Steve Yemm

It is a pleasure to serve under your chairmanship, Dr Huq. We must confront honestly the challenge of productivity in the east midlands remaining well below the UK average, currently at around 85% of it. Our constituents’ wages reflect that gap entirely, and if we are serious about raising living standards in the region, we have to close it. Investment drives productivity, enabling businesses to purchase better equipment, adopt new technologies and expand production. Such investment is not an abstract concept for my constituents and their wages. Transport is a clear example. For too long, the east midlands has been under-invested in compared with other regions. Transport spending per head is shockingly now only around 54% of the UK average, which is the lowest of any region in the nation. That matters. Transport is not a luxury, but the infrastructure that allows firms to move goods, people to reach jobs and businesses to operate efficiently. Investment in skills is also critical, and my constituency is fortunate to have great educational institutions. On a broader structural point, public investment in the UK follows behind private investment, in great contrast to other European countries, particularly Germany. We must recognise that economic growth should be spread across the country. Our national conversation too often focuses on a small number of already prosperous areas, such as Oxford, London and Cambridge. Those places are important, but economic growth has to go further. If we get this right, by combining public sector ambition with strategic private investment in infrastructure, transport and skills, places like my constituency of Mansfield, as well as other communities in north Nottinghamshire and right across the region, can play a central role in driving our future economic growth.