The Economy and Work

Natascha Engel Excerpts

Thursday 26th May 2016 Commons Chamber

[Geraint Davies]

On a point of order, Madam Deputy Speaker. Surely this is meant to be a debate about the Queen’s Speech, not the Labour party?

[Madam Deputy Speaker (Natascha Engel)]

How the Chancellor chooses to use his speech is up to him. I would have thought that, since it is his Queen’s Speech, his focus would be on that, but it is up to him.

[Mr Osborne]

We cannot talk about the Queen’s Speech unless we know what the alternative might look like. This is what the Labour party says about itself: it says the Labour party is becoming increasingly

“irrelevant to the…working people in the country.”

If we think Labour has learned any lessons, this is what has happened today. The leader of the Labour party has today appointed someone called Andrew Fisher as the head of policy for the Labour party. This is a man who campaigned against Labour candidates at the general election in Croydon. This is a man who took part in the 2010 student riots and boasted about breaking through police lines, scaring the police and hurling abuse at them. This is what his economic policy consists of: public ownership of all land in the country; nationalising all banks; and returning to a three-day week. This is the man who has just become the Labour party’s head of policy.

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[Several hon. Members rose—]

[Madam Deputy Speaker (Natascha Engel)]

Order. Before I call the next speaker, I want to warn the House that there will be a speech limit of four minutes after the SNP spokesperson sits down, which will allow us to include all 41 Members wishing to speak, if there are no interventions. I would be grateful if people could bear it in mind that when they take an intervention they are taking time from Members further down the list.

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[George Kerevan (East Lothian) (SNP)]

My hon. Friend has referred to fuel poverty. The Chancellor mentioned Martin Lewis. Is my hon. Friend aware that I was at a conference with Martin Lewis this week, at which he denounced universal credit as particularly hurting the poor and their ability to save and to pay for energy? The very person whom the Chancellor mentioned is the person who is actually—[Interruption.]

[Madam Deputy Speaker (Natascha Engel)]

Order. That was a very long intervention. I have already said that there is a very limited time for a very large number of Members to speak.

[Stewart Hosie]

I was not aware that my hon. Friend was with Mr Lewis, but what he has said does not surprise me in the slightest. For all the talk of an increase in the minimum wage, I think that anyone on the progressive side of politics understands that a real living wage will be undermined by the Government’s cuts to in-work benefits and tax credit.

The Government are failing in respect of almost every key economic indicator. They have missed nearly every target that they have set themselves. The numbers—not the rhetoric—demonstrate beyond doubt that their claim to economic credibility is in tatters. We are asking for a genuine, comprehensive plan for trade, exports, innovation and productivity, and a genuinely rebalanced and fair economy. The Chancellor said that trade and exports would underpin his strategy for growth, but the UK current account deficit now stands at a record £96 billion, its highest ever cash level. The Chancellor promised a doubling of exports to £1 trillion by the end of the year, but exports fell last year to £511 billion. They are going in the wrong direction. On innovation, we continue to compare poorly with our competitors, and the Chancellor’s decision to change innovation grants to loans sends the wrong signals.