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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



John Penrose Welcomes M5’s New Fuel Price Signs

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John Penrose MP has welcomed news that electronic signs will compare the cost of fuel at Motorway Service Stations for motorists on the M5 from next year.

 

John delivers festive cheer to postal workers at Royal Mail's Weston-super-Mare Delivery Office

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John has visited Royal Mail’s Weston-super-Mare Delivery Office to pass on Christmas wishes and encouragement to postmen and women at their busiest time of year.

 

Weston Mercury: MP urges owner to save Birnbeck

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WESTON-SUPER-MARE’S MP John Penrose has said the town is ‘fed up’ of waiting for the owner of Birnbeck Pier to carry out vital improvement works and claimed the pier could become an ‘important’ historical asset if it is saved.

 

INS: Businesses unite to welcome Small Business Saturday Bus Tour

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Weston's MP, John Penrose, joined small businesses across Weston-super-Mare to welcome the nationwide Small Business Bus Tour to the resort.

 

John Penrose joins taskforce to provide long-term support to all those affected by Tunisia attack

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John will be part of a new ministerial group that will continue the work the government has been doing in providing support to victims of terrorist attacks in Tunisia...

 


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