Alison Griffiths

I will do my very best to reduce the comments I was going to make, Madam Deputy Speaker. I pay tribute to the Chair of the Business and Trade Committee, the right hon. Member for Birmingham Hodge Hill and Solihull North (Liam Byrne), for his very thoughtful comments, which reflect the considerations of our Committee. Business is the lifeblood of our economy. It creates jobs, funds our public services and drives the success of our country, yet under this Government, businesses face an onslaught of damaging policies that threaten growth, confidence and livelihoods. The Government’s £25 billion national insurance jobs tax is making it more expensive to hire workers, their family business tax punishes those who drive local economies and their 1970s-style employment laws are stifling business growth. The result? The fastest rate of job losses since 2008. Instead of supporting enterprise, this Government are actively making it harder for businesses to thrive. The budget of the Department for Business and Trade is being slashed by 6%, which means less support at a time when firms need it most. The so-called Employment Rights Bill—or, perhaps, the unemployment rights Bill—will cost the Government £1 billion, while its fair work agency could add an astonishing £6.3 billion burden. Those costs will inevitably be passed on to businesses and workers alike. This is not just about numbers on a spreadsheet: these policies have real consequences—workers losing their jobs, families struggling with rising costs and businesses already being forced to shut their doors. The Government claim to support growth, yet their policies are driving firms into significant financial distress, with more than 632,000 businesses now at risk. That is a 32% increase in just one year. The irony is that Britain remains an attractive place to invest. The PwC chief executive officer survey ranked us second only to the United States, but, alas, that survey took place before the Budget. A strong economy depends on strong business confidence, yet confidence in this Government’s economic management has been shattered. Businesses no longer trust that the Government have a clear strategy for growth, which the right hon. Member for Birmingham Hodge Hill and Solihull North has already mentioned. The numbers speak for themselves. More than 200 leading hospitality and retail firms have warned that Government policies will force them to cut jobs and scale back investment. Businesses face ever-changing regulations, increasing tax burdens and a Government who appear out of touch with their needs.