Shadow Business Secretary Andrew Griffith has dismissed Labour's claims of a financial black hole in public finances, whilst calling for decisive action to boost UK economic growth through lower energy costs and deregulation.
Speaking on GB News, Griffith ridiculed Labour's financial forecasts, stating: "There's more evidence of the Loch Ness Monster than there is of this black hole."
He emphasised that the Conservatives had handed over an economy that was "the fastest growing in the G7" with inflation at two per cent, before Labour began what he described as "trash talking" the economy.
Griffith accused Labour of undermining economic confidence through their approach to public finances and spending.
"The chickens are coming home to roost," he said, pointing to Labour's "huge taxes on business" and "spending spree on the public sector."
He warned that Labour's policies would have direct consequences for the public, stating: "Interest rates are going to be higher for longer; that will translate into higher prices in your weekly shop."
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The Shadow Business Secretary also expressed concern about rising unemployment, noting that "sadly, there will be more people unemployed than would have otherwise been the case."
Griffith outlined his vision for economic growth, emphasising the critical importance of reducing energy costs.
"You're just not going to be able to compete with a modern economy with the highest industrial energy costs in the modern world," he stated.
The Shadow Business Secretary called for significant deregulation, particularly targeting the planning system and business regulations.
"Properly cut red tape and pare back lawyers. There is too much judicial review and second guessing," he said.
He advocated for policies supporting wealth creators, saying: "Be on the side of entrepreneurs, small businesses, people who are trying to better themselves. Let them keep more of their own money."
In a final key proposal, Griffith called for the immediate abandonment of Labour's employment bill."
One thing that the government could do right now, because it's actually a cost headwind, is ditch this employment bill," he urged.
He described the legislation as "trade union inspired, trade union written," warning it would mean "fresh back to the 1970s" with strikes spreading across the private sector.
Griffith argued that Britain's flexible labour market remains a crucial advantage that should be protected.
"That would actually save them some money in terms of the growth forecasts, and perhaps change confidence, change sentiment," he concluded.
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Speaking on GB News, Griffith ridiculed Labour's financial forecasts, stating: "There's more evidence of the Loch Ness Monster than there is of this black hole."
He emphasised that the Conservatives had handed over an economy that was "the fastest growing in the G7" with inflation at two per cent, before Labour began what he described as "trash talking" the economy.
Griffith accused Labour of undermining economic confidence through their approach to public finances and spending.
"The chickens are coming home to roost," he said, pointing to Labour's "huge taxes on business" and "spending spree on the public sector."
He warned that Labour's policies would have direct consequences for the public, stating: "Interest rates are going to be higher for longer; that will translate into higher prices in your weekly shop."
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The Shadow Business Secretary also expressed concern about rising unemployment, noting that "sadly, there will be more people unemployed than would have otherwise been the case."
Griffith outlined his vision for economic growth, emphasising the critical importance of reducing energy costs.
"You're just not going to be able to compete with a modern economy with the highest industrial energy costs in the modern world," he stated.
The Shadow Business Secretary called for significant deregulation, particularly targeting the planning system and business regulations.
"Properly cut red tape and pare back lawyers. There is too much judicial review and second guessing," he said.
He advocated for policies supporting wealth creators, saying: "Be on the side of entrepreneurs, small businesses, people who are trying to better themselves. Let them keep more of their own money."
In a final key proposal, Griffith called for the immediate abandonment of Labour's employment bill."
One thing that the government could do right now, because it's actually a cost headwind, is ditch this employment bill," he urged.
He described the legislation as "trade union inspired, trade union written," warning it would mean "fresh back to the 1970s" with strikes spreading across the private sector.
Griffith argued that Britain's flexible labour market remains a crucial advantage that should be protected.
"That would actually save them some money in terms of the growth forecasts, and perhaps change confidence, change sentiment," he concluded.
Find Out More...