Growth Strategy

Jim Shannon Excerpts

Tuesday 21st January 2020 Westminster Hall

[Jim Shannon (Strangford) (DUP)]

I congratulate the right hon. Member for Wokingham (John Redwood) on securing the debate. It is always good to speak in Westminster Hall and it is good to be back at the start of a new season, so to speak.

We have all heard and been a part of predictions about the growth of this country in a post-Brexit world, and we are quickly approaching the date at which things stop being theory and become a reality. Back in November ’17, the Government announced their investment for growth strategy. To be fair, Government strategy on the economy has been strong and positive and has brought results, as we must acknowledge, but the press release stated:

“With the aim of making the UK the world’s most innovative nation by 2030, the government has committed to investing a further £725 million over the next 3 years in the Industrial Strategy Challenge Fund (ISCF) to respond to some of the greatest global challenges and the opportunities faced by the UK”—

the United Kingdom of Great Britain and Northern Ireland. It goes on:

“This will include £170 million to transform our construction sector and help create affordable places to live and work that are safer, healthier and use less energy, and up to £210 million to improve early diagnosis of illnesses and develop precision medicine for patients across the UK.”

In my constituency the construction sector is important to providing jobs and some of the money needed to boost the economy. We are now two years into the Government’s strategy, which is an interesting stage to look at growth over the past two years and to acknowledge it. In the interests of fairness, I must say that there were always impediments to high levels of growth—they stemmed from indecision and the near collapse of faith in our ability in this House over the past two years. The previous Parliament must collectively acknowledge that the to-ing and fro-ing and almost toxic atmosphere in this place was not conducive to presenting to the world that we were in an ideal place to be invested in and worked with. The House has been a hot place over the past two years, unlike this Hall today, where it is almost Baltic, Mr Hollobone. We might have our meetings outside—it might be warmer. I believe it was warmer when I walked here this morning at seven o’clock.

Conservative policy has been positive. It has reduced unemployment and created jobs—definitely in Northern Ireland. I am very pleased to know that we are back in business in the Northern Ireland Assembly and that the Department of Enterprise, Trade and Industry will have that task again. Our levels of employment are similar to those in the south-east of England, which is very positive.

Such a long period of stagnation is unprecedented for the working poor, whose average real weekly earnings are no higher than they were before 2008 and 2009. We saw a large rise in food bank use as well, which has been very apparent in my constituency, where unemployment is much lower than it was when I first came to this House. But the policy has worked. In 2019 wage growth picked up and inflation came down. As a result, real average wages are growing at a healthier rate again, and we must welcome and encourage that.

However, when people do not have the money to spend locally, the local businesses know it and feel it. This is not for debate now, but there is pressure on the high street and in rural country towns such as Newtownards, which is central to my constituency, where we have seen shop vacancies come up that were not there three or four years ago. I have spoken to the Minister, who came over last year, and we have some ideas about how to go forward.

Where do we go from here? I know that the Minister will agree with the five foundations of economic growth, and will endorse, support and encourage them. The first is ideas—research, development and innovation, which are critical to a manufacturing strategy and a strategy for growth across the United Kingdom. Partnerships that enable the growth of research and development include the medical innovations of Queen’s University, with new drugs that can address diseases such as diabetes, cancer and strokes.

The second foundation is people—that is, skills and education. We cannot innovate without training people to a sufficient level of skill. The third is infrastructure. Not one week goes by in this House in which do we not ask a question about broadband, which is almost the key to all other potential jobs. In my constituency, small and medium-sized businesses and people who work from home need access to broadband. Infrastructure also includes energy and transport.

The fourth foundation is the business environment, and support for specific sectors and SMEs. The fifth foundation is places, and local industrial strategies. In Northern Ireland, councils now have more responsibility for creating some jobs, and we want to ensure that they can continue to do that.

As the old adage goes, we have to spend money to make money. We need to regard the new Parliament as a time to invest in our industries, and to show the world that the turmoil is over and that the time to invest is now. Northern Ireland is known globally as a capital of cyber-security, with many international firms basing their teams there due to our competitive rates, good connectivity and, importantly, staffing pool of highly trained young people and admin staff. That is down to a specific strategy and policy. We have marketed ourselves well in that industry.

We have so much more to offer, as does the United Kingdom of Great Britain and Northern Ireland as a whole. Although the foundations are ideas, people, infrastructure, business environment and places, we must ensure that our cornerstone is the absolute assurance that this country is on the rise once more. I always say that we are better together, with all four regions working as one. Confidence will come across to the world only when we have it in ourselves and in our abilities. That must start here and now with investment, and sizeable investment at that.