Britain’s Industrial Future

Mark Tami Excerpts

Tuesday 15th November 2022 Commons Chamber

[Bill Esterson]

I will give way shortly.

Today, many of our industries, including steel, car manufacturing and shipbuilding, are facing an existential threat from spiralling energy costs, cheap imports and inflation. To make matters worse, they are also facing an indifferent Conservative Government. While other nations have had the foresight to retain a competitive advantage and invest in future technologies, here in Britain the Conservatives are happy to watch decades of expertise and reputation go abroad, along with the high-quality jobs that underpin our industrial communities.

Before the Minister blames international challenges, let us just remind Conservative MPs that this country is uniquely exposed to global economic problems. That is why the Bank of England has described UK-specific factors as behind the high interest rates that threaten homeowners and businesses with higher borrowing costs. The Conservatives have presided over 12 years of low growth, low investment and low productivity. Business investment under this Government is the lowest in the G7. We are the only G7 country where the economy is contracting, and the only one where the economy has not recovered to pre-pandemic levels. The Conservatives crashed the economy and they do not have a plan for recovery. Meanwhile, according to the latest Office for National Statistics business survey, a fifth of businesses say that uncertainty about demand and business prospects is holding back their investment plans. We can see what the former Chancellor meant when he used the phrase “vicious cycle of stagnation”.

[Mark Tami (Alyn and Deeside) (Lab)]

Does my hon. Friend agree that, although other European countries have recognised the energy costs facing the steel industry, this Government have done absolutely nothing about them? It is a major problem facing the industry. Although the long-term future might be hydrogen, as we hope it is, it will not happen without the Government—hopefully a Labour Government—putting in the investment needed to ensure it happens.

[Bill Esterson]

My right hon. Friend is right to speak on behalf of the steel industry, which faces an existential crisis and may well depend on a Labour Government coming to the rescue.