Liam Byrne
MP for Birmingham Hodge Hill and Solihull North · Labour · United Kingdom
“The loss of 4,000 jobs at Jaguar Land Rover is a body blow for workers, families and communities across the west midlands, so I commend Richard Parker, the Mayor of the West Midlands, for moving quickly on Monday to put £500,000 on the table to help ensure that everybody gets back to work.”
“I wholeheartedly welcome this well-rounded statement from the Foreign Secretary, and put on record my thanks to the new Prime Minister for the hard yards that I know he has put in over recent days and weeks.”
“I am grateful to my hon. Friend for giving way, and I offer my warmest congratulations to her on her appointment to the role; she will be a brilliant Minister.”
“Let me start with a word of thanks to my hon. Friend the Member for Chester North and Neston (Samantha Dixon), who is not in her place, who said quite rightly that an awful lot has changed since the Bill was first introduced to this House. Indeed, a lot has been revealed over the course of the summer.”
“The effect of new clause 34 would be to ban off-ramping, ban new forms of digital currency transactions and ban memecoins, which are exactly the kind of measures that Ministers now need to bring forward. If we want to take the crypto system out of political finance, this is what we need to do.”
“No doubt we will learn that Mr Cottrell was in fact on the electoral register when that money was passed. No doubt we will discover that his mother, Fiona Cottrell, declared and did not disguise the fact that the money had ultimately come from her son.”
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“However, they also want to see a complete transformation in the way in which we use public procurement to support businesses in this country. Minister after Minister has said from the Dispatch Box, “We will do more to buy British.” Well, it is time to actually deliver on that promise. Secondly, businesses want the right workers for the roles that are available. Pretty much everywhere we went, the challenges of getting the right workforce were the No. 1 priority of the people we heard from. It is true that we heard a lot of concern about the rising costs of business. People are worried about the impact of the Employment Rights Bill, the national minimum wage changes and the national insurance increases all coming at the same time.”
“Let me make three points quickly to get the debate started. I start with the point that struck me hardest when we were listening to business voices up and down the country: for all that divides us in this House, there is a terrific unity of purpose in the business community in this country—unity not only about the possibility of becoming the fastest-growing economy in the G7, but on what we need to do to hit that target. The overwhelming majority of businesses want Ministers do more to grow the markets into which they sell. They want to see an ambitious reset with the European Union, fast-tracking of the free trade deals with Switzerland, the Gulf Co-operation Council and India, and for us to do absolutely everything possible to avoid the peril of tariffs from the United States.”
“I put on the record my profound thanks to the Backbench Business Committee for making time for this debate, and to the Liaison Committee for some of the arrangements that have made today possible. The Prime Minister has underlined time and again that growth is the No. 1 priority, so I am grateful that the House has agreed to put the Department for growth, together with its accounts, under the microscope today. In readiness for today’s debate, my Business and Trade Committee has taken the precaution of talking to hundreds and hundreds of businesses up and down the country, to trade unionists and to consumer groups, and has laid in the House a report on what we heard from literally thousands of voices. In a way, that is what these accounts and estimates, and the Minister, should be judged against when we consider this matter today.”
“Finally, we heard businesses say loud and clear that the planning system needs a complete overhaul. The infrastructure in this country is terrible, and we must drive down energy prices; right now, many businesses are being priced out of doing business because our energy prices are sky high. For all our differences, there are important points on which we can agree. We on the Business and Trade Committee will continue to judge Ministers against many of the things that we heard from the business community as we travelled up and down the country, and I will flag up two or three points that we want to zero in on.”
“My hon. Friend is 100% right. We heard businesses say to us loud and clear that they wanted radical and bold changes in the way that the skills levy was organised. The Government have moved to introduce flexibilities, and business want them to go further, faster. We also heard business say that there is a good environment when it comes to start-up finance, but a terrible environment in this country for scale-up finance—I will return to that in a moment. People want much stronger relationships between universities and businesses, and we in this country still do not have something like the Fraunhofer institutes in Germany, which have as their slogan that they are the research and development departments for the Mittelstand. Where those knowledge transfer partnerships work, they are good, but they need to be far more prevalent.”
“How can we ensure that small and medium-sized businesses have support in deploying new technology that could change their business?”
