Economic growth is the No. 1 mission of this Government. Putting more money in people’s pockets and ensuring growth is felt in all regions of the UK is a core part of our mission. The Government have a clear focus on investing in the infrastructure needed to support cities and regions to grow and thrive. In January, the Government announced a partnership between East Midlands airport and Prologis to build a new advanced manufacturing and logistics park, unlocking up to £1 billion of private investment and 2,000 jobs at the airport site.
The town of Staveley in my constituency of North East Derbyshire hosts one of the three sites for the east midlands investment zone, which is a fantastic opportunity for us. The Chesterfield-Staveley regeneration route is, however, vital to making the most of the site and it has been long campaigned for by my hon. Friend the Member for Chesterfield (Mr Perkins). It is a huge priority for my constituents. Will the Treasury work with us and our excellent Mayor of the East Midlands, Claire Ward, to bring this hugely beneficial project to fruition?
I thank my hon. Friend for the work that she does alongside my hon. Friend the Member for Chesterfield in campaigning for developments that will boost growth in both North East Derbyshire and Chesterfield. The Department for Transport is considering the scheme for the Chesterfield Staveley regeneration route, and I will suggest to the Roads Minister that he meet the relevant Members as well as the Mayor of the East Midlands, Claire Ward.
The Government’s decision to increase defence spending is not only an ironclad commitment to national security in the face of generational challenges but an investment in British industry, able to unlock new jobs and opportunities across the country. Industry in the east of England has a significant defence sector, which received £1.5 billion of Government investment last year. Can the Chancellor explain how the additional defence funding has the potential to benefit my constituents in Thurrock as well as those in the wider region?
As my hon. Friend says, defence has an important role to play in the growth mission as well as keeping our country safe and secure, and on Friday the Defence Secretary and I hosted a roundtable at RAF Waddington in Lincoln to announce a new defence innovation hub to harness that potential. Defence has a strong presence in many of our constituencies—indeed, according to the most recent data, Ministry of Defence spending in the east of England accounted for £1.5 billion—and down the road from my hon. Friend’s constituency is the historic MOD Shoeburyness range, which, along with other sites, is operated by the MOD and QinetiQ as part of a long-term partnership worth more than £5 billion. In the years to come, there will be more investment in defence from both the public and the private sector.
As part of their pursuit of the ever-elusive goal of economic growth, the Government have rebranded the UK Infrastructure Bank as the National Wealth Fund. Even the Office for Budget Responsibility has cast doubt on the effectiveness of that as a driver of economic growth. Can the Chancellor tell the House how much the rebrand has cost?
The National Wealth Fund is doing important work in enabling us to leverage in private sector investment. The most recent of those investments include mining in Cornwall and energy charging points in our roads. At the end of last week, I announced that the fund would play a more important role in funding and supporting investments in the defence sector, which will become even more important in the years ahead.
I recently visited a business in Kirkby-in-Ashfield in the east midlands—funnily enough, I did not see the hon. Member for Strangford (Jim Shannon) there—where I was told that the increase in national insurance contributions would cost the business £240 a year, which will prevent it from recruiting people and giving its employees a pay rise next year. Does the Chancellor agree that it is time to reverse this ridiculous decision and help to drive growth in the east midlands?
In the Budget in October I had to fill the £22 billion black hole left by the previous Government, but there are huge opportunities to grow the economy in the east midlands. We recently agreed the £9 billion Unity deal with Rolls-Royce to support the Royal Navy submarine fleet, which will provide a major boost for economic growth in the east midlands, creating and maintaining 5,000 long-term jobs. That is good for our country’s security, and good for the people of the east midlands.