Global Economy

Debate between George Osborne and Pamela Nash

Thursday 11th August 2011 Commons Chamber

[Mr Osborne]

There are quite a lot of American references in this debate. We have used the receipts of some of the asset sales that we have proposed—and indeed undertaken—to invest in new infrastructure, or in a particular industry. Of course, we have to do that on a case-by-case basis, but the spending review set out how we were going to use the proceeds of some of the asset sales for future investment.

[Pamela Nash (Airdrie and Shotts) (Lab)]

The Chancellor failed to mention in his statement that the Bank of England has now downgraded the growth forecast for this country five times since he took office. How does he reconcile that fact with his claim that Britain is a safe economic haven?

[Mr Osborne]

I reconcile it by quoting the Governor of the Bank of England, given that the hon. Lady mentions the Bank. [Interruption.] Labour appointed the Governor of the Bank of England; in fact, I suspect that the shadow Chancellor made the appointment. The Governor of the Bank of England said yesterday that

“the UK has done what it can”,

in terms of putting the major conditions in place to ensure a rebalancing and a recovery. He went on:

“We have a credible medium-term fiscal plan, which many countries do not”.