Global Economy

Laura Sandys Excerpts

Thursday 11th August 2011 Commons Chamber

[Mr Osborne]

The Office for Budget Responsibility makes its independent fiscal forecasts and, I think, one of the great policy developments of this Government has been the creation of that independent body, which will make its autumn forecasts in the usual way.

[Laura Sandys (South Thanet) (Con)]

The Chancellor rightly mentioned the issues about the Doha round and trade. Trade permeates every aspect of our Government’s growth agenda. Will the Chancellor comment on whether he believes that the G20 appreciates how crucial releasing trade and ensuring greater free trade is at this moment in the global economic cycle?

[Mr Osborne]

My hon. Friend is right to draw attention to the Doha round. The significance of this is that it is available for the countries of the world to seize—today, this month or next month—and implement. If one is looking around the world for something that could, in very short order, increase global demand, it is sitting there in the Doha trade round. I hope that we make progress at the G20. I suspect we will certainly be a leading advocate of making progress and we have some good allies, for example in China, but I have to say that there remain considerable obstacles, not least in the Democrat and Republican parties in the United States.