Economic Responsibility and a Plan for Growth

James Wild Excerpts

Wednesday 19th October 2022 Commons Chamber

[James Wild (North West Norfolk) (Con)]

Today’s inflation figures underline, once again, the very real pressures that my constituents and people across the country are facing with higher bills and the cost of living, so I welcome the action that my right hon. Friend the Chancellor has taken to change major elements of the growth plan and to settle the markets. It is only with economic stability and fiscal responsibility that we can create a platform for growth and help to protect our constituents from higher inflation and higher interest rates. The Prime Minister and the Chancellor have been candid in accepting the mistakes that were made and they have rightly apologised for them. Now we need to focus on setting out a plan that sees debt falling over the medium term while delivering growth and higher living standards.

Listening to the debate, I did not recognise much of the criticism of the previous Government’s record on growth, investment or jobs. Of course, as we have said, we want the trend growth rate to be higher, but we have also had the third highest growth rate of the G7 since 2010 and the UK continues to attract high levels of foreign direct investment, as it has throughout that period.

The Opposition’s motion makes no mention of the Government’s record on jobs—I wonder why. Perhaps it is because the latest figures show that unemployment is at its lowest level for nearly 50 years. In my North West Norfolk constituency, more than 500 people have moved from unemployment benefits into work in the past year. When I talk to employers in my constituency, I hear that the biggest challenge that they are facing is a labour shortage. Given the high number of vacancies, and the people looking for work, I endorse the great work of my local Jobcentre Plus team, who help to match people with those jobs so that they can move into the security of having a job and their own wage. Another reason that the Opposition did not refer to jobs may be that no Labour Government have left office with unemployment lower than when they came into power—my hon. Friend the Member for Broadland (Jerome Mayhew) mentioned that, but it bears repeating as often as possible.

The motion does refer to the profits of energy companies. Due to Putin’s illegal war, companies have been making exceptional profits and it is right that they should help to fund the energy price guarantee for my constituents and businesses, and other support for people, given the real cost of living pressures. Contrary to many of the contributions, however, including from the hon. Member for Chesterfield (Mr Perkins), they are doing so: over the next four years, the energy profits levy is expected to generate £26 billion of revenue—£26 billion in a windfall tax. I welcome the comments from my right hon. Friend the Chancellor earlier this week that nothing is off the table with regard to further potential steps on those excess profits, while being mindful of the need to continue to encourage investment in clean and other technologies.

As the Chancellor prepares his medium-term fiscal plan, I return to the issue that I have raised most frequently in this House since I was elected, which is familiar to my right hon. Friend the Chief Secretary to the Treasury—the need for investment in a new Queen Elizabeth Hospital in King’s Lynn. It is the most propped-up hospital in the country, with 2,500 timber and steel supports holding up the concrete cancer roof.

My right hon. Friend the Prime Minister and I, along with other hon. Friends, including my hon. Friend the Member for Broadland, have campaigned for that capital investment. Indeed, I raised it when I met the Prime Minister yesterday morning and I have pressed the case with the new Minister of State, Department of Health and Social Care, my right hon. Friend the Member for Newark (Robert Jenrick), who understands the real safety issues involved. I look forward to the new Health and Social Care Secretary visiting soon to talk to patients and staff about the impact that is having on care. Given the pressing need and the value for money of the case, I urge the Government to confirm that QEH will be one of the new hospital schemes and part of the planned capital investment programme for the new hospital programme.

Over the past decade, Conservative Governments have demonstrated their commitment to delivering economic stability, growing our economy, boosting employment and attracting investment. As we move forward, we must maintain that focus to drive growth while protecting the most vulnerable in our society.