King’s Speech

Lord Leong Excerpts

Monday 13th November 2023 Lords Chamber

[Lord Leong (Lab)]

My Lords, it is a pleasure to follow the noble Duke, the Duke of Wellington. I take this opportunity to congratulate the noble Lord, Lord Gascoigne, and the right reverend Prelate the Bishop of Norwich, on their excellent speeches. I look forward to their contributions in the years ahead.

This time last year, I was introduced in your Lordships’ House, so it was a great honour, exactly one year later, to be in the Chamber to listen to His Majesty the King’s gracious Speech. Apart from my first anniversary, however, there was very little to celebrate. Indeed, on the crucial subject of the economy, there was very little in the Speech. It does not take a political mastermind to work out why: interest rates are at their highest since the 2008 global financial crisis; and inflation is at more than three times the Bank of England’s target rate, with underlying indicators suggesting that further falls will be sluggish. The British people are paying the price of this failing Government, through 25 Tory tax rises and much higher mortgages. Does the Minister agree that there is really nothing to crow about?

At the start of this year, the Prime Minister and Chancellor promised to get the economy growing. Last week’s GDP figures show that growth is flatlining, yet this is met with a mixture of relief and tepid celebration on the Government Benches. The Chancellor put it down to high inflation. Does the Minister believe that if inflation comes down to the Prime Minister’s personal target of half what it was in January, we will see growth rise significantly, or is just avoiding recession now the limit of this tired Government’s ambition? According to the IMF’s World Economic Outlook report, the UK is forecast to record the weakest growth of all the G7 economies next year, while our national debt is at historically high levels. Will the Minister inform your Lordships’ House what the UK’s current national debt is, and how many millions servicing debt interest will cost us over the coming years?

Looking at the few economy-related Bills in the King’s Speech, I welcome the reintroduction of the Digital Markets, Competition and Consumers Bill, carried over from the previous Session. The additional protections for consumers in the rapidly evolving online marketplace are broadly agreed cross-party and in both Chambers. Sadly, the digital divide in the UK is increasing, just as connectivity becomes ever more important for people’s access to fundamental services, information and financial transactions. The inequity of access to online learning for the poorest households was evident during the pandemic and risks becoming entrenched for the next generation, yet there is no indication that the Government have a plan to address this, or even any answers on the scale of the problem. Can the Minister confirm how many households do not have, first, broadband, and, secondly, mobile internet access, and indicate what the Government plan to do to reduce those numbers?

Labour is a proud pro-business, pro-trade party and we welcome any deal which increases the export potential for British businesses and improves choice for British consumers. However, unless and until we fundamentally address our long-standing and widely acknowledged low productivity problem, joining a trade organisation containing

“some of the world’s most dynamic economies”

will not transform our economy. It reeks of desperation—a bit like the nerdy kid in a school hanging round the cool kids, hoping that some of their success might rub off. I fear the Government’s claims for the CPTPP trade Bill are optimistic, to say the least. Parliament must have the chance to properly scrutinise this deal. Can the Minister ensure that it will deliver for British people, workers, businesses and consumers and will not diminish their hard-won rights and environmental protections?

Our great country deserves so much better than this fag-end Government and their uninspiring set of Bills which fail to address the fundamental issues facing the British economy. Labour has a radical vision for an economy that works for the whole world. Regrettably, the gracious Speech is another missed opportunity from this Government, a half-hearted final throw of the dice by a Prime Minister with his back to the wall in the last chance saloon of a one-horse town at the end of the road to nowhere.