Global Economy

Baroness Clark of Kilwinning Excerpts

Thursday 11th August 2011 Commons Chamber

[Mr Osborne]

The shadow Chancellor has a bit of a history on his golden rules, and they do not usually turn out to work, but my hon. Friend is right that we are seeing net job creation. We are not remotely complacent about that. We are working extremely hard at improving the competitiveness of British industry, making sure that it is able to export and invest. That is the model of growth that this country now has to pursue.

[Katy Clark (North Ayrshire and Arran) (Lab)]

As the Chancellor knows, growth figures over the past nine months have been 0.2% and in the preceding nine months they were 2.1%. Many of the suggestions from the Opposition are about growth and economic regeneration. If we continue to see growth figures of that nature, either flatlining or negative, will the Chancellor reconsider his position and look at policies that stimulate growth?

[Mr Osborne]

The only thing I have heard from the Opposition—who by the way presided over the deepest recession since the 1930s—is a complaint every time there is a proposal to cut public expenditure. We heard that earlier today. I have not heard about any growth policies—as the hon. Lady puts it—from the Labour party; I have just heard opportunistic opposition to everything the Government are doing to have a credible deficit reduction plan. The shadow Chancellor has set himself his own test; he says he will produce a credible medium-term fiscal deficit plan. Let’s hear it.