The Economy

Debate between Iain Wright and Richard Graham

Wednesday 22nd June 2011 Commons Chamber

[Mr Wright]

My hon. Friend represents a seat in the north-east, as I do, and he knows full well that our region has borne the brunt of this recession, like we bore the brunt of the 1980s recession. It does not have to be like this. We have got enormous economic potential in our region that can really contribute to wealth creation in our country, but that is simply not happening.

[Richard Graham (Gloucester) (Con)]

Will the hon. Gentleman give way?

[Mr Wright]

No, I am not going to give way, because I do not have long left.

There is an acute need for a more balanced economic policy, focusing not merely on deficit reduction, but on incorporating job and wealth creation measures, on weeding out inefficiencies—that is true—on raising our productivity, on improving our infrastructure and on rewarding enterprise and ambition. In fact, a more balanced view would help to reduce the deficit faster. An emphasis on growth and jobs would increase output, raise tax receipts and reduce benefit bills, thereby helping to cut the debt. Given the lack of growth in the economy and persistent uncertainties about inflation, economic activity and net exports, for the good of our country and economy, will the Chancellor concede that he might—just might—be wrong?