Oral Answers to Questions

Seema Malhotra Excerpts

Tuesday 29th November 2022 Commons Chamber

[Mr Speaker]

I call the shadow Minister, Seema Malhotra.

[Seema Malhotra (Feltham and Heston) (Lab/Co-op)]

I grew up in a small family business. Labour is proud to be supporting Small Business Saturday and its 10th anniversary, and to have supported last week’s family business week.

Small and medium-sized enterprises are indeed the lifeblood of our economy, but they have been hit hard by 12 years of Tory failure and staggeringly low growth. Even after three Prime Ministers this year, the Government have no answers—and the House should not just take that from me; the Federation of Small Businesses judged the autumn statement as being

“low on wealth-creation, piling more pressure on the UK’s 5.5 million small businesses”.

If the Government are really serious about helping small businesses to grow, is it not time they adopted Labour’s plan to reform business rates, back our high streets, make Brexit work, and make Britain the best place in which to start and grow a business?

[Kevin Hollinrake]

As one who was in business in 2010, I remember very well what the economy was like in that year, when we took over from Labour: it was not having a good time. [Interruption.] Yes, it is a lot stronger now.

We should bear in mind that while we can choose our own opinions, we cannot choose our own facts, and the facts are that the UK has experienced the third fastest growth in the G7 since 2010—behind only the United States and Canada—and has grown faster than Germany since 2016. It is right that we seek to provide new solutions for businesses; we have to stimulate the supply side of the economy, not least because that is good not only for businesses but for consumers. However, as I said earlier, simply claiming that you are going to scrap business rates without saying how you are going to replace that £25 billion of revenue is highly irresponsible.