25 Mary Macleod debates involving HM Treasury

Amendment of the Law

Mary Macleod Excerpts
Thursday 19th March 2015

(9 years, 7 months ago)

Commons Chamber
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Mary Macleod Portrait Mary Macleod (Brentford and Isleworth) (Con)
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It is a privilege to speak in the debate and to welcome the Budget. We have a plan that is working in a Budget that works for people in our constituencies, unlike the hon. Member for Hackney South and Shoreditch (Meg Hillier). In my constituency, I have a growing economy, a record number of jobs and rising living standards. The deficit is down across the country and our national debt is starting to fall as a share of the economy. Great Britain is becoming great again and in 49 days’ time, hopefully, under a Conservative Government, Great Britain will become even more great.

Why is the Budget good for people in Chiswick, Brentford, Isleworth, Osterley and Hounslow? We have helped to transform their lives. My constituents want stability, jobs, a national recovery and aspiration in their lives. They also want to make work pay, which is why we heard yesterday about the increase in the personal tax allowance to £10,800 in 2016 and £11,000 in 2017. That is taking 3.7 million of the lowest paid out of tax all together. In my constituency, more than 53,000 people have seen their taxes cut since 2010 and nearly 6,000 have been taken out of tax altogether.

Business and jobs are critical to the recovery of this country and employment is at a record high, with 1,000 more jobs created every day under this Government. I will repeat that: 1,000 more jobs per day are created under this Government. We have 9,400 more businesses in my constituency since 2010. My Plumber, which my hon. Friend the Economic Secretary visited in Brentford, is one example of the many businesses that have been set up in my constituency in the past five years. The claimant count is down to 2% in my constituency, which represents a fall of 36%, and youth unemployment is down by 45%. We are also continuing to cut corporation tax.

I fought hard, along with my local Chiswick traders, to get a review of business rates, and we have seen that happen. The Chancellor confirmed that the reform of business rates will be “far-reaching”, which is great to hear. We do have to raise the £27 billion that business rates raise, but there are different and fairer ways of doing it. Businesses want to pay their fair share of tax, but they want to do so in a way that is fair to everyone. My right hon. Friend has already cut £1,000 off so many business rates on the high street, benefiting about 500 businesses in my constituency.

We also talked about supporting small businesses and abolishing class 2 national insurance contributions for the self-employed. That represents a massive simplification for about 5 million people, with about 8,000 of them being in my constituency. The Chancellor has also raised the annual investment allowance for firms to £500,000, which is part of the reason why business investment is four times higher than it was in the last Parliament. He is committed to looking at