Backing Business to Create Economic Growth

Amanda Hack Excerpts

Monday 18th May 2026 Commons Chamber

[Amanda Hack (North West Leicestershire) (Lab)]

My constituency of North West Leicestershire is right in the centre of the UK. It is a constituency of makers and movers, with around 25% working in logistics, and a further 15% in manufacturing, mining and utilities, the latter of which aligns with one of the broader industrial strengths of the east midlands, as one of the most manufacturing-intensive regions in the country.

North West Leicestershire is also home to one of three sites in the only inland freeport in the UK. However, the site proposed for Leicestershire has created considerable concern for the local community. The proposed site was identified as a freeport by previous Conservative administrations, both locally and nationally, but it is next to an 825-year-old village with heritage status. When we are considering growth, we need to make sure that we take our communities with us. They need to be part of the decision-making process, not to feel that they are an afterthought.

North West Leicestershire also has 4,000 people working in the construction sector, which is an important sector for us, as well as nationally headquartering a number of house builders. There are also three Ibstock brick sites and a number of quarries in my constituency. We have significant construction capacity, and a real opportunity to meet our social housing targets, as well as the social housing renewal ambitions set out in the King’s Speech, by using the industry strengths that we have right on our doorstep—British bricks building homes so that families can thrive. I welcome Secretary of State’s earlier mention of ceramics, and I look forward to a further announcement.

My farmers have been feeding our country for generations, and play a core part in the growth opportunity offered by the European partnership Bill announced in the King’s Speech, which has potential to increase agricultural exports to the EU by 16%. The Bill also offers smoother trade arrangements with the EU. Capturing the potential of current trade agreements is key, with my constituency being home to East Midlands airport—the largest small-parcel freight operation in the country. Making sure that our SMEs can access those trading relationships and opportunities will also be key when it comes to growth.

Also beneficial is the introduction of the small business protections (late payments) Bill announced in the King’s Speech, which will improve cash flow for SMEs and support business resilience. It will also mark the biggest action on late payments in 25 years. That is interesting to me, because in 1998 I wrote my dissertation on small business support, and I pointed out the impact of late payments as a barrier to growth. Late payments cost the UK economy £11 billion a year and close around 38 small firms every day. Just imagine the growth potential if small businesses could invest the money that they are simply owed. Access to finance is also a huge concern for SMEs, but as the last two physical banks in my towns are departing—Lloyds in Coalville is closing at the end of next month, and NatWest in Ashby is due to close imminently now that we have a temporary banking hub—I worry that my constituency is already at a disadvantage. We cannot underestimate the impact that will have on my local businesses, which is why I welcome the work on the enhancing financial services Bill.

I also want to talk briefly about the establishment of new forests across the UK, replicating the success of the national forest, which is central to my constituency. The pioneering work that the national forest has done in creating new growth opportunities for rural businesses has been transformational, so much so that even the Oxford-Cambridge growth corridor wants to get in on the act and get a forest too.

I have said it before and I will continue to say it: the national forest is a treasure, but access is limited without access to a car. Poor transport connectivity is not only an inconvenience but a real limiter of growth. When people cannot reliably get to work, businesses struggle to recruit and retain staff. When roads are congested and public transport is patchy, productivity suffers and investment goes elsewhere.

As I have mentioned before, when we do not have a single passenger rail service across my entire constituency—despite being a logistics hub, despite having an international airport and despite being home to the east midlands rail freight terminal—my businesses will continue to feel the impact. There is a huge opportunity in expanding rail and I am hopeful that the railways and passenger benefits Bill opens up the discussion about towns like mine being served by rail.

Backing British business means backing people, high streets and the infrastructure behind them. The Bills laid out in the King’s Speech are a promising start, and success will depend on whether the smallest firms can be considered in delivery.