The Economy

Part of Opposition Day — [18th Allotted Day] – in the House of Commons at 5:05 pm on 22 June 2011.

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Photo of Priti Patel Priti Patel Conservative, Witham 5:05, 22 June 2011

I have said that I will take only one intervention, because of pressure of time; other Members want to speak.

Families and businesses across the country, and across my constituency, have faced genuine hardship, and I speak as someone from a small family business background. Let us not forget that 12 months ago the country faced a severe sovereign debt crisis. The prospect of Ministers having to go with a begging bowl to the IMF, as Labour did in 1976, was daunting. The Government should be congratulated on bringing Britain back from the brink.

Last year’s emergency Budget was about rescuing the nation’s finances and paying for Labour’s mistakes and its scorched earth policy. The Government have absolutely the right focus: reforming the economy, ensuring jobs and growth for the future, and doing what we can to help families with the cost of living. Last year’s Budget marked the first step towards rebalancing the British economy on to the path of long-term sustainable growth.

I want to highlight three areas in which the Government have laid the foundations for future growth: first, the promotion of business and job creation in the private sector; secondly, focusing on getting people into work, with the creation of half a million private sector jobs, which Labour Members seem to be mocking, which is completely insulting to the people in those jobs; and thirdly, restoring confidence in the British economy. The Government are doing the right thing: sticking to the plan, backed by the IMF, OECD, PIMCO and every major business body in the country, the key objective of which is to put the public finances back on track, after the Labour party maxed out the nation’s credit card.

Instead of being positive and optimistic, Labour Members have the audacity to talk our economy down. They sneer at this, but when they do so they talk down to the enterprising individuals who run independent shops and small businesses, who create jobs and have the initiative to invest, start new businesses and generate welcome prosperity for our country. That should not be overlooked. The Opposition’s dogmatic attitude to those who work hard, pay their taxes and contribute to our economy is starkly obvious, and I believe that they should never again be trusted with the nation’s economic finances.

The Government are boosting manufacturing, jobs and growth by cutting key taxes for business and entrepreneurs and scrapping much regulation, although I think that we could scrap even more, particularly the gold-plated stuff that comes out of Europe. They are also giving more support to young people by providing 50,000 more apprenticeships, as well as work experience schemes. At long last we can start making things in this country again.

Let me end by making a salutary point. There is no doubt that it will take time for the economy to recover fully given the extent of our dreadful legacy, but throughout the business world, from investors in the City to small shopkeepers and small businessmen, it is recognised that we have a business-friendly Government who are committed to cutting the deficit and promoting job creation and investment.