The Economy and Work

Part of Debate on the Address – in the House of Commons at 1:01 pm on 26th May 2016.

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Photo of John Martin McDonnell John Martin McDonnell Shadow Chancellor of the Exchequer 1:01 pm, 26th May 2016

I will press on, Mr Deputy Speaker, as I know we are under time pressure.

All this is the direct result of a failure to invest. Too many businesses have substituted cheap labour for expensive investment. To be frank, they cannot be blamed for that, as the Government have set the lead, cutting their own investment spending. Low investment and weak productivity have real-world consequences. They mean talent wasted and opportunities lost. Some people are stretched to breaking point, working long hours just to make ends meet. Others are left to languish, desperately searching for extra hours. Even the Government’s own forecasters do not expect wages to recover before 2020.