Better Jobs and a Fair Deal at Work — House of Commons, 2021-05-12
Topic: Macroeconomics
Duncan Charles Baker (Conservative, Centre-right): The Queen’s Speech yesterday placed at its heart recovery from the pandemic and restoring the public finances, much as the Budget did a few months previously. Protecting jobs and businesses and driving economic growth will deliver that, and the Queen’s Speech brought forward a wealth of Bills and means by which to achieve it It is worth remembering that, throughout the pandemic, this Government have gone further than virtually all other national Governments to protect livelihoods, with extensive financial support packages, including furloughing, grants and loans. A total of more than £300 billion is being spent. The economic forecasts point to optimism. The Bank of England predicts a faster than expected recovery, with growth predicted to be over two percentage points better than the forecast made at the start of just this year. Unemployment, which at one point was forecast by the Office for Budget Responsibility to peak at 12%, is now expected to peak at nearer 5.5% by the autumn. One should bear in mind that the rate was 4% pre-pandemic However, the economy is materially smaller than it was and this will take time to rebuild. A raft of Bills will help to achieve that, but how? Through investing in green industries—we are already paving the way in North Norfolk with plans to push for hydrogen research at Bacton gas terminal, which needs to transition, and that is happening around the country. A wise business invests before the uptick in economic growth, ready to take advantage of a surge in demand. The Government are no different, investing now in connectivity through the high-speed rail Bill and pouring money into 5G and gigabit broadband connectivity. We have already seen the east put on the map with the new freeport that has been granted to deliver thousands of jobs and innovation to the area But perhaps the jewel in the crown is the right to have an opportunity to retrain in later life at any stage through the lifetime skills guarantee. The pandemic will, and has, affected people like never before and it will make people re-evaluate what is important to them in life. Now, having the chance to take more control and to improve access to the funding and opportunities—too many people in later life do not have the freedom to explore new avenues—is a centrepiece in supporting every citizen throughout the country I have said that my constituency will bounce back, and it will bounce back swiftly, but North Norfolk is perhaps luckier than most. We will be propelled by high levels of domestic tourism to a beautiful corner of the country. Not every part of the country has the same beaches, but the Government are doing all they can to create that level playing field and opportunity for all It is quite simple. History teaches us many things. In politics, a Government who mismanage the economy are one that the electorate will not forgive. It appears that even the most pessimistic of observers recognise that the mood is confident and, as such, the country is poised to get back on its feet. These Bills will give us the tools to do so.