Andrew Bridgen
Main Page: Andrew Bridgen (Independent - North West Leicestershire)Department Debates - View all Andrew Bridgen's debates with the HM Treasury
(10 years, 1 month ago)
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Andrea Leadsom
The right hon. Gentleman is possibly being a little mischievous. As a veteran Chief Secretary to the Treasury from the previous Government, he should well understand that, according to the OBR’s comments and looking at its 2010 forecast errors over time, the biggest difference between 2013 and earlier was the lack of external shock. In 2011, high commodity prices ate into disposable incomes and the euro area crisis damaged credit and confidence. He should well understand why the deficit reduction was impacted by external shocks.
Andrew Bridgen (North West Leicestershire) (Con)
According to the International Monetary Fund’s “World Economic Outlook”, the UK is set to grow at rates that will put other major European economies to shame. What measures does the Minister believe have allowed that out-performance of our European partners?
Andrea Leadsom
My hon. Friend is quite right. The UK is now growing at the fastest rate in the G7 and, indeed, is forecast to grow at the fastest rate in the G20. That is the result of our long-term economic plan—reducing business tax rates in order to get more people into work; more people paying their taxes and more people able to bring home a wage. That long-term economic plan is what is bringing our economy back into growth.