Economic Growth

Andrew Bridgen Excerpts

Tuesday 14th November 2023 Commons Chamber

[Andrew Bridgen (North West Leicestershire) (Reclaim)]

In this debate we are discussing economic growth, and it is fitting that my constituency is being represented, because it has consistently delivered some of the highest economic growth in the UK, largely through being the premier distribution and logistics hub for our country. However, even in North West Leicestershire I am seeing the prosperity for which we have worked so hard being undermined by an evident lack of leadership and accountability on the Government’s part. We need honest, immediate change. The Government’s responsibility is to protect and serve its citizens, not to pander to the World Economic Forum, the World Health Organisation or other supranational bodies.

We appear to be sliding towards Marxism and the disruption of our traditional norms and values—our history, our religion and our institutions. What we desperately need is leadership that champions truth, freedom and economic prosperity. We are grappling with skyrocketing inflation, especially in food prices, with a looming financial crisis, out-of-control monthly mortgage payments, and energy prices that will reach new highs this winter and increase fuel poverty across the country.

We ended up here because of fiscal profligacy with zero accountability, in addition to a decade of reckless money printing by the Bank of England. Let us look at a few of the most outrageous project losses that we have seen. HS2 has meant tens of billions lost, while useless personal protective equipment and track and trace have lost us £100 billion and £40 billion respectively. There is the financing of the war in Ukraine, which could have been brought to peace last March, while our own people struggle to make ends meet. There is the economic crash, and the stunting of economic growth because of HS2, with 22 miles of North West Leicestershire blighted for a decade. There is the decade of delay to the regeneration of Measham, my most deprived village. I am pleased that the Government have decided to reopen the Ivanhoe line between Burton-on-Trent and Leicester, but concurrent plans to terminate it at Coalville are insufficient. It needs to go all the way to Leicester so that it can benefit the South Derbyshire, North West Leicestershire and Bosworth constituencies.

Asylum seekers in hotels are costing us more than £10 million a day. I do not think it fair that, given that there are seven constituencies in Leicestershire, 51% of the asylum seekers have been located in hotels in North West Leicestershire.

Taxes are higher than they have been at any time in my life. Taxes are used to modify behaviour, which is why we penally tax tobacco and alcohol, but we are penally taxing work when we want economic growth. I believe the Chancellor said, “You cannot borrow your way to economic growth,” but I did that many times when I was in business; I borrowed money, invested it in the business, grew the business, and paid the money back. It would appear that the Chancellor thinks we can tax our way to prosperity, but I do not think we will be able to do that either.

We are spending £200 million on a covid inquiry that is not asking the right questions. We need an admission from the Government and the Opposition that the flawed pandemic response was the cause of many of the problems we are suffering from now.

At a time when our country is in crisis and families are struggling to make ends meet, why do this Government persist in pressing forward with their nonsensical net zero agenda? I appreciate that the Prime Minister has announced a delay—maybe some would argue that it is a retraction—for some of the targets, but it is not enough. He needs to go further. The fact is that the UK accounts for less than 1% of global emissions, and on that basis we are voluntarily rejecting entire industries while at the same time communist China is allowed to increase its emissions by more than our total emissions in every year of this decade. If we press on with net zero, it will cost £1 trillion or possibly £3 trillion—slamming money on to the national debt in a way that our heirs and successors will not thank us for.

The debt is now completely out of control, and the global economy is on a knife edge. Many are foreseeing a major crash or another run on the banks, and this could pave the way for programmable digital central bank currencies—I hope not; I will oppose that—and a social credit scoring system. Our national debt is now £2.9 trillion. Why would we trust the central bankers again when they have got us into trouble twice in two decades? We must immediately instate the effective fiscal process used in August 1914, whereby the financial collapse was checked by introducing a Treasury bond known as the Bradbury pound. This was accepted and it stabilised the markets at the time. It is not debt and it is not interest-bearing; it is Treasury money. We do not need to trust the central bankers; we need to use Treasury money to solve the crisis, exactly as we did in 1914.