Budget Resolutions and Economic Situation

Debate between Baroness May of Maidenhead and Kwasi Kwarteng

Tuesday 9th March 2021 Commons Chamber

[The Secretary of State for Business, Energy and Industrial Strategy (Kwasi Kwarteng)]

It is a real pleasure for me to open today’s debate on the Budget that my right hon. Friend the Chancellor the Exchequer brought before the House last week. It is a Budget that meets the needs of the moment. It delivers support to all corners of our United Kingdom. It shores up our defences against the ravaging impact of the pandemic while laying a clear path for our journey out of the crisis and into a brighter future. As the Chancellor himself acknowledged last week, it is a path that we are only able to take because of the incredible efforts of our frontline health workers who have vaccinated more than 20 million people across the United Kingdom, and the researchers and manufacturers who have managed to produce effective vaccines in such a short space of time. I am sure I speak on behalf of the entire House when I express the deepest gratitude to everyone involved in this heroic national effort.

[Mrs Theresa May (Maidenhead) (Con)]

My right hon. Friend makes some very important points about our health staff and the vaccination programme, which has been absolutely superb in this country. Does he recognise that the creation of a new vaccine centre and medicines manufacturing centre were part of the life sciences deals that were enabled by the modern industrial strategy? Will he welcome the modern industrial strategy?

[Kwasi Kwarteng]

I have not come here to defend or rebut any of the wonderful measures that we took under my right hon. Friend’s leadership. I am very conscious of the fact that many people want to take part in this debate, and I am afraid that I have to press on.

The researchers and manufacturers have done an extremely good job, as my right hon. Friend says, in shoring up our response to the crisis. The Budget provides an additional £65 billion of measures in response to covid, designed to support the economy this year. It covers an extension of the furlough scheme, which has already supported 1.3 million employers and more than 11 million jobs, providing vital funds to households and communities throughout our country. It has added to the near £20 billion of support that the Treasury has paid out to support 2.7 million self-employed people.

The Budget presents a dynamic and generous plan to help businesses to get up to speed. We are providing restart grants of up to £18,000 to more than 680,000 business premises. We are also providing further support for hospitality and retail businesses who may be more affected by restrictions when they reopen. While our plan for jobs has been given a £126 million boost supporting 40,000 more traineeships and doubling the cash incentive for firms taking on new apprentices, the Budget ensures that more people are able to access secure, skilled work.

Of course, there can be no denial that the jobs market has changed profoundly over the past year.