Productivity

Mark Garnier Excerpts

Wednesday 17th June 2015 Commons Chamber

[Chris Leslie]

That is why I think it is so appalling that the Chancellor could not be bothered to mention it in the Budget speech in March. It should be at the top of the agenda of all Treasury teams and all Departments—

[Mark Garnier (Wyre Forest) (Con)]

rose—

[Chris Leslie]

I will give way in a moment to the hon. Gentleman, who will, I know, have plenty to contribute on the subject.

Our economic prosperity depends on maximising the output from the efforts of working people and the resources available to business. The amount of output per hour worked is a useful way for us to measure whether our economy is advancing and adding value, or whether we are just treading water. Creating a more productive economy means creating a virtuous circle of higher growth, higher living standards and, as a consequence, more effective deficit reduction. When working people can produce more and they have the tools and the skills to create output more efficiently, employers can afford to pay them more, tax revenues become more buoyant and our GDP can grow in a more sustainable way.

[Chris Leslie]

I will give way to my hon. Friend after I have given way to the hon. Member for Wyre Forest (Mark Garnier).

[Mark Garnier]

The shadow Chancellor is absolutely right: productivity is incredibly important. The Treasury Committee and The Economist have been banging on ad nauseam about it, certainly during my five years as a Member of Parliament. Why has he picked up on it only in the past six months?