Business and the Economy
Debate between Andrew Griffith and John Cooper(1 week, 6 days ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Andrew Griffith
Our business community is ravaged; my hon. Friend is exactly right. We are plummeting to depths last reached only when the entire global economy was shut down due to an unknown pathogenic virus. If that is the bar the Government set themselves, I urge them to have a little bit more ambition and confidence in their ability to grow our economy.
No nation can spend its way to growth, or tax its way to success. I fear that we are about to see a case study showing exactly that this does not work. It has been tried before, and it did not work then. We cannot afford the ignorant short-sightedness of this Government. To achieve growth, we need a country in which everybody’s spark of ambition can find ignition. Not everyone needs to run a business, but for those who do, we want a country that values, cherishes and honours its wealth creators; where transforming a side hustle into a main hustle is straightforward; and where His Majesty’s Revenue and Customs is transformed from a predator to a partner, and the tax system goes out of its way to reflect the risk of investing, and of running a business. We want our regulators to think carefully before they intervene, and not to pounce on every perceived failure as another reason to try to eliminate risk.
John Cooper (Dumfries and Galloway) (Con)
May I give the House the news that ex-special forces soldiers, including the Minister for Veterans and People, have reached the top of Everest today? Congratulations to them. We also have a mountain to climb to create growth in this country. My hon. Friend mentioned HMRC; does it not reflect the Government? The Government’s attitude to business is that it is a dripping roast to be devoured and taxed to a standstill.
Andrew Griffith
So many businesses feel like that, even when HMRC is doing its legitimate job of trying to balance the books and raise money for the public purse. That is because of how it goes about that job, its one-sided nature, and the uncertainty that it inflicts on small businesses, whose biggest asset is their time, and whose greatest opportunity cost is the need to comply with myriad regulations and taxes.
We want a Government with a philosophy of trust in business, and a Government who celebrate personal responsibility and clear the path for innovation. That requires the courage to champion risk-takers and elevate enterprise above sectional interests. As right hon. and hon. Members have said, it is sad that investors and employers clearly do not have faith in this Government to deliver the contract between the state and those who seek to run a business. Instead of this Government opening up investment for wonderful British businesses around the world, top investors are fleeing the country and taking their wealth, creativity and entrepreneurship elsewhere. What could be sadder?