Budget Resolutions and Economic Situation

Part of the debate – in the House of Commons at 5:42 pm on 14th April 2003.

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Photo of Patricia Hewitt Patricia Hewitt Secretary of State, Department of Trade and Industry 5:42 pm, 14th April 2003

The hon. Gentleman is ignoring the fact that business investment in Britain remains higher than it was in 1997 and higher than it was when it plunged under the Conservatives. At a time of great uncertainty, when export markets around the world are collapsing, businesses face difficulty in investing. Thanks to decades of boom and bust, this country has a long history of under-investment. We are creating the economic stability, sustained economic growth and low interest rates that will give business the incentive to invest and prepare for the upturn that will come.