Economic Growth

Darren Jones Excerpts

Tuesday 14th November 2023 Commons Chamber

[Darren Jones (Bristol North West) (Lab)]

I thank all right hon. and hon. Members who have contributed to the debate this afternoon. In particular, I congratulate my hon. Friend the Member for Mid Bedfordshire (Alistair Strathern) on his brilliant maiden speech; it is great to see him here today. I also thank my hon. Friends the Members for Sheffield South East (Mr Betts) and for Lancaster and Fleetwood (Cat Smith), the Chairs of the Levelling Up, Housing and Communities Committee and the Petitions Committee, for their contributions on behalf of their Committees.

We heard excellent speeches from many colleagues, including my hon. Friends the Members for Oldham East and Saddleworth (Debbie Abrahams), for Birmingham, Selly Oak (Steve McCabe), for Walthamstow (Stella Creasy), for Newcastle upon Tyne Central (Chi Onwurah), for Wythenshawe and Sale East (Mike Kane), for Birmingham, Edgbaston (Preet Kaur Gill), for Leeds East (Richard Burgon), for South Shields (Mrs Lewell-Buck), for Aberavon (Stephen Kinnock), for Enfield North (Feryal Clark), for Norwich South (Clive Lewis), for Leeds North West (Alex Sobel), for Birmingham, Hall Green (Tahir Ali), for City of Chester (Samantha Dixon), for Cynon Valley (Beth Winter), for Ilford South (Sam Tarry), for Portsmouth South (Stephen Morgan), for Stockport (Navendu Mishra) and for Wirral West (Margaret Greenwood). That long list shows the importance that Opposition Members place on growing the economy on the bedrock of fiscal responsibility. We heard that, from skills to housing, infrastructure to net zero and public services to poverty and inequality, there were a whole host of issues missing from the King’s Speech that we would put into a Labour King’s Speech if we were to win the next general election.

I am pleased to conclude the debate on behalf of the Opposition this evening. As you know, Mr Deputy Speaker, I was appointed to the shadow Cabinet just over two months ago, yet even within my short tenure, I already find myself in a position to welcome a second Chief Secretary to the Treasury, the hon. Member for Sevenoaks (Laura Trott), to her place. As I said earlier, I look forward to holding her to account for what No. 10 has described as her core task, which is to grow the economy.

We all know that any number of Conservative reshuffles will not hide the failures of the past 13 years of Conservative government. Indeed, the latest Conservative Prime Minister is so keen to remind us of the past 13 years of Conservative failure that he has decided to bring back one of the Conservatives’ failed former Prime Ministers as his Foreign Secretary—a promotion that we can only assume is a testament to the lack of available talent on the Government Benches.

Let us look at the King’s Speech and the prospects for our economy. The good news is that the latest Conservative Prime Minister keeps telling the country that his plan is working. Indeed, he thinks it is working so well that he did not put anything meaningful on the economy in the King’s Speech at all. The bad news is that, while the Conservatives tell the country that everything is fine, we all know from our own lives that that is not the case and that their plan has failed. We see the cost of living, the cost of our rent and mortgages, the spending power of the pound in our pocket, and public services so close to broken that many people have given up trying to access them at all.

The latest Conservative Prime Minister might have his head in the sand, but we all know that the Conservatives’ plan is not working, because nothing is working in our country, which begs the question, why? The Chancellor is taking more money from us than ever before, thanks to 25 Conservative tax rises in this Parliament alone, but most of that extra cash is being spent on paying the interest on our national debt, to the tune of a whopping £112 billion in 2022-23 alone, which is more than we spend on our schools.

Why? Because for year after year of the past 13 years of Conservative failure on the economy, the Tories have had to borrow more and more money to cover up their failures—not just in response to Brexit, covid or the energy crisis, but in each and every year since they came to power in 2010. Let me tell you, Mr Deputy Speaker: it is working people who pay the price, not just through their taxes but through a lack of access to good-quality public services. People across the country will be saying, “We have never paid so much and gotten so little in return.”

How do we get ourselves out of this high-tax, high-debt spiral of Tory failure on the economy? The short answer, of course, is for the latest Conservative Prime Minister to call an election so that a Labour Government can be given the chance to clear up the Tories’ mess for them. The longer answer, and Labour’s plan, is to grow the economy so that working people are better off, because all the Prime Minister managed to reveal in the King’s Speech was his empty hand. There was no planning reform to get Britain building, no pension reform to kick-start investment in Britain, no industrial strategy and no new skills policy to help train workers for the jobs of tomorrow, nor were there any fairer choices on tax, such as ending non-dom status. Those are all Labour policies that sit on a bedrock of our mission for the country.

As we have heard repeatedly, this Government are out of touch and out of ideas. Only Labour has a plan to grow the economy, boost wages, bring down bills and make working people better off. Prosperity for every corner of our country can happen only with political and economic stability. That is why we invite Conservative Members to join us in the Aye Lobby this evening to vote for our amendment, which would give new statutory powers to the independent Office for Budget Responsibility —an uncontroversial amendment that should not trouble any Member on the Conservative Benches. It aims to prevent from happening again what the former failed Conservative Prime Minister, the right hon. Member for South West Norfolk (Elizabeth Truss), did this time last year when she crashed the economy.

That is why a Labour Government will introduce tough new fiscal rules to create solid foundations for growth—never again the Tory way, playing fast and loose with the economy and leaving working people paying sky-high mortgages. We will roll up our sleeves and partner with business, rather than stepping aside and letting investment relocate overseas. We will modernise our public services so that they work for patients, parents and public servants once again, and we will get Britain building, rather than allow outdated planning laws and ongoing division within the Conservative party to hold back our country.

The unpalatable truth facing the British people is that each day this Conservative Government remain in power is another day when our country is held back from achieving its potential, and that the biggest risk to the economy is the Conservative party itself. That is why I find myself in the unusual circumstance of agreeing with the right hon. and learned Member for Fareham (Suella Braverman), who was until recently the Home Secretary. She has described the leadership of the Conservative party as

“uncertain, weak, and lacking in the qualities of leadership that this country needs.”

I could not agree more. Even Conservative MPs agree that the choice facing the British people at the next election is between more chaos and uncertainty under the Conservatives that leaves Britain worse off, and the security of a changed Labour party that will unleash a decade of national renewal and make working people better off once again.