Lord Davies of Oldham
Main Page: Lord Davies of Oldham (Labour - Life peer)Department Debates - View all Lord Davies of Oldham's debates with the HM Treasury
(8 years, 6 months ago)
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Lord O'Neill of Gatley
My Lords, the numbers that the noble Lord referred to in the Pink Book are broadly accurate but I do not share his interpretation of them. As shown in the timely piece from EY yesterday, the number of jobs being created by foreign direct investment in the UK is substantial.
Lord Davies of Oldham (Lab)
My Lords, the Minister is extraordinarily complacent. Does he not recognise that the deficit on goods and services is the largest since the post-war recession of 2008, which affected the country so adversely? He is indicating that the Government have got matters in hand, but in fact we are approaching catastrophe as far as these figures are concerned.
Lord O'Neill of Gatley
My Lords, I hate to be a statistical nerd about these things, but I am staring at the data. Last year, our overall trade balance as a share of GDP was minus 0.20%. In 2010, it was minus 2.8%. As I said a few minutes ago, the trade deficit today is smaller than it has been for 10 years.