Budget Resolutions and Economic Situation

Lord Walney Excerpts

Friday 23rd March 2012 Commons Chamber

[Miss Smith]

That is right, and the word I would use is “churlish.” Perhaps the hon. Member for Barrow and Furness (John Woodcock) will justify now why he does not welcome that type of investment.

[John Woodcock]

I am delighted to get the chance to address the Minister on this, as I was delighted to welcome the Prime Minister to our patch. But will the Minister agree with Opposition Members, and in fact with GlaxoSmithKline, that it was the patent box legislation that Labour put forward that, as Andrew Witty said before the last election, would transform the life sciences sector? Will the Minister say thank you to us for putting that forward? We are glad that she has taken it on.

[Miss Smith]

If only they had been so full of good ideas in the last 13 years. It is absolutely clear from the timing of GSK’s announcement, the day after the Budget, that it is responding to the actions that we took to put this economy back on track. We will not return to growth through unsustainable debt, irresponsible spending and over-reliance on any one sector or any one region. Nor will we jeopardise the progress that we have made in tackling our debts. That is why, as the Chancellor said, this Budget will have a neutral impact on public finances and implements fiscal consolidation as planned. I could refer here to the CBI, for example, which says that there were many calls on the Chancellor to spend money he did not have.

Opposition Members have made interesting contributions to today’s debate. The hon. Member for City of Durham (Roberta Blackman-Woods) suggests that the coalition is unaware of the global crisis around us. I think the IMF knows that Britain is no longer in the fantasy land of Europe, and I think householders also know that we are in the very real land of securing the future for our children—of spending what we have and of taking this country away from the turmoil in the euro area and back to a strong foundation for private sector growth.

This Budget is

“one of the best ever for UK GDP growth”,

says the Centre for Economics and Business Research, but perhaps the hon. Lady disagrees.