The Economy

No. Time is pressing, and I need to allow time for the wind-ups. Youth unemployment has also started to move strongly— although perhaps not as strongly as wider unemployment —in the right direction. Surely the House must welcome that. Manufacturing output is also moving more in the right direction, after being halved in the Labour years, and now being about 11% of our economy. I hope that the economy will rebalance under this Government so that we are less dependent on banks and fat cats—for party donations, frankly—on handing out knighthoods and on bonuses, and more dependent on much more productive service and manufacturing industries. We need less of financial services and housing, and more of making things, producing things, servicing things, and—yes—education. The narrative of what this Government are doing is to ensure that our economy is stronger, that our work force are more incentivised to work by making work pay through universal credit, and that they are not only incentivised to work but given the skills to work under the Government's skills and education agenda. We can have a country that is more productive, where more people want to be in employment, where we do not suck in people from overseas to do the jobs, and where we ensure that our countrymen are encouraged to get into work, do their part, fulfil their potential and have more of a sense of dignity, happiness and well-being. That will allow us to build a Britain that is fit for this decade, and it will ensure that we steam ahead, further ahead, of our European colleagues, and do well. The Government are working on that, and deficit reduction is part of it, but the growth, rebalancing, welfare reform and skills and education agendas are parts of the narrative that add up to a much stronger, much more vibrant economy—a much more exciting Britain-to-be where people will be able to benefit from much more success, much more money and much more good fortune, built on a solid foundation for the long term.