Kevin Hollinrake

May I welcome the Minister back to this place and to her new position? I assure her that I am very happy to work with her to further the best interests of the United Kingdom. I very much welcome what happened on Monday. Having 300 investors come to this country is very welcome; this country is clearly open for business. We are keen to help the Government to succeed, because it is in everybody’s interests. I speak not only as a constituency MP, but as a former businessperson. I was also pleased to hear the Prime Minister talk about cutting red tape and regulation. We would all welcome that, although I have some questions. We know that there is a bottleneck in our economy, particularly in planning and infrastructure, so we will welcome any changes that the Government can successfully make to accelerate the projects that have been held up by problems. We also welcome the work—for which I understand the Minister is responsible in her other role as Minister for pensions—on the Mansion House compact and the Mansion House reforms, which could liberate £75 billion of capital into our productive economy. That is much needed: only 3% or 4% is invested today in equities, compared with 50% a couple of decades ago, so it is very important that we continue the reforms started by the last Government. We were pleased to see all the positivity on Monday, despite the gloom and doom that we have heard from Government Members in recent weeks. It is good to hear investors saying that now is the right time to invest in the UK. We can see why. [Laughter.] No, it is not necessarily because there is a Labour Government. It is because inflation is running at below 2%, whereas it was running at 11% only two years ago. In this country we have only 4% unemployment, our economy is growing as fast as any other in the G7 and our deficit stands at 4.4%. That is what we handed over to the Minister’s Government. The deficit was higher than we would have liked, but in 2010, by comparison, it stood at more than 10%. We constantly hear from Labour Members the refrain that they inherited the worst economic situation in history, but that is simply not the case. I am happy to take an intervention from the Minister, or any other Government Member, on that point. If they can name a single metric that is worse today than in 2010, I will be happy to hear it.