Budget Resolutions

Debate between Greg Clark and David Hanson

Wednesday 31st October 2018 Commons Chamber

[The Secretary of State for Business, Energy and Industrial Strategy (Greg Clark)]

The measures taken in the Budget position Britain as one of the nations on earth that can take advantage of the extraordinary opportunities that are transforming every economy, every trade and every industry in the world. During the past few years, much of the economic debate has centred on two big subjects. The first is how to repair the economy from the ravages of the financial crisis and the previous Labour Government, when borrowing soared to 10% of national income and nearly one in every four pounds of what the Government spent was borrowed. Through eight years of fiscal discipline, involving sacrifice by the British people but backed in three general elections, the public finances have now been transformed so that this year borrowing will be not 10% but 1.9% of national income, and our national debt will fall in every year ahead, falling over the period of the forecast by over 10% of our national income. Sound money is the foundation of a sound economy, and the Conservative party has once again restored it to Britain.

Secondly, much of the recent debate has of course been about Brexit, and the Chancellor was clear that we are looking to secure a good deal with the European Union in the weeks ahead, and that achieving that will provide a further boost to the economy as growth will be revised upwards and, with it, revenues, jobs and wages. Our modern industrial strategy, reinforced by measures in the Budget, can see us enhance the prosperity of every part of the United Kingdom.

[David Hanson (Delyn) (Lab)]

The Secretary of State mentioned Brexit. Has he seen the Office for Budget Responsibility document that says that because of the uncertainty caused by his Government’s handling of Brexit, the economy was between 2% and 2.5% smaller by mid-2018 than it would have been otherwise?

[Greg Clark]

If, as I hope and expect, we secure a good deal, those figures will be revised upwards, with consequent benefits right across the economy.

This is one of the most exciting times in the history of business, technology, science and commerce. From farming to retail, from manufacturing to the creative industries, the analysis of previously unimaginable quantities of data is changing lives. Doctors can diagnose diseases and treat them successfully even before we display any symptoms. As Members with interests in the automotive sector will acknowledge, there will be more change in the cars we drive in the 10 years ahead than since the invention of the internal combustion engine, as electric motors replace engines and navigation by satellite and sensor replace human control.

Leaving the EU: Airbus Risk Assessment

Debate between Greg Clark and David Hanson

Monday 25th June 2018 Commons Chamber

[Greg Clark]

I agree with my hon. Friend. I hope that the House can tell that I regard the prospect of a good agreement as being within our grasp. That is our objective, and it is what this company and many others want from us.

[David Hanson (Delyn) (Lab)]

Airbus makes great play in its statement of the need to remain in the European Aviation Safety Agency, because regulating in that way means that planes can fly. What confidence can the Secretary of State give to my constituents, including the chair of the trade union group and the 1,500 people in my patch who work there, that we will still have that proper regulation after Brexit?

[Greg Clark]

That is precisely what the Prime Minister set out in her Mansion House speech: we want and need to secure an agreement such that we will not require a different set of regulatory standards. I am confident that we will be able to agree that.