Rachel Reeves
Main Page: Rachel Reeves (Labour - Leeds West)Department Debates - View all Rachel Reeves's debates with the HM Treasury
(5 years, 1 month ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Speaker
The hon. Member for Manchester Central (Lucy Powell), who is ordinarily known for her buoyant and enthusiastic smile, was gesticulating at the Chancellor to speed up. I think she was auditioning for the role of Speaker, and presumably seeking to give the right hon. Gentleman a masterclass in brevity, notwithstanding her desire often to make her own point with enormous eloquence but at not inconsiderable length—but we will see.
Rachel Reeves (Leeds West) (Lab)
In today’s forecast from the OBR, GDP growth this year is being revised down by 0.4%. The largest downward revision is to business investment—a downward revision of 3.2%. Business investment is now expected to shrink by 1% this year after shrinking by 1% last year. The Federation of Small Businesses says today that confidence is at “rock bottom”. The CBI says on tariffs that there has been
“no consultation with business and no time to prepare”,
and that this is
“a sledgehammer for our economy.”
Does the Chancellor recognise that businesses are losing patience with this Government and that unless businesses invest and help to grow our economy, productivity and wages are going to stay at rock bottom? What is he going to do to reverse this incredibly worrying and dangerous reduction in business investment?