Kevin Hollinrake responds to Chancellor's Spring Statement

Comments from Thirsk and Malton MP Kevin Hollinrake came when Rachel Reeves released half of its annual economic growth forecast from 2% to 1%.

However, in a spring statement, the Prime Minister said the Budget Responsibility Bureau had increased forecasts for the future years with planning reforms.

Mr. Hollinrake was previously Shadow Business Secretary and former Minister of Business for the Conservative Government until he took responsibility for housing under current Tory leader Kemi Badenoch.

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He told the press:

“This is because of plans to beat the economy for six months, beat taxes, borrow £70 billion a year, and close businesses with the Employment Rights Bill to close the company with a deficit.”

“As a result, the board's business confidence index fell from +5 to Covid level -65. Business failures have been higher for 20 years, and the Department of Budget Responsibility has halved its growth forecast.”

MP, who co-founded the Hunters Estate Agency chain and has other business interests, added:

“This all means business and unemployment, increased pay and increased prices. It's a hellish scene.”