Orders of the Day — Budget Resolutions and Economic Situation

Part of the debate – in the House of Commons at 4:51 pm on 10th March 1999.

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Photo of John Redwood John Redwood Shadow Secretary of State for Trade and Industry 4:51 pm, 10th March 1999

The productivity gap is largely the result of the higher taxes, higher exchange rate, higher interest rates and higher regulatory costs that this Government have imposed. In 1995, BMW thought that Britain was the best place in Europe, bar none, to make motor cars. Under this Government, it is talking of pulling out, and the Secretary of State will have to offer a lot of money to try to keep the company here. What has changed is not British productivity by British managers and workers, but the Government's policy.