Oral Answers to Questions

Baroness Blackwood of North Oxford Excerpts

Wednesday 5th September 2012 Commons Chamber

[The Prime Minister]

We have cut the budget deficit by a quarter in two years but, obviously, it is immensely challenging to get the deficit down. I note that Labour’s answer to getting the deficit down is to borrow more—to borrow an extra £200 billion. The one way you cannot get borrowing down is to put borrowing up.

[Nicola Blackwood (Oxford West and Abingdon) (Con)]

Q3. My constituents were delighted when BMW announced the investment of £250 million to increase Mini production and called its Oxford plant the heart and home of this great British success story. Does the Prime Minister agree that this kind of inward investment is vital to kick-start the economy and that we must do more to prioritise policies to make the UK more attractive to investors?

[The Prime Minister]

My hon. Friend and I have neighbouring constituencies and many constituents who work at BMW at the old Cowley works. It is very good news that BMW is investing another £250 million in that plant on top of the £500 million announced last year. That is safeguarding over 5,000 jobs in the Oxford, Swindon and Hams Hall plants. It is part of a huge recovery story for the British motor manufacturing industry. We are now net exporters. That has not happened since the 1970s and it is a huge credit to Jaguar Land Rover, Nissan, Toyota, BMW—to all those companies that are investing in and choosing Britain. They are not choosing Britain because of the weather; they are choosing Britain because we have cut corporation tax, because we are investing in apprenticeships, because we are investing in the infrastructure that they need, and because they know that this is a country open to business.