“Because if we can get that cross-party consensus, we can redesign the economic institutions in our country in a way that is sustainable for the long term. I wish to flag three issues that pose questions to the Minister who is asking us to agree the estimates today. First, there is a real worry in the small business community about whether it will be adequately supported by some of the changes that the Minister is helping to drive through. We all know that what has bedevilled our economy for a long time is a long tail of underproductive, often smaller, firms. If we are to raise wages, raise the rate of economic growth, and become the fastest growing economy in the G7, we must transform the productivity rate of a lot of our small firms. How will new technology be diffused through supply chains?”
“My hon. Friend is an extraordinary champion for the city he represents, and for the industry that has made that city great over the centuries. He is absolutely right: when the industrial strategy is published, we must understand whether it is driving growth and better wages, and whether it is transforming people’s ability to earn a good life in every corner of the country. We cannot again have the situation that we had over the past 10 to 15 years, where 70% of the growth and wealth in our country has been concentrated in London and the south-east. We must genuinely level-up this country and pull together a cross-party consensus, to the extent that we can, on the changes that are needed. Why?”
“The Committee will continue to press for us to completely transform access to finance, including through an inquiry that we will launch later in the year. The final fear that I wanted to flag, which is coming through loud and clear to Committee members, is that the Government just do not work for business in the way that they need to. We have heard over and over again about one Department doing something that completely undermines the work of another, or one regulator doing something that completely undermines what a different Department or regulator is trying to do. We do not yet see anything about how we can knit Government together in a wholly new way in either the Green Paper on industrial strategy, or any of the commentary about the estimates.”
“Time and again, the Committee has heard about business leaders being brought in once a firm gets to a particular size, and it being snapped up and shipped out, in particular to the United States, because we do not seem able to supply equity finance or debt finance of between £50 million and £500 million. We have to think anew about how we ensure that the British Business Bank, the National Wealth Fund, the private sector and the proposed changes to pension funds work together to completely revolutionise access to finance for businesses in this market. In the estimates, there looks to be a welcome £414 million increase in funding for the British Business Bank. Although it is hard to decode the accounts, it looks like about £127 million of that is provision for bad debt. Will the Minister clarify that?”
“My hon. Friend is a brilliant member of the Committee, and she makes a brilliant point. We know that we must come to a strategic culture and defence mindset in this country, so that our industry can innovate as fast as the battlefield changes. We all know that there are defence manufacturers—drone manufacturers in particular—that struggle to get the working capital that they need to fund and grow their businesses, month by month. We will have to change the way that we support smaller businesses, and that means transforming access to finance.”
“This estimates debate is a good example: we are considering the accounts of the Department for Business and Trade, but in an ideal world we would also have here Ministers from the Department for Science, Innovation and Technology, the Treasury, the Department for Environment, Food and Rural Affairs and a couple of other Departments, and we would ask those Ministers how they were working together to deliver a joined-up offer to our business community, because businesses have not got time to muck around and deal with all the red tape; they are trying to build a business.”
“Well, there was an awful lot more money than there is now. We certainly did not have a debt interest bill of £100 billion a year, which is what the bill has risen to, and why so many difficult choices are having to be taken. At that time, we were beginning genuinely to consider how to create single, pooled funds that came together from different Government Departments. A challenge for us in the House is that we have to reflect on the fact that we reinforce silos in Government, and do not reinforce joined-up Government.”
“When these accounts were published by the Department, they were qualified and late. I know that civil servants have to work hard to iron out a number of problems, and we have asked the permanent secretary for monthly updates on how he is doing in bringing the kind of clarity that this House should expect. I thank the civil servants and the Department for the extraordinary work that they do; they are absolutely mission-critical to the hopes of so many of us in this country and to our becoming the fastest-growing economy in the G7.”
“That is partly driven by £444 million for the British Business Bank, but it is overwhelmingly driven by about £1.3 billion extra for the Post Office. The good step has been taken of increasing funding for the Post Office compensation scheme, but that money is still not going out the door fast enough. I accept that that has improved, but the Committee will return with some tougher questions for Ministers in the light of their response to our recent report. My final point, which I urge on both the Minister and his colleagues in the Treasury, is that we cannot transform the Post Office into the organisation it could be by drip-drip-dripping the funding for modernisation through to it. The Post Office needs a proper five-year to 10-year funding plan so that it can genuinely become the organisation that it could be.”
