Tom Brake
Main Page: Tom Brake (Liberal Democrat - Carshalton and Wallington)Department Debates - View all Tom Brake's debates with the HM Treasury
(8 years, 4 months ago)
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Mr Osborne
I do not think that the business community wants higher business taxes, which is the Labour proposal. When it comes to major transport investments, we are making them. Labour was in office during all those years when money was apparently coming in, but where were the major investments in the railways and the roads? Labour Members complain about our energy investments, but where are the power stations that were opened under the Labour Government? The more we look at that period of our economic history, the more we can see what a massive missed opportunity it was.
Tom Brake (Carshalton and Wallington) (LD)
I am disappointed that none of the leading leave campaigners is here to listen to what the Chancellor has to say about the impact of Brexit. Will he put the economy on a war footing to stave off a recession? Will he invest in infrastructure, particularly housing, and prioritise support to small and medium-sized businesses through the British Business Bank, which was set up by the Liberal Democrats in coalition, so that innovative companies will continue to receive support if bank lending dries up?
Mr Osborne
The British Business Bank—which was created under a policy announced by me at this Dispatch Box—is working successfully, and I pay tribute to Liberal Democrat colleagues in the coalition Government for helping us to deliver it. Of course it has an important role to play in the future. The right hon. Gentleman is right, in the broader sense, to say that we need to look at what we can do to support demand and credit in the economy. The Bank of England has many tools, and the Governor of the Bank has already indicated that, in his personal opinion, we should be looking at monetary easing.