G20 Summit

Elfyn Llwyd Excerpts

Monday 15th November 2010 Commons Chamber

[The Prime Minister]

There is very strong agreement that we need to deal with the issue of tax havens. My right hon. Friend the Chancellor made an announcement about that while he was in Seoul. We can see real progress in the G20 on the nuts and bolts of regulation, particularly of levels of capital through the Basel accords, but also progress covering the issues that the hon. Gentleman mentions. National steps should also be taken, and I know that he very much supports the bank levy that we have put in place, which is raising serious money. In a way, it is saying to the banks that it is right that they should now be making a contribution as we deal with our fiscal deficit.

[Mr Elfyn Llwyd (Dwyfor Meirionnydd) (PC)]

I, too, very much welcome the great news from Burma.

Industry and manufacturing remain at the heart of the Welsh economy. With the pound having weakened against a basket of currencies—it is down 25% since 2007—we should really be looking for an export-driven recovery. What has the Prime Minister been able to secure, through the recent trade mission and the G20 talks, that will aid that recovery and hopefully help Welsh and English manufacturing and industry?

[The Prime Minister]

A series of deals were agreed while my ministerial colleagues and I were in China, including a very large deal involving Rolls-Royce. It is also worth remembering that the trade mission that President Sarkozy spoke of included a very large Airbus deal, which I know has very positive effects for Britain and indeed Wales.

The hon. Gentleman is right to say that our export performance needs to improve. Obviously we have seen a change in the level of our currency, but I am focusing on ensuring that all the things that UK Trade Investment and the Government can do to help our exporters are in place. I will go on leading missions to fast-growing parts of the world. So far, in six months, I have been to Turkey, a very fast-growing economy that some people call “Europe’s BRIC”—a reference to Brazil, Russia, India and China. I have been in the largest trade delegation ever taken to India, and now in the largest one to China. I am going to keep up with that. I think it is important that we get behind our exporters and help them to create jobs in our countries.