G20

Ian C. Lucas Excerpts

Monday 17th November 2014 Commons Chamber

[The Prime Minister]

Our economy is performing well. We have seen growth of 3% this year, a fall in unemployment, the establishment of more businesses, and good business investment figures. However, I think we should be concerned about the situation in the eurozone. According to the most recent statistics, in the third quarter of 2014 Italy’s economy shrank by 0.1%, Germany’s grew by just 0.1%, and the euro area as a whole grew by 0.2%. Those are very soft and worrying figures. We need to see not just the United States growing, but the European Union—which is one of the engines of the world economy—firing up properly.

Let me return to the issue of TTIP. It is notable that the former EU Trade Commissioner Karel De Gucht said this in a BBC interview:

“Public services…there is no problem about exemption. The argument is abused in your country for political reasons but it has no grounds.”

I think it is important that that has been said.

[Ian Lucas (Wrexham) (Lab)]

If our economy is performing so well, why has the Budget deficit increased by over 10% during the course of the last year?

[The Prime Minister]

The Budget deficit has fallen. It has come down by a third since this Government came to office, and we will see the figures at the autumn statement in the normal way, but we should not forget what we inherited, which was a forecast for a Budget deficit at 11% of GDP. That was the highest of any country anywhere in the world. We will not forget that inheritance, and it is one we are dealing with.