Peter Kyle

I will make some progress. We also need a tax growth test, with outside experts reviewing all investment, hiring, innovation, revenue and incentives from HM Treasury and judging those against a growth test. That does not mean we would not still redistribute, invest and use tax in ways that are not always conducive to growth, but we do need to know in aggregate form exactly how the incentive landscape and the policy landscape in HMT align with the need for growth. I am pleased that the Chancellor has made a lot of statements and some good progress on procurement. We should really be using that far more effectively to champion British innovation and support British scale-up companies. In procuring products and services, they have access to over £400 billion of spending, which eclipses investment we can make through Innovate UK, the British Business Bank, the National Wealth Fund or UK Research and Innovation. I could not understand this as Secretary of State, and I still cannot when looking on. We went through a period, with my encouragement, of taking equity stakes in scale-up companies as part of our scale-up plan. There was all the due diligence that goes into making those decisions and which lead to the British Business Bank, through the independent and thorough work of its investment committee, taking an equity stake. Yet once that is done, there is no preferential access to any other part of Government. That should change. The Regulatory Innovation Office should be upscaled and there should be local rewards for businesses that are growing fast. I have spoken—I will not speak in any more detail—about my frustration that this economy and the continent of Europe have never produced a $1 trillion company. Some of the wealth from those companies, when it is fairly distributed among their workforces and the communities in which they are sited, is an astonishing vehicle for levelling up. We need to ensure that we understand the reasons why our economy seems to have some kind of glass ceiling. It is a continental European challenge. Taiwan can produce a $1 trillion company that produces the wealth and power that goes alongside it, but there is nothing that Taiwan has that we do not have here in Britain. Social justice and growth are intertwined. I started by saying that we are on a motorway going in the right direction, but at 30 mph. Fairly distributed growth delivers security, freedom and prosperity. If that is what the destination looks like, why would we not we put our foot down and try and get there faster?