Desmond Swayne
Main Page: Desmond Swayne (Conservative - New Forest West)Department Debates - View all Desmond Swayne's debates with the HM Treasury
(2 years ago)
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James Cartlidge
I am pleased to say that there is very colourful support on our Back Benches today. I am sure that there will further pertinent and brilliant questions to come. The hon. Lady quotes the IMF, but I simply reiterate what its economic counsellor said this morning about the UK. He said:
“Let’s start with the good news: the UK economy has actually done relatively well in the last year. We’ve revised”—
growth—
“upwards to 4.1%...that’s one of the highest growth rates in Europe”.
That is exactly what the IMF said.
Sir Desmond Swayne (New Forest West) (Con)
What should the IMF make of our burgeoning £65 billion trade surplus in financial services?
James Cartlidge
The IMF always stresses the importance of sustainable growth. It is sustainable growth that matters, and, of course, my right hon. Friend is absolutely right: exports are crucial to that. The City and financial services are a massive UK success story. We want to build on that, which is why we have announced the Edinburgh reforms and further measures to strengthen UK financial services. We are quite clear that the future for this country is optimistic and we will get there by backing brilliant British business.