Lord Bruce of Bennachie
Main Page: Lord Bruce of Bennachie (Liberal Democrat - Life peer)Department Debates - View all Lord Bruce of Bennachie's debates with the Scotland Office
(10 years, 11 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
The Prime Minister
The right hon. Gentleman may not like the facts, but he cannot hide from them. The typical taxpayer is paying £600 less because we cut taxes. The deficit is falling—it is down by a third—because we took difficult decisions. Today, for the first time in our history, there are 30 million people in our country in work. The fact is that at the end of this year we have a recovery Labour cannot explain, growth it said would never come, and jobs it said would never happen. Meanwhile, it is stuck with an economic policy that does not add up and a shadow Chancellor it cannot defend. That is why the British people will never trust Labour with the economy again.
Mr Speaker
Order. We will just have to keep going a bit longer, because I am not going to have—[Interruption.] The right hon. Gentleman will be heard.
Sir Malcolm Bruce
I can give the House something to cheer about. Will the Prime Minister join me in welcoming the fact that investment in our North sea oil and gas industry this year will reach a record £14 billion, accounting for an unemployment rate in my constituency of just 0.7%, but is he aware of Sir Ian Wood’s report that says we need collaboration between Government and industry to unlock between 3 billion and 4 billion barrels of oil worth £200 billion that will otherwise be left under the sea?
The Prime Minister
My right hon. Friend makes a very important point: the Wood report is an excellent report and we are looking to put that in place because we want to maximise the returns and the employment and the investment in the North sea. In recent months we have seen very encouraging signs of greater investment in the North sea, not least because of the decisions taken by the Chancellor to bring into play some of the more marginal fields. We need to keep up with that and implement the Wood report as my right hon. Friend says.