Oral Answers to Questions

David Hamilton Excerpts

Thursday 24th May 2012 Commons Chamber

[Mr Prisk]

I am sorry that we are getting platitudes like that, because this is an important issue. We want to ensure that there is a concerted approach on regulation—capping the costs of new ones, scrapping existing ones, and thereby helping small businesses. That is what we are doing. The Labour party failed to do that in 13 years in office. It is no good Labour Members wishing things; we are acting and they are not.

[Mr David Hamilton (Midlothian) (Lab)]

2. What recent assessment he has made of the effect on business confidence of the economy entering recession.

[The Minister for Universities and Science (Mr David Willetts)]

Business confidence has held up so far this year, and is well above its 2008-09 lows. The CBI business confidence index came in at plus 22 in April, one of its highest readings in the past five years.

[Mr Hamilton]

Does the Minister accept that consumer confidence is extremely important? If Beecroft’s fire-at-will measure is implemented, as proposed by some Members on the Government Benches, that confidence will sharply decline. I say that as someone who was unemployed for two and a half years; people cannot plan ahead or do anything, and it brings added jeopardy to families. This is therefore extremely important: if we want confidence, we must get rid of the Beecroft report.

[Mr Willetts]

It is very important to maintain confidence in the British economy, and people can take confidence from the fact that employment is up, and that inflation is down so their living standards are protected. They can take confidence from the fact that exports are up, and they can take confidence from the fact that public borrowing is down so interest rates are down. Those are the reasons why we are confident in the British economy.