IT was a huge pleasure to speak at the launch of the Great South West Investment Prospectus in Parliament recently.

I had the privilege of joining business, academic, and political leaders from across the region to highlight the exciting opportunities that lie ahead.

With an £81 billion economy, world-class assets, and a thriving ecosystem of clean energy, aerospace, and agri-tech, the South West is not only playing its part in powering the future of the UK but it’s well-positioned to lead it.

The UK's economic growth and productivity has struggled - and Labour’s anti-business Budget will make things worse.

If we had maintained the growth rates of the years leading up to the 2008 financial crisis, our economy could be a staggering 25 per cent bigger today. But the pandemic and Putin’s illegal war in Ukraine have not made things easy. The reality of that shortfall has meant less prosperity, fewer jobs, and lower living standards.

In order to reshape our economy and deliver good jobs, we need to harness our strengths and invest in key sectors.

As a Devon MP, I’m proud that the South West is home to world-class industries that will drive our future prosperity.

One of the most significant areas of growth is energy. We have some of the highest energy costs in Europe, including our industrial energy costs.

Our region is central to the UK’s future energy strategy, particularly as we transition to low-carbon sources.

The South West is already home to key projects like Hinkley Point, which will provide low-carbon electricity for more than six million homes for the next 60 years.

Elsewhere in the region, the Dorset Clean Energy Super Cluster is creating a hub of complementary industries to power homes and businesses, including offshore wind. Not only is this helping to deliver our future energy needs, it is also creating high quality employment opportunities for local people.

The Conservatives in government introduced Freeports, so I am very supportive of the Plymouth and South Devon Freeport which is creating an attractive tax and regulatory environment for investment in industries like defence and aerospace.

A stronger economy will mean we have greater security as a country and can meet the challenges we face in areas such as national defence. Addressing our low levels of investment will be key to this. If we invest strategically in infrastructure and technology, we will ultimately deliver a more productive economy.

There are huge opportunities for investment and growth in the South West – in energy, in defence, in science and technology, in advanced manufacturing and more.

As Shadow Chancellor, I look forward to working with local leaders and industry to secure a prosperous future for the South West and the whole of the UK.

Mel Stride

MP for Central Devon