UK Chancellor of the Exchequer Rachel Reeves (Image: Getty Images)
Rachel Reeves’s plan to stimulate economic growth will be undone by a “tsunami” of red tape coupled with an instinctive cosying up to Brussels, a Brexiteer has warned.
In an op-ed written for Express.co.uk in advance of today’s King’s Speech, John Longworth, a former MEP, welcomed the new Chancellor’s commitment to growth as “a refreshing change from the previous administration, which eschewed this blindingly obvious truth”.
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However, he voiced scepticism about whether the new Government’s plans would come to fruition.
Mr Longworth, who is a businessman and entrepreneur, as well as chairman of the Independent Business Network, explained: “The key provider of growth and wealth creation is the private sector, although improved efficiency and productivity in the public sector are necessary to avoid sucking resources out of the economy and crowding out private-sector investment.
“We can’t save our way to prosperity, only trade our way, but getting more for less helps.”
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READ MORE: Rachel Reeves will fail spectacularly on her main economic goal
Secretary of State for Energy Security and Net Zero Ed Miliband (Image: Wiktor Szymanowicz/Future Publishing)
He stressed: “There has been precious little indication as to what the new Chancellor intends to do to promote growth.
“The plans to reform the planning system and encourage the building of houses would certainly help generate some growth in the economy, in a positive fashion, if it can be achieved and is something that the Independent Business Network of family businesses has been calling for.”
However, in order to encourage profit and investment, the Chancellor needed to target anything which got in the way of the “productivity improvements” which an investment boost would create, Mr Longworth pointed out.
For example, more than 85 percent of businesses in the UK were family-owned or run, while as many as 95 percent of businesses are were small or medium enterprises (SMEs).
Mr Longworth explained: “Far from encouraging the growth of family businesses and SMEs and therefore the growth of the economy, it seems that there is now a phalanx of Government policy designed not just to defeat profit and investment, but also to destroy as many businesses and jobs as possible.”
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Referring to the former Labour leader, he said: “First and foremost is the disastrous Net Zero policy being pursued by Mr Milliband. Not only will this anti-growth policy result in the requirement of more tax revenues necessary to subsidise an uneconomic policy suite, but it will also make the UK reliant on fossil fuels from abroad and destroy UK manufacturing as the cost of energy becomes too great.
“Then there is the raft of employment legislation designed to destroy flexible working, add billions to the cost of the economy and create a private sector that has the same shameless rules as the public. The latter are still working from home nearly all week.
“They have a 9 to 5 mentality and make maximum use of flexitime giving an extra day of holiday per month on top of six weeks' leave when they are not bunking off doing the garden or building an extension.”
Next up on Mr Longworth’s list of concerns was regulation.
He said: “Far from lifting the burden on business, this new government seems to think that regulation is the answer to everything, with a tsunami on the way.
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John Longworth is a former Brexit Party MEP (Image: David Haber/scunthorpelive)
“It will be interesting to see if this is properly costed and alternatives considered otherwise again, it will cost billions.”
And, eight years after Britain voted to quit the bloc, Mr Longworth also suggested the spectre of Brussels continuing to loom large despite the opportunity for striking independent trade deals with countries in Asia, Africa and South America.
He said: “Instead of pursuing trade with those parts of the world, Mr Lammy seems obsessed with improving relations with the moribund and failing EU, with whom we already have the best trade deal of any country and who do not have a single market in services which is the greatest part of our economy.
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“Given all this I fail to see how additional growth can achieved, in fact, it is likely that businesses will fold and jobs be lost.
“So, Ms Reeves, where is your growth going to come from, upon which all else depends?
I sincerely hope you succeed for the sake of the country, but based on currently revealed plans and the propensity of your colleagues to spend other people's money, you look more likely to fail, spectacularly.”
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