Global Economy

Alex Cunningham Excerpts

Thursday 11th August 2011 Commons Chamber

[Mr Osborne]

A multibillion-pound increase in our deficit would undermine market confidence in the UK, and would lead to an immediate increase in our market interest rates, probably within minutes. That would effectively mean higher mortgage and interest rates for businesses and families, and it would be one of the things that would choke off the recovery.

[Alex Cunningham (Stockton North) (Lab)]

I was pleased to visit TAG Energy Solutions in my constituency on Tuesday—a company that has just invested £20 million in a new rolling mill to make monopiles and transition pieces for the offshore wind industry. It is still to land its first order, and it is frustrated at the disadvantage that it has in comparison with Germany and other European countries, which buy at home. When will the Chancellor really do something to help British industry, ensure British wind farm developers buy British, help TAG create hundreds of jobs in Teesside, and get our economy moving again?

[Mr Osborne]

We are seeking to develop a domestic green energy industry; the company that the hon. Gentleman speaks of sounds like a good example of that. I hope that people buy British products, such as wind turbines, because they are the best in the world. To help that company make the best products in the world, we have to create a very competitive business environment, because the competition from the likes of Germany is so strong. Some of the decisions that have been taken on our energy policy have provided some stability, which allows investment in renewable energy technology.