Tom Richmond: As the economy threatens to implode, why aren’t our MPs talking about it?

THESE are bewildering times for the economy – perhaps the most threatening since World War Two – as Britain remains in the eye of a global debt storm and desperate talks continue to prevent the euro collapsing into the abyss.

The stakes are that high. If the euro disintegrates, or countries “too big to fail” like Italy default, then the hard-line measures announced a week ago in George Osborne’s Autumn Statement will pale into insignificance and even greater austerity cuts will be required.

Given this bleak backdrop, and the latest European shuttle diplomacy that appears to have left Britain at the mercy of a new Franco-German alliance that is slowly emerging, one would expect MPs to be working overtime to discuss a financial crisis that is particularly penal to the responsible majority who work hard. Yet is it any wonder when public trust in politics is so low when Europe, and the economy, is being afforded so little time at Westminster?

Take this week.

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Yesterday, after a routine session of local government questions, MPs discussed the arrangements for Ministerial statements so Parliament is the first to know about key announcements. They then debated extradition policy, including Pentagon computer hacker Gary McKinnon. The US want him deported, even though he has Asperger’s Syndrome. These are important issues, but will not stimulate growth.

Today there is a general debate on the economy, with tomorrow seeing the increasingly futile exchanges at Prime Minister’s Questions followed by a debate on the appointment of the National Audit Office’s chairman and other similarly dull procedural matters.

It does not become any more illuminating as the week progresses. Thursday sees the Scottish and Welsh Nationalists select a debate before the Local Government Ombudsman is scrutinised, another subject of secondary importance in these times. I cannot wait.

And Friday – you’ve guessed it – sees the Commons not sitting as MPs return to their constituencies, presumably to tell voters that they’ve been busy putting the global economy to rights.

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In fairness to backbenchers, the select committees – where the best scrutiny and cross-examination – now occurs have a hectic week that will see, among others, Osborne tackled over the Autumn Statement’s merits following the dissecting of the small print.

And, in defence of the Government, there is little new legislation to bring forward because it is delaying the Queen’s Speech so the bulk of its public service reforms can be successfully passed without being held to ransom by Labour peers in the House of Lords.

That said, and at a time when the number of MPs is already being cut by 50, it does seem absurd, to quote ex-Culture Secretary Ben Bradshaw, that the Leader of the Commons, Sir George Young, should be “scrabbling around, trying to find things for us to debate” when the country faces such a grave crisis.

And, rather than the yah-boo politics that has become the norm, wouldn’t it be better if there were major all-day debates on some of the ramifications of this crisis, and so MPs could scrutinise the effectiveness of the coalition’s approach?

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Two points have gained even more credence as the eurozone crisis is played out. First, if there is to be fiscal union to save the euro, with various EU treaties renegotiated at the behest of Nicolas Sarkozy and Angela Merkel, where will that leave David Cameron? He has repeatedly indicated that any such changes would require a referendum in this country, but would such a divisive vote be helpful? Can the UK afford to be in the second division of a two-tier Europe?

Second, the City of London and Westminster MP Mark Field made a profound point when he wrote: “Instead of tinkering, it’s time to think about promoting sectors of the economy with growth potential.” He’s right – the overwhelming need to create jobs for out-of-work youngsters, the new “lost generation”, should be paramount, whether it be public sector contractors having a requisite number of apprentices or greater tax breaks for those firms that have the foresight to take on young people.

Take Yorkshire-based supermarket giant Morrisons. It has tried to recruit local youngsters for a new store in the North West, but most are being sent back to school to learn basic skills, manners and timekeeping. What an indictment of Labour’s record spending on schools which is now being sustained by Cameron.

However, new jobs will not emerge from non-existent growth; all that does is perpetuate the misery and uncertainty.

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Yet what should we expect from our Parliamentarians when we not only have a part-time Commons – but a part-time Chancellor who, according to reports, spends more time assisting the PM in 10 Downing Street than running the Treasury? In short, it is time that George Osborne, and MPs, recognised that there is no more pressing issue than the fate of the British, European and global economy. With the Treasury borrowing £500bn over the net five years to retain the status quo, the time has come for a far-reaching debate on how to create a smaller, more affordable state – a notion that runs to the core of Conservative thinking.

Forget blaming others or world factors, the need for innovative growth strategies, to run alongside the rebalancing of the public finances, is the defining issue of these times. This must underpin every decision and it will require the combined expertise of all parties if an even greater economic meltdown is to be avoided.

And, for that to happen, it requires leadership, pragmatism and scrutiny – three traits that are unlikely to be seen on the floor of the House of Commons as the economy threatens to implode.