The Economy

Lindsay Hoyle Excerpts

Thursday 22nd March 2018 Commons Chamber

[Robert Jenrick]

In the Treasury we try to deal in facts, rather than in comments, and the effect of reducing corporation tax has been an increase in revenue.

The Chief Secretary and other Conservative Members have said that we must make the case once again for free markets—something we thought we might never have to do again. However, as Margaret Thatcher and, I think, Tony Benn—an unusual pairing—used to say, “There are no final victories in politics, and if you want to continue to win important arguments, you have to keep making them and restating them over and over again.” The case for free markets is threatened as never before by the hard-left, heirloom policies and personalities of Labour Front Benchers. As someone who used to work in the auction business, I can spot an antique a mile away.

The central battle on this conflicting vision of our society is being fought again. That matters for two reasons. First, just as our parents and grandparents paid the price for this ideology last time it was employed in this country, we do not want our children and grandchildren to pay the price for its resurrection today. Last time, it left us a weak country saddled with debt and high taxes, unable and unwilling to embrace new technology or to invest in public services—and working people paid the price.

Secondly, to paraphrase Robert Kennedy, living in a democracy is not merely about the absence of tyranny but the presence of freedom. A free market matters to us and our constituents not just because we have learned that it is the best way to run an economy but because it underpins all our other freedoms. That is why we will continue to defend it as we build an economy and a country that works for everyone.

[Mr Deputy Speaker (Sir Lindsay Hoyle)]

Let me just say to the Front Benchers that if they agree 10 minutes, they should stick to that, because I do not want it to break down in future with people taking advantage by allowing the Opposition to have 10 minutes and then you carry on for 17 minutes. I think we have to be fair to both sides. If we make agreements, let us please stick to them. If it is 15 minutes, I do not mind, but at least let us be honest with each other when we make those decisions.

Question put and agreed to.

Resolved,

That this House has considered the economy.