(13 years, 5 months ago)
Commons Chamber8. What recent assessment he has made of the state of the economy in Northern Ireland.
Northern Ireland Executive Ministers and I agree that the economy in Northern Ireland needs to be rebalanced. The Northern Ireland economy is too dependent on the public sector, for all the reasons that the House will understand. The consultation paper that we are publishing tomorrow and our ongoing work with Executive and Treasury Ministers will play a significant part in boosting the private sector and attracting investment to Northern Ireland.
The detail of training and employment policy is now in the hands of devolved Ministers, but my hon. Friend has touched on a common theme. We all have an interest in reviving the private sector in Northern Ireland and seeing those young people put into worthwhile employment.
Does my right hon. Friend agree that Northern Ireland benefits from being part of the United Kingdom economy, because it is this Government and this Chancellor who will get the budget deficit back under control and rebalance the economy in favour of sustainable economic growth, as highlighted recently in the OECD report?
My hon. Friend is absolutely right to remind the House of that. We have a worse deficit than Ireland or Greece, yet our interest rates are considerably lower. That is thanks to the robust measures that the coalition Government have taken to enable us to recover from the wreckage left behind by the previous Government.