Autumn Statement Resolutions

Debate between Lilian Greenwood and Kevin Hollinrake

Thursday 23rd November 2023 Commons Chamber

[Kevin Hollinrake]

I do apologise, Madam Deputy Speaker. Obviously, I am speaking through you—but I apologise. I was getting carried away, because this is such an important point. It is important that if people have different ideas about how we run the economy, they should explain exactly what they are going to do and how they are going to pay for it. The cost of the measures that are being proposed is £25 billion a year, and that comes on top of other spending commitments that the Opposition have made, including £28 billion a year in green investment. Labour Members should be clear about what their plans would be, rather than just objecting.

[Lilian Greenwood (Nottingham South) (Lab)]

I welcome the Minister’s commitment to being clear—so will he be clear and confirm that over this Parliament living standards are going to fall by 3%? That is the biggest hit to living standards on record. Will he be clear and confirm that that is the case?

[Kevin Hollinrake]

As I said, there is no doubt that we have been through difficult times, but the hon. Lady should look forward optimistically to the rise in the national living wage and the probability that inflation will be halved again by this time next year, having already been halved. She needs to take a more optimistic view about will happen in the economy next year. I am very optimistic that people will see better times ahead, which is what we all want to see, but the Government are realistic. We have spent £500 billion providing support, saving jobs and businesses, and helping people during covid and the cost of living crisis, but that money has to be paid back. The Opposition need to explain how they are going to do that, if they were ever given charge of the economy.

Small businesses also need protection from late payers, so that they can safeguard their precious time and resources. The measures in the autumn statement seek to achieve all that and more, transforming the fortunes of businesses up and down the country. The statement contains a multitude of measures that will give businesses easier access to investments.

The UK has been something of a start-up miracle—we are second out of the 39 countries in the OECD for start-ups and seventh for scale-ups, which is still a good performance in relative terms but one that we need to improve. Capital holds the key. This Government could not be clearer about that fact and have introduced measures in that regard.