Gareth Thomas

If I may, I will come to that in one second. One of the measures announced yesterday that will strengthen business confidence further, and which many businesses have been crying out for, as they told us when we were in opposition and as they have been telling us since we came into government, is an industrial strategy. All Governments have an industrial strategy, consciously or not, through act or omission. This Government are choosing actively to have and implement an industrial strategy to help businesses plan, not just for the next year but for the next 10 years and beyond. That strategy will not just help large businesses or ones in urban areas, which is something the hon. Member for Chippenham (Sarah Gibson) asked about—I congratulate her on making her first speech as an Opposition spokesperson—but benefit all parts of the country and businesses large and small. Our industrial strategy will inject capital into eight high-productivity, high-export, high-investment sectors in which the UK has a significant competitive advantage: financial services, professional and business services, clean energy industries, digital and technologies, advanced manufacturing, life sciences, creative industries and defence. Above all, our industrial strategy will show that we are listening and responding to the needs of businesses. To that end, we will engage on those more complex issues that we know are barriers to investment: skills, data, finance, regulation, energy prices, grid connections, infrastructure and planning, which a couple of hon. Members rightly referenced. We want to view every single one of those measures through the lens of investment promotion. That is how we will continue to build long-term confidence, ensuring that our policies are made with business, for business. Hon. Members raised questions about our Make Work Pay plan, and the number of businesses backing that plan is striking. On flexibility for employees, over 60% of UK managers surveyed by the University of Birmingham a couple of years ago said that home working improved their teams’ motivation, and a staggering 75% said flexible working boosted their teams’ productivity —something Opposition Members have complained about in the past. It is a similar story on pay. Research by the Institute for Public Policy Research shows that 70% of managers believe that raising the national minimum wage to reflect living costs would help, not hinder, their businesses. The hon. Member for East Grinstead and Uckfield referenced the fact that many of the measures announced as part of our package will come in in 2026. That will enable us to continue to talk to businesses and employee representatives to ensure that we get the details right. I have no doubt that the Budget on the 30th of this month will be a Budget for growth. We face a very difficult inheritance as a Government, and we have to fix the fundamentals of our economy. I gently say to the hon. Member for Broadland and Fakenham (Jerome Mayhew) that he may not be comfortable with the mess his party left us, but figures released last month show that there was another month of record Government borrowing, with debt at 100% of GDP. That is the inheritance that the previous Government left us. We have to fix those fundamentals, and we will do. It will be a Budget for growth, and I have no doubt that our economy and British business will continue to grow from strength to strength.