The Economy

Debate between Bim Afolami and Patricia Gibson

Wednesday 22nd May 2024 Commons Chamber

[Bim Afolami]

My hon. Friend makes an important point about those on the Labour Benches. I must admit that I disagree with him on one key point: the idea that they might inherit this. We are not complete yet. We know that the economy still needs to continue to turn and that inflation needs to come down. We hope that that will lead to falling interest rates in due course, and that the measures we have put in place will come to fruition over the next Parliament.

[Patricia Gibson (North Ayrshire and Arran) (SNP)]

The UK economy is smaller now, and living standards are lower now, than at the start of this Parliament—the first time this has ever happened. Does the Minister agree that it is a sign of the Tories’ increasing desperation that they consider it a cause for celebration that the UK economy has stopped shrinking? Growth is still lower than in Europe, Asia, the Americas and Australia, and we continue to pay the price of Brexit and Tory incompetence.

[Bim Afolami]

I am afraid I disagree with the hon. Lady on points of fact. I have already set out so many statistics that show that things are significantly improving in the economy, and at a faster rate than that experienced by most of our competitors in Europe. I completely disagree with her assessment.