UK Economy

Debate between John McDonnell and Alec Shelbrooke

Wednesday 29th June 2016 Commons Chamber

[John McDonnell]

I will come back to the hon. Gentleman, but I must press on for a while.

It is important to recognise that economic decline and regional inequality, and the deep-rooted alienation and despair that they have produced, contributed to the fact that so many people voted to leave the EU. Some fear that a shock to business investment spending would help to push the entire economy into another recession. Again, I call for a fresh programme of Government investment to produce shovel-ready projects, especially in the areas that have been hardest hit by long-term economic decline.

[Alec Shelbrooke (Elmet and Rothwell) (Con)]

May I point out to the hon. Gentleman, in the spirit of the conversation that is taking place this afternoon, that there has been considerable investment in some northern cities, such as my city of Leeds? In the last month, Kirkstall Forge railway station opened in the constituency of his hon. Friend the Member for Leeds West (Rachel Reeves), and half a billion has been spent on other projects in the city. It is not all talk—I understand the politics of it—but I want the hon. Gentleman to understand that some of our great northern cities have benefited from real investment.

[John McDonnell]

We must not talk down some of the success that has been achieved so far, but, although it has dealt with regional economic problems, it has not been on a sufficient scale to rebalance the economy in the way that was promised. As a result, a disillusioned section of the electorate were willing to blame anyone, including migrants and including the EU, and accordingly voted to leave. People felt that communities had been left behind, and I believe that that is a consequence of the lack of investment in recent years.