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Ben's Blog

23rd March 2011

Growing the Economy

A quick thought on watching today's budget.

Their predicted economic calamity having failed to materialise, the Labour Party are now wailing that the economy is not growing.

First of all, it is.  Check the ONS data for that one.

Second, we are not going to turn over any big numbers soon.  That's because we are restructuring the entire British economy.  The chancellor could go for the easy option and turn on the credit taps.  But that would be to build the recovery on the quicksands of bank lending, rather than providing the foundations upon which solid investment can come, delivering sustainable employment and long term returns.  I am deeply proud that the government has chosen this course - and will do all I can to make sure they stick to it.

Lastly, this: the Socialists shout that the government is doing nothing to stimulate growth.  Don't they, even after all that has happened, realise that government cannot build growth?  I know what private sector growth looks like: I more than doubled the size of the company I ran in the five years before I became an MP.  It had precious little to do with HMG and almost everything to do with the hard work and vision of our fantastic team.

The best the government can do is keep regulation down, cut taxes and generally get out of the way.  And that is precisely what GO has delivered in this budget.  We need much, much more of it to come - but this is the best possible start given then worst possible hand he could have been dealt.