The Economy

Debate between Bim Afolami and Liam Fox

Wednesday 22nd May 2024 Commons Chamber

[Bim Afolami]

My response to the hon. Gentleman, whom I respect deeply, is twofold. First, we are at an inflection point and the job is not complete. We know that many millions of people are suffering, which is why we are continuing to improve their incomes through cutting their taxes. It is why we are continuing to make sure that small businesses around this country can thrive, and why we are continuing to put more money into our public services and, indeed, to reduce inflation. We know that the job is not done.

Secondly, many people have had to suffer as a result of the difficult decisions that had to be taken over recent years because of the generationally unique shocks that we saw. It has been up to this Government to guide and help the country through that, which is what we will continue to do in the weeks and months ahead.

[Sir Liam Fox (North Somerset) (Con)]

Inflation is now lower than in France, Germany or the eurozone, growth has been upgraded by the IMF, and Britain has become the world’s fourth biggest exporter, overtaking the Netherlands, France and Germany. Employment is at a historically high level, and the UK is the third biggest destination for inward investment globally. On financial services investment, we are top, attracting 108 projects last year, compared with France’s 39 and Germany’s 38. I wonder whether my hon. Friend can correct me—or did I miss the post-Brexit apocalypse that many, including the Treasury, predicted?

[Bim Afolami]

My right hon. Friend has put that incredibly well. Very good things have happened to our economy over recent months, particularly in my own area of financial services. I would add that many Members, on both sides of the House, were concerned about the impact of Brexit on the British economy. As he suggested, our record shows that this Government have been able to guide the country through the post-Brexit period and towards better times than ever.