“My hon. Friend is right, but we have to look to the future. We have to understand how Government will connect together and ensure a transformation in regional transport and connectivity. So many parts of our country are bedevilled by a lack of internet connectivity, so they cannot access the kind of applications that might give them access to artificial intelligence, for example, or to international markets. They cannot get access to the internet full stop. We have to think boldly about how we join Government together in a revolutionary way. Finally, I wanted to mention the Post Office. When we look at these accounts in the round, we see a 44.8% increase in the amount allocated, taking the figure up to nearly £6 billion a year.”
“We have to conduct that argument now at a moment when it is clear that the United States—that great power, that great ally of ours, that built the multilateral system beginning in 1944 in San Francisco and then through to the end of world war two—in the words of Joseph Chamberlain, is a weary titan no longer able to grasp the orb of its fate. We have to recognise that for those of us who support that multilateral rules-based order, we will have to step up. That will be difficult and expensive, but it will bring new opportunities for business growth and, crucially, for our constituents to earn a good living.”
“We have to recognise that we are at one of those moments in history that occur every 30 to 40 years. We have a series of geopolitical shocks, and then we have a big, agonising debate about whether the country is in decline, whether it is all going to hell, or whether there is a different way forward, in which the country rallies together and chooses to build a different kind of sovereign capability. Inevitably, that has consequences for the kind of state that emerges. We went through this in the 1980s, the 1940s and after world war one.”
“This has been an excellent debate. Let me once again say that I am incredibly grateful to the Backbench Business Committee for ensuring that we could spend time together debating the issues at stake. We heard some brilliant speeches from across the House. In a way, my ambitions for the debate were satisfied, because I wanted to ensure, after our report on the priorities of the business community, and having secured this debate, that we actually heard business voices in this Chamber, and in the corridors of power. We do not give enough time, space or attention to business voices, and to hearing about the challenges in boardrooms and on shop floors. If we did that a little bit more, it would surprise us how much consensus there is in this country about the big moves forward. This is for the economic historians among us.”
“The right hon. Gentleman and I have organised debates on this topic in the past. Does he share my view that we now need to get a lot faster in seizing this money, not only to pay for the munitions needed to win the war, but crucially, then to win the peace in Ukraine, making good the horrific scale of damage that Russia has inflicted on that great country?”
“We need to think in this 80th anniversary of the Bretton Woods institutions about how we reinvent the World Bank and the International Monetary Fund for new times, so that they are bigger and better in the world to come. That is the way that we become evangelists for the rights that are now being defended so valiantly by Ukrainian forces on the continent of Europe.”
“The rights that ensure our freedom were enshrined in the UN’s universal declaration of human rights at the end of world war two and in the Council of Europe’s European convention on human rights, co-authored by this country, based on Churchill’s great vision of a great charter. Those are the rights that we should be celebrating, because they mean freedom for all of us. Those rights, values and freedoms must be defended with strength, so the Prime Minister’s decision to increase defence spending was right. This House will need reassurance that that money can be well spent, but, crucially, given the cuts that are to be made to the aid budget, we must think hard, creatively and quickly about how we now lead a great multilateral effort to increase the amount of aid spending around the world.”
“Finally, it is vital for us across the west to unite around our values, to celebrate those values and not to attack each other. I am worried that what began as political improvisation in the United States has now become, under the new President, a political project. I am worried that some of the noises that I hear sound like the report that Thucydides made of the Athenian threat all those centuries ago, which is that the strong do what they can and the weak suffer what they must. In this country, we know how that story ends. When we talk about the rules-based order, we do not mean the rules of the poker table, or even the rules that we set out at the end of world war two. We believe not simply in a rules-based order, but in a rights-based order.”
“It has invaded its neighbours on eight different occasions since 1945—on average, that is once every decade since the end of the second world war. Faced with that threat, why on earth would we make concessions now? Some 700,000 people have been lost in this war in Russia. Russia now faces a NATO that is bigger and stronger. Russia will run out of T-80 tanks in April, and it has lost more artillery systems in the past year than in the previous two years put together. Russia, at the height of the war, controlled 19.6% of Ukrainian territory; today, it controls 19.2%. In the face of that weakness, why on earth would we make concessions now to those who want to make Russia great again? We should confront them with strength, not weakness, because that is how peace is secured.”
