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A Stronger Post-Brexit Economy

Leaving the EU creates a huge opportunity; a moment when we can think more deeply about those fundamental issues affecting the UK’s future, which we haven’t needed to confront during the 40 years we’ve spent under the EU’s umbrella.

We lag behind much of the developed world in productivity. It takes us 5 days to produce what a German worker can do in four, so we work longer hours for lower pay than people in other countries. Becoming more productive is the only way to raise our living standards affordably, and build an economy that works for everyone.

The first step, as I argued in The Great Rebalancing, is to build and invest more in economic infrastructure (things like road, rail and ports) and to keep doing it consistently, ending the infrastructure ‘boom and bust’ we’ve suffered for years with a target like the ones we’ve always used for Defence (2% of GDP) and Foreign Aid (0.7% GDP). The Chancellor introduced exactly these measures four weeks after I called for them, in his 2016 Autumn Statement.

The next step, which is also explained in The Great Rebalancing, is to accept that Government borrowing is only ethical - generationally just - for building infrastructure which our descendants will use as well. We must pay for everything else – things like our health care, police or pensions – ourselves, through our taxes, otherwise we’re just handing the bills for our current lifestyle to our children through borrowing. That means we need to get the Government’s budget into balance, so we stop adding to the debt before slowly, like saving for a mortgage or a pension over many years, we build up a huge savings fund – a Sovereign Wealth Fund – to pay for our state pensions and benefits.

This is a very big, long-term solution for some equally big, long-term and ingrained problems. It will need a sustained political, social and financial commitment, over several generations, if we’re to complete it successfully. It is the kind of commitment which parents often make for their own children or grandchildren, to ensure they have a better life than they did. These proposals will do the same for our entire country. We should think big.

Updates



Cheddar Valley Gazette to John: "What would improve Somerset's jobs and economy?"

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The Cheddar Valley Gazette asks how John would look to support businesses and people looking for work in the local area. John talks about the importance of continuing the work to make Weston more attractive to investors, cutting pesky red tape that will in turn create well-paying jobs.

 

Cheddar Valley Gazette to John: "How do we keep the lights on?"

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The Cheddar Valley Gazette has been in touch to ask John's views on energy policies going in to the next election. John speaks about how important it is to ensure consumers are getting a fair deal and become less dependant on other countries for our energy supplies.

 

John Penrose nominates Thatchers Cider in 'Exported By Britain'

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John Penrose has put forwards Thatchers Cider as his nomination for Exported by Britain, an initiative that looks to challenge the dominant myth that the UK no longer exports to the rest of the world.

 

Weston’s MP welcomes steps to promote responsible gambling

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Weston’s MP John Penrose visited Ladbrokes betting shop in Weston High Street on Saturday morning at their invitation to be shown the steps Ladbrokes have taken to promote responsible gambling. John was particularly interested because it was he - as Minister - who launched the campaign to promote responsible gambling almost half a decade ago...

 

South West Business: MP visits fast-growing firm

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South West Business Magazine reports on John Penrose MP's recent visit to fast-growing recruitment firm GBRS to celebrate its three year anniversary and rapid growth.

 


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