Department for Business and Trade

Rosie Wrighting Excerpts

Wednesday 5th March 2025 Commons Chamber

[Liam Byrne]

My hon. Friend is an extraordinary champion for the city he represents, and for the industry that has made that city great over the centuries. He is absolutely right: when the industrial strategy is published, we must understand whether it is driving growth and better wages, and whether it is transforming people’s ability to earn a good life in every corner of the country. We cannot again have the situation that we had over the past 10 to 15 years, where 70% of the growth and wealth in our country has been concentrated in London and the south-east. We must genuinely level-up this country and pull together a cross-party consensus, to the extent that we can, on the changes that are needed. Why? Because if we can get that cross-party consensus, we can redesign the economic institutions in our country in a way that is sustainable for the long term.

I wish to flag three issues that pose questions to the Minister who is asking us to agree the estimates today. First, there is a real worry in the small business community about whether it will be adequately supported by some of the changes that the Minister is helping to drive through. We all know that what has bedevilled our economy for a long time is a long tail of underproductive, often smaller, firms. If we are to raise wages, raise the rate of economic growth, and become the fastest growing economy in the G7, we must transform the productivity rate of a lot of our small firms. How will new technology be diffused through supply chains? How can we ensure that small and medium-sized businesses have support in deploying new technology that could change their business?

[Rosie Wrighting (Kettering) (Lab)]

I thank my right hon. Friend for his chairmanship of the Committee. Given the Prime Minister’s recent announcements, and our increased defence spending, does my right hon. Friend agree that it is important to support small and medium-sized defence enterprises?

[Liam Byrne]

My hon. Friend is a brilliant member of the Committee, and she makes a brilliant point. We know that we must come to a strategic culture and defence mindset in this country, so that our industry can innovate as fast as the battlefield changes. We all know that there are defence manufacturers—drone manufacturers in particular—that struggle to get the working capital that they need to fund and grow their businesses, month by month. We will have to change the way that we support smaller businesses, and that means transforming access to finance.

Time and again, the Committee has heard about business leaders being brought in once a firm gets to a particular size, and it being snapped up and shipped out, in particular to the United States, because we do not seem able to supply equity finance or debt finance of between £50 million and £500 million. We have to think anew about how we ensure that the British Business Bank, the National Wealth Fund, the private sector and the proposed changes to pension funds work together to completely revolutionise access to finance for businesses in this market. In the estimates, there looks to be a welcome £414 million increase in funding for the British Business Bank. Although it is hard to decode the accounts, it looks like about £127 million of that is provision for bad debt. Will the Minister clarify that? The Committee will continue to press for us to completely transform access to finance, including through an inquiry that we will launch later in the year.

The final fear that I wanted to flag, which is coming through loud and clear to Committee members, is that the Government just do not work for business in the way that they need to. We have heard over and over again about one Department doing something that completely undermines the work of another, or one regulator doing something that completely undermines what a different Department or regulator is trying to do. We do not yet see anything about how we can knit Government together in a wholly new way in either the Green Paper on industrial strategy, or any of the commentary about the estimates. In the good old days, when I was Chief Secretary to the Treasury, what we were beginning to test—

Budget Resolutions

Rosie Wrighting Excerpts

Wednesday 6th November 2024 Commons Chamber

[Rosie Wrighting (Kettering) (Lab)]

Like many of my hon. Friends, I have spent my career in business—specifically, in retail head offices—so I am proud to be a part of a Government that is pro-business and pro-worker. The last time a Labour Government delivered a Budget in this House, I was 12 years old. That Labour Government looked after our public services, focused on cutting crime, were ambitious about our education and invested in our NHS. It is because of those decisions that I had the opportunities that I did and that I am standing in this House today. Since then, those priorities have been forgotten and our constituents have had to bear the brunt.

People in my constituency of Kettering know all too well the price they have paid for the last 14 years of Tory failure: crumbling hospitals and schools, rising crime and a crisis in SEND. Working people in this country have not had a Government who have worked for them for 14 years. It is shameful that the previous Conservative Government promised funding that simply did not exist. They let our communities think that they were going to receive money, knowing that it was not there and that it would be someone else’s problem after the election.

We now finally have a Labour Government and a truly Labour Budget that prioritises working people. It is incredible to be the youngest woman in the House today, but it is even more incredible to have watched the first female Chancellor deliver the first Labour Budget in 14 years. It shows me and many young women that there is no limit to our ambitions. Regardless of what the Leader of the Opposition thinks, this was a glass ceiling shattered.

There are some hugely important measures in this Budget for the people of Kettering. Our public services deserve better than the treatment they have had for the last 14 years, and I am proud to be part of a Labour Government who are fixing the foundations and rebuilding Britain. People all over the country are waiting to see what this Government will deliver and, thanks to this Budget, we can give them hope that they will have an NHS fit for the future and a country that invites investment, without barriers to opportunity, and in which working people are at the heart of everything we do.

[Madam Deputy Speaker (Ms Nusrat Ghani)]

I call Charlie Maynard. Not present.