“Gosh, I am even old enough to remember when thousands of people invaded the United States Congress because they wanted to overturn a democratic election and nullify the result and the election of President Biden. Let us send a clear message from this House that we do not regard President Zelensky as a dictator. We regard him as a hero of democracy, and we in the west should have his back. We must also remember that, at times, democracies will need defending, especially against dictators —especially when it comes to Russia. President Zelensky is on the frontline of an effort to re-contain Russia on behalf of us all. Russia is a country that invades its neighbours time and time again. It has been invading its neighbours since the days of Ivan the Terrible.”
“I congratulate the right hon. Member for Chingford and Woodford Green (Sir Iain Duncan Smith) on securing this debate and all those who have spoken today. It was Václav Havel who said that the best defence against tyranny is to live in truth. On this third anniversary, we have the opportunity to repeat some truths to this House—that Ukraine is a democracy, that democracies need defending, and that the best way to defend democracies is for democratic nations to come together with a unity of purpose around our values. We should not have to remind the world that Ukraine is a democracy, but some have impugned that. We in this House know that, at times, all democracies face challenges. Let us be honest, this country once had to suspend elections during the height of world war two.”
“What is essential now is that this does not escalate. Widespread duties on UK exports to the US would be devastating for economic growth, bad for inflation and bad for interest rates. The whole House ought to wish His Majesty’s new ambassador, Lord Mandelson, the very best of luck in the conduct of his new tasks in Washington. What flexibility will the Minister allow on increasing funding to UK steelmakers through the steel strategy if they confirm that that is essential to maintain a sovereign capability in this country?”
“I very much welcome the statement from my right hon. Friend, but the reality is that he has inherited a deal with the European Union that has knocked about 4% to 5% off our economic output each year. Certainly, the Business and Trade Committee heard in Brussels last week a clear message from the business community that we need to be as specific and as ambitious as we can be ahead of the reset summit with the President of the European Commission. What plans does the Paymaster General have to bring together the British business community and, indeed, the trade union community so that the Prime Minister can go into his summit with President von der Leyen clear-minded about just how ambitious our wealth creators want him to be?”
“Congratulations to the Secretary of State. This is excellent news for the people of Appledore and of Northern Ireland and for workers across the Harland & Wolff supply chain. He might want to confirm that the peril of providing a Government guarantee was the possibility of entailing a huge payout to a US-based hedge fund, which was the largest creditor for Harland & Wolff. What is happening to the contract value for the FSS deal? It was priced at about £1.6 billion. Has that contract value now gone up? Crucially, what does the Secretary of State envisage for Harland & Wolff after that enormous contract is safely and soundly delivered?”
“I welcome much of the Minister’s statement today. Redress is being paid out faster, but the truth is that 70% of the budget for redress has still not been paid. The Select Committee will be supplying its advice on how we make that faster in a report that we will release on new year’s day. The Minister has set out details for the House about the Capture victims who have been identified. Does he believe that many of those victims were convicted? If they were, would it not be right to have those convictions automatically overturned, in the way that we have done for other victims of this appalling scandal?”
“I cannot see how this Government can now legally defend a position of keeping these arms export licences open.”
“It is a pleasure to speak in this debate, Mrs Harris. First things first: I utterly condemn the attacks on 7 October. I utterly condemn the kidnap, torture and murder of hostages by Hamas. I also utterly deplore and condemn the destruction of Palestine and Palestinian life that has ensued. That destruction is now so complete that Israel is at risk of turning Gaza into a desert and calling it peace. The prosecution of the war is now so brutal that the Foreign Secretary himself said on 2 September that any exports of weapons from here lead to “a clear risk that they might be used to commit or facilitate a serious violation of international humanitarian law.” —[ Official Report , 2 September 2024; Vol. 753, c. 42.]”
“Let me come to exactly that argument. The Foreign Secretary was followed by the Secretary of State for Business and Trade, who said that there were now “significant doubts” about Israel’s “record of compliance”. In court, His Majesty’s Government said bluntly, in their opening statement on 12 November 2024, that Israel is “not committed to complying with international humanitarian law”. Yet the Government have not cancelled all licences; they have cancelled some, but not all, and they have kept open the licences for F-35 parts.”
“If there is an overriding risk of the use of those weapons to commit or facilitate a serious violation of international humanitarian law, “the exporting State Party shall not authorize the export.” Now, if there was any question, doubt or dispute about whether F-35 parts that we supply could be used in such a way, perhaps the Government would have a case for keeping the licences open. But there is nodoubt, dispute or question about the Government’s analysis of F-35 parts, because in their opening statement to the High Court on 12 November 2024, they said: “The F-35 carve-out accepts that there is clear risk that F-35 components might be used to commit or facilitate a serious violation of IHL”. We now have the advisory opinion from the International Court of Justice, the arrest warrants and the Government’s own assessment.”
“They state: “The application of these Criteria”— the selective licensing criteria— “will be without prejudice to the application to specific cases of specific measures as may be announced to Parliament from time to time.” There we have it. However, what Ministers have not explained is the part of criterion 1 that states: “The Government will not grant a licence if to do so would be inconsistent with…the UK’s obligations under the United Nations Arms Trade Treaty”. Of course, the UN arms trade treaty is very clear. Article 7 requires this Government, as a signatory, to assess any items that we may seek to export.”
“I will not, because time is so short. Last week, in front of the Business and Trade Committee, a Defence Minister said that although it is technically possible to track the parts, it is contractually impossible. Indeed, Lockheed Martin has supplied me with a letter that states that, if I want to know anything about the parts, I need to address my queries to the Department of Defence in the United States. The Government defend their case by pointing to the 28 words that allow them to make it up as they go along when it comes to weapons exports. Those words were written by the last Government and were published in the House on 8 December 2021.”
“I am grateful to the Minister for giving way; he is being characteristically generous. As I understand it, we cannot track F-35 parts because we have signed a contract that basically renders us blind when they leave our borders. Technically, it is possible; the Ministry of Defence has said that. The issue the Minister has to address is that article 7 of the arms trade treaty is very clear that if there is an overriding risk of a breach of IHL, exports should not be made. His Government’s own submission to the courts is that that risk exists. We cannot have it both ways.”
“I welcome the statement made by this hard-working Minister. I take it from the announcement that Mr Křetínský has cleared the investment screening tests that the Cabinet Office is responsible for. It would be useful to have that confirmed. Let me press my hon. Friend about the universal service obligation. Is it his intention that beyond the initial five years he will seek six-day delivery and a universal service obligation in place for Royal Mail for as long as His Majesty’s Government retain the golden share?”
“This is indeed a hard day for Luton. I welcome what the Secretary of State shared with the House, and the review of the zero emission mandate that he announced. In that review, I hope that he looks again at the perversities of the regime that he inherited, which could involve petrol engine makers in this country transferring credits to companies like Elon Musk’s Tesla, and to Chinese EV makers. If we really want to ensure a level playing field, why do we not reverse the decision of the last Secretary of State, follow the EU Commission and launch anti-subsidy investigations into Chinese EV makers? The Trade Remedies Authority is ready to go—it just needs the Secretary of State to give the green light.”
“I congratulate the Prime Minister on the restoration of UK leadership. Lord Prescott, who did so much to lead on Kyoto, would be truly proud of my right hon. Friend’s work and that of his Cabinet. I was very proud to lead the UK Inter-Parliamentary Union delegation to Baku this weekend, where we heard loud and clear a report from finance experts who say that we need $1 trillion a year in climate finance between now and 2030. The UK has led from the front, but the reality is that we cannot hit that target without building a bigger World Bank. We could lead that charge by recycling some of the £3 billion we get back from the European Investment Bank. Is that an initiative the Prime Minister could look into?”
“Today is the last day of the Horizon inquiry. I look forward to working with you, Madam Deputy Speaker, and with colleagues across the House to explore appropriate sanctions for those who clearly misled us as the scandal unfolded. I look forward to seeing the Minister and the Minister of State, Ministry of Justice, my hon. Friend the Member for Swindon South (Heidi Alexander), before the Committee on Tuesday 19 November to explore how redress payments can be paid faster. It is surely right that we aim to grow the top line of Post Office businesses, which has to mean that high street banks contribute more to the core business. What steps can the Minister take to ensure this happens?”
“On Tuesday, we will hear from Sir Alan Bates and other victims of the Horizon scandal, which continues to deepen. In September, we learned that there will be 100 more convictions quashed than we originally thought, and yesterday the bill for redress went up by half a billion pounds. Have all the victims now come forward, and are there any gaps left in the schemes for redress?”
“It honours the approach, the compassion, the intelligence and the judgment of the last Budget presented to this House by my good friend, mentor and boss, Lord Darling, in March 2010. Alistair Darling is much missed in this place. [Hon. Members: “Hear, hear.”] He was a man of dry wit, patience, tenacity, kindness and compassion. I have no hint of reservation in my mind in saying that this is a Budget of which he would have been proud, because it strikes the right balance. All Budgets are a balance, as we ask Chancellors not only to balance the numbers but, more importantly, to balance the interests of our country. Compared with the Budget in March 2010, the Chancellor’s task today was far harder. Back in 2010, we tried to present a Budget that would remedy a deficit opened up by the greatest financial crash since the 1930s.”
“I congratulate our first female Chancellor on delivering an outstanding Budget. It is a great pleasure to speak in my first Budget debate for 14 years, and I think that period of silence was probably appreciated more by my own party than by any other. When I look back on those debates, which I listened to even though I did not speak, it is striking that the curtain has finally fallen on an economic philosophy, an economic approach and an economic settlement that has fundamentally failed this country. Over the past 14 years, we have witnessed something akin to “The A.B.C. Murders” of the British economy—austerity and a bungled Brexit, followed by chaos. I see clearly how today’s Budget is a very different kind of settlement.”
“We aimed to get the right balance between spending restraint, budget rises, growth and time. Balancing those four ingredients was at the heart of any Budget judgment, and our judgment would have halved the deficit within four years and seen debt falling by 2016. Our obsession was to avoid the double-dip recession that had been experienced in Japan and to ensure we escaped the perils of widening inequality that we had seen in the United States. Mr Osborne chose a different path, and he was supported by the right hon. Member for New Forest West (Sir Desmond Swayne), to whom it is my pleasure to give way.”
“He chose to load his austerity programme on public spending cuts. Actually, he eventually arrived at the same settlement that Labour proposed in 2010, but he took four or five years to get there and he put the economy into recession. If memory serves me correctly, he blamed it on some light snow. That austerity programme was followed by a Brexit that was bungled, and then the chaos of the former Prime Minister.”
“Let us be really clear about what has been bequeathed to this Government. The right hon. Gentleman is right that back in 2010, at the height of the financial crash, the deficit went up. What happens in a financial crash is that the economy has a heart attack: spending continues, because to cut spending would be to deepen a recession and turn it into a depression, tax receipts fall off a cliff, and the role of Government is to sustain a country through that kind of crisis. The deficit rose to £154.4 billion, yet today how much interest do we pay on the debt we have been bequeathed? We pay £104 billion in interest alone, which is almost the entirety of the deficit we had back in 2010. It is important for the House to recognise that that happened because Mr Osborne chose a balance that was different.”
“We will make sure you have a workforce that is actually healthy and well, fit for work and well-trained. We will make sure there is investment in the skills you need in your business, and we will make sure your workers stand a hope in hell of getting a home somewhere near their work. We will make sure there is investment in research and development.” Why? Because if we put all of that together, we will have the greatest entrepreneurs in the world. Our entrepreneurs have been making history by inventing the future since the age of the industrial revolution, but they need good people, good ideas and access to capital markets, which they do not have today. This Budget begins to make that available.”
“The Budget forecast shows that over the forecast period, we will now see the rate of fixed investment increase in our economy by between 6% and 7%. That is still probably not enough to catch up with our competitors, but it is a hell of a good start and, crucially, it is a departure from the failed economic philosophy for stimulating investment of the last 14 years. After 14 years of failure, it was time to try something new, and that is what the Chancellor has given us today. That allows us to strike a new bargain with business. We can say to the business community, “Look, we will put £104 billion extra of capital investment into the economy. We will make sure you have the roads, the railway systems and the digital infrastructure that you need for your markets to function.”
“Over the last 14 years, the approach to trying to stimulate development has relied on tax cut after tax cut after tax cut after tax cut. Today, the Chancellor has ended the insanity of trying the same thing over and over again, expecting different results. The capital investment delivered by this Budget will see £104 billion extra being surged into the economy. The Chancellor was absolutely right. Last week, at the annual meetings of the International Monetary Fund and the World Bank, we heard a clear message from the IMF that unless we raise the fixed rate of investment in our economy, we are not going to improve living standards or the growth rate, and we are not going to pay down the debt, so the Chancellor’s approach is extremely welcome.”