Budget Resolutions

Debate between Rebecca Long Bailey and Alex Chalk

1st reading: House of Commons
Tuesday 28th November 2017 Commons Chamber

[Rebecca Long Bailey]

Again, we have a Conservative Member who struggles with reality. I urge him to speak to workers in his constituency and ask them about the quality of said employment. I speak to workers in my constituency, and they are struggling in an era of casualised, low-paid, insecure work.

Our productivity was certainly impeded, but the picture worsens still when we focus on the recent productivity and investment figures of many British regions and nations. Stark research recently published by the Centre for Cities shows that London and the south-east are up to 44% more productive than many other British regions, and the Institute for Public Policy Research’s commission on economic justice has found that Britain is the most regionally imbalanced country in the whole of Europe.

What have we seen after seven years of this Government’s single-minded obsession with cutting the national debt? Higher debt and unprecedented downward revisions of GDP growth. As every economist knows, the only way substantially to manage the national debt is by growing the economy, but this Government have simply tried to deflect attention away from their miserable performance on GDP.

[Alex Chalk (Cheltenham) (Con)]

Will the hon. Lady assist the House by saying how much extra it would cost in annual interest payments if she led a Government that borrowed an additional £500 billion?

[Rebecca Long Bailey]

The hon. Gentleman should refer to comments made by the shadow Chancellor. It is not as straightforward as putting a figure on interest repayments. Each investment is dealt with on the basis of the level of return to the Government, so each infrastructure project, for example, needs to be assessed on its own merits. The hon. Gentleman should know that. He is a clever young man, and I would have expected him to know a little more about this subject.