Budget Resolutions and Economic Situation

Nick Fletcher Excerpts

Tuesday 9th March 2021 Commons Chamber

[Nick Fletcher (Don Valley) (Con) [V]]

It is a pleasure to make my first contribution to a Budget debate. Almost a year ago today, I made my maiden speech just as the pandemic was beginning to grip the globe. The year that has followed has been tragic in every sense of the word, yet it could have been much worse. In July, the Office for Budget Responsibility predicted that unemployment would peak at 11.9%. That figure now stands at 6.5%, yet this is not a meaningless statistic. It has made a real difference. Close to 2 million jobs have been saved through the furlough scheme, business loans and the plethora of Government initiatives that I have been proud to support, but, as I have said repeatedly in this Chamber, we must now focus our energies on making sure that we have a sufficient economic recovery that ensures that people get back into work and start reaping the rewards provided by our dynamic economy.

Although it comes as no surprise that I was disappointed that Doncaster Sheffield airport was not awarded freeport status, this innovative policy will help to unlock the enterprising spirit of British businesses. I am pleased that a freeport will soon open in the Humber, benefiting the entire region and furthering this Government’s levelling-up agenda—an agenda that we should turn our attention to right now. The promise of levelling up is, after all, the reason why many in Don Valley voted for me and for Conservative party candidates across the north of England, yet to truly level up a region, business needs to thrive. The extension of the business rates holiday, the introduction of the restart grants and the continued reduction in VAT for the hospitality sector provide the foundation for economic recovery. Furthermore, the renewal of the airport and ground operations support scheme for a further six months will ensure that our regional airports, such as Doncaster Sheffield airport, can continue to facilitate economic growth in all four corners of the UK. The £4.8 billion levelling-up fund and the super deductions for businesses will supercharge our recovery. For families, the freezing of fuel duty and the extension of the universal credit uplift will provide security for those who need it most. The Budget will make a long-lasting difference in the next couple of years.

For many people, politics can seem remote and irrelevant to their everyday lives, yet I know that people and businesses across Don Valley have been reassured and energised by the measures announced by the Chancellor last week. They know it will make a difference to their lives.