Budget Resolutions — House of Commons, 2018-10-29
Topic: Macroeconomics
Alan Mak (Conservative, Centre-right): It is a pleasure to follow the hon. Member for Edinburgh West (Christine Jardine) I welcome today’s Budget. It helps working people, businesses and communities across my constituency—the strivers, the grafters and the carers, as my right hon. Friend the Chancellor called them—but, more importantly, it prepares our country for the fourth industrial revolution. As my hon. and gallant Friend the hon. Member for Tonbridge and Malling (Tom Tugendhat) rightly said, the country is currently experiencing radical change, at the same time as the geopolitics of the world are being transformed. Alongside those geopolitical, military and defence issues, however, are dramatic and profound economic issues affecting how we live our lives, how our country operates and how our society will function in the years ahead. I welcome the Budget not only because it addresses the challenges of today but because it prepares our country to seize the opportunities of the future The measures in the Budget are to be delivered on a foundation of economic success and growth. With growth revised up from 1.3% to 1.6%, rising employment, wages set to rise every year for the next five years, the deficit down and national debt as a share of GDP also falling, the economic foundations are very strong, but let us be clear: we are confronting profound changes in the way our society and economy work. The fourth industrial revolution is the next and more accelerated chapter of globalisation, and as globalisation accelerates, we in the House and the Government have to be in a position to equip our people to seize those opportunities and meet those challenges On behalf of working people in my constituency and across the country, I welcome the measures in the Budget that cut income tax and help working people to keep more of the money they earn. I welcome the rise in the living wage, the freezing of fuel duty and the roll-out of the 26-30 railcard. All these measures will help people, communities and businesses in my constituency and across the country More importantly, the big long-term challenge facing this country is to improve our productivity and seize the opportunities of new technologies in this fourth industrial revolution. Only by improving productivity will we create new jobs and ensure that wages rise and more businesses open, so I welcome the investment in the skills, infrastructure and businesses that will drive this new technological revolution. The increase in the national productivity investment fund to £37 billion will give us the financial firepower to invest in our road, rail and digital infrastructure, while the £200 million pilot to ensure our schools and rural areas benefit from broadband is also welcome Hidden away in the Red Book is something else I welcome: the consultation on megabit connectivity for our new homes and ensuring that no community, region or nation of the country is left behind as others charge ahead. If we want this new industrial revolution to create jobs and prosperity, everybody in every part of our country, in every community, region and nation, must be able to share in that new prosperity, but they will only do so if they are connected to the new digital economy of the future I particularly welcome the investment in artificial intelligence, which is one of the driving, enabling technologies of the fourth industrial revolution. It will become pervasive—it will be a part of every industry, sector and business—and, combined with automation, big data and other new technologies, will drive forward Britain’s innovative capacity, so I welcome the £50 million allocated to the new Turing artificial intelligence fellowships and the £100 million for international fellowships to bring the brightest and the best to this country. Combined with the new centre for data ethics and innovation and the office for artificial intelligence, this will enable Britain to become a true powerhouse in AI. By investing in it early, Britain can not only get to the future but get there first It is important that every community in the country be equipped to seize the opportunities of new technology and benefit from the growth it will bring, which is why I welcome the £120 million Strength in Places fund. It will support the growth of new science and technology clusters around the country, complementing the great work of our local economic partnerships and universities and making sure that start-ups become scale-ups. If Britain is to retain its place as one of the best countries in the world to start and grow a business, we need to make sure our entrepreneurs have the financial firepower and support from the Government to grow their businesses, so I welcome the extension of the start-up loan scheme and the entrepreneurship mentoring that will be available to them, as well as the implementation of the first three T-levels If we want the fairer society that right hon. and hon. Members have mentioned, we need to involve everyone in this new technological revolution so that everyone can seize those opportunities and take up those new jobs. Having the right skills at the right time is important, which is why funding the new national retraining scheme in partnership with the CBI and the trade union movement is incredibly important. It is by investing in skills, jobs and new technologies that businesses such as iRed and Dream 3D in my constituency, which my hon. Friend the Exchequer Secretary will see when he comes to my constituency in a few weeks, can really turbocharge our economy In conclusion, I welcome this Budget because it prepares Britain for the economy of the future by investing in the skills, infrastructure and jobs to create the high-wage, high-skilled economy we all want.