The Economy — House of Commons, 2019-10-24
Topic: Macroeconomics
Mian Faisal Rashid (Labour, Centre-left): Hunger is becoming normal in modern Britain. Is that not the most scathing indictment of today’s broken economy? In my town of Warrington, our local food bank has just had to open a new distribution centre to cope with rising demand. It was set up in 2012, just two years after the Tories came to power with the help of Liberal Democrats, and now it distributes about 46,000 meals, 35% of which go to children The Prime Minister has previously said he thinks that food banks are fantastic and boasted about setting up loads during his time as London Mayor. Just think about that—an Eton-educated man born into extreme wealth and privilege celebrating the fact that more and more people in our society cannot feed themselves and their children. There can be no doubt that he is ruling over an economy run in the interests of a privileged few: more people in this country going hungry, homelessness at a record high, millions of children in poverty, the nightmare of zero-hours contracts Our NHS used to be the envy of the world. Its hard-working staff still are, but it is being run into the ground after almost a decade of Tory rule. People in our country today work the longest average full-time hours in Europe, apart from Greece and Austria. Has this translated into a rise in wealth and living standards for the average worker? Absolutely not. According to analysis from the Institute for Fiscal Studies, annual wages were £760 lower last year than they were a decade ago. Productivity also continues to decline. The average employee today works more, earns less and produces less than a decade ago. Families are forced to borrow to cover basic expenses. An estimated 8.3 million people cannot keep up with debts or bills. The housing market is in crisis, with young people set to be poorer than their parents. These are the symptoms of a deeply broken economy that requires a radical overhaul. Yesterday the Prime Minister boasted of his party’s sound management of the economy. I find that remarkable. Despite the Tories’ bogus claims about getting the deficit down, Government debt is now 10% higher as a proportion of GDP than it was in 2010. They have presided over a lost decade of economic stagnation, with ordinary workers paying the price. It is clear that the UK’s failing economic model demands bold ideas and leadership. These are clearly in short supply on the Government Benches. In government, Labour would rewrite the rules of the UK economy, fundamentally redistributing wealth and power and putting it in the hands of ordinary working people. We would not see food banks expanding under Labour; we would see them shut down for good This Government are intent on tearing the country apart over Brexit. Labour would rebuild it with properly funded public services, investment in local businesses, a comprehensive green industrial strategy and a plan to revive communities and businesses that have been cast aside and left to rot under Tory rule. The truth is that we do not need a Government on the side of remain or on the side of leave—we need a Government on the side of the many, not the few.