Economy: Growth

Lord Forsyth of Drumlean Excerpts

Wednesday 18th July 2012 Lords Chamber

[Lord De Mauley]

I congratulate the noble Lord on his performance; we are more focused on the economy. Of course growth is of concern but unemployment is falling. In the three months to May, the number of unemployed fell by 65,000 and 181,000 new jobs were created. Since the coalition took office in May 2010, more than 840,000 private sector jobs have been created, manufacturing output is up and exports of goods to outside the EU are up by 35% quarter on quarter from the first quarter of 2010 to 2012. Noble Lords will also know that inflation has fallen.

[Lord Forsyth of Drumlean]

Does my noble friend agree that we will only get growth from businesses being able to sell goods and services competitively throughout the globe? Would it be a good idea for the Secretary of State, Mr Cable, to spend his Summer Recess thinking of ways in which he can reduce the cost of doing business for our firms throughout the country? That, not demand, is the key to getting further employment and further tax revenues for the Treasury.

[Lord De Mauley]

My Lords, my right honourable friend the Secretary of State for Business thinks of little else.