Government must take a new “radical approach” for investment in growth and jobs, says Lord McFall

John McFall, Lord McFall of Alcluith

The Government must take a “radical” new approach on growth and jobs and establish a National Infrastructure Bank, in the light of the zero growth we have seen since the Government came to power, Lord McFall has said.

Questioning the Government in the House of Lords Chamber, John McFall, the Lord McFall of Alcluith, said that a “radical response” was needed following 17 months of flatlining economic growth and calls from industry bodies for a credible economic plan. He called for a new National Infrastructure Bank to boost growth and create jobs in the economy.

He also drew attention to the problem of youth unemployment, reminding the Government that it had a duty to the record number of young people who are currently out of work.

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Lord McFall said,

“My Lords, having witnessed almost zero growth during the 17 months of this Government and with pleas from influential Conservative Back-Benchers and sympathetic industry bodies for a coherent economic plan, is it not time for a radical response from the Government to what the Governor of the Bank of England has described as possibly the worst ever financial crisis by the establishment of a national infrastructure and investment bank to generate jobs and employment in this country? I remind the House that we have a duty to the more than 1 million young people in this country-a record level of unemployment not seen since the 1980s-to help them to inherit a worthy future rather than an economic and social graveyard.”

Read the question and answer on TheyWorkForYou.com and in Hansard.

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