Autumn Statement

Jonathan Edwards Excerpts

Thursday 5th December 2013 Commons Chamber

[Mr Osborne]

I, with my hon. Friend, wish the people of Dover and Deal the best as they endure this difficult weather. I join him in praising the emergency services who will help people in that area through this difficult time. The flood defences in Deal will mean that such areas are better protected from adverse weather. The only way to afford such schemes is by controlling public spending and putting it into priority areas.

[Jonathan Edwards (Carmarthen East and Dinefwr) (PC)]

With the Governor of the central bank saying he can foresee the assets of the banking sector swelling to nine times the size of the UK economy and with recent economic growth being driven by household consumption and house price inflation, has the Treasury not been re-infected by the British disease? What happened to the Chancellor’s march of the makers?

[Mr Osborne]

Manufacturing grew and was one of the strongest sectors in the most recent GDP numbers, but the hon. Gentleman is right to say we have got to make sure—this was implied in his question—that the financial system does not bring down the British economy again. All the banking legislation we have spent many days in this Parliament debating—ring-fencing the banks and putting the Bank of England in charge—has been designed to make sure we spot problems in advance this time. Britain wants competitive financial services. I suspect that in the many constituencies represented in the Chamber financial services is one of the largest private sector employers, so this is not just about the City of London. We have to ensure that this is done in a way that is safe for our economy and supports it, rather than bringing it down.