured our contract with the British people, which is ultimately why we are in government to deliver on those opportunities and they are in opposition. Part of having a growing economy is of course about investors knowing that we are one of the safest and most reliable places in the world to do business. The economic crime and corporate transparency Bill will send that message out loud and clear, cracking down on illicit finance that costs the economy and the taxpayer an estimated £8.4 billion a year, and strengthening our reputation as a place where legitimate businesses can create and grow jobs The final Bill to which I will draw the House’s attention today is the financial services and markets Bill. The UK now has a unique opportunity to assess whether it wants to do things differently, to ensure that the financial services sector has the right rules and regulations for UK markets and to further enhance a system that is already the envy of the world. The Chancellor and the Economic Secretary have been outspoken in expressing an ambitious vision for a sector that can contribute so much to this country: more open, more innovative and more competitive. The financial services and markets Bill represents further progress towards making that vision a reality, establishing a coherent, agile and internationally respected approach to financial services regulation that is specifically designed for the UK, removing red tape, promoting investment and giving our financial services regulators new objectives to ensure a greater focus on growth and international competitiveness That is a full and ambitious agenda, supporting and encouraging economic growth in many mutually reinforcing ways across the entire country. We continue to keep the wider situation under review, including the impact of Russia’s illegal invasion of Ukraine. But, crucially, our focus is on the best solution of all: a growing economy supporting high-wage, high-skilled jobs The Prime Minister told the House last week that our ambition is to "build the foundations for decades of prosperity, uniting and levelling up across the country".—[Official Report, 10 May 2022; Vol. 714, c. 17.] That is what the public rightly expect and that is where our collective efforts will be focused in this parliamentary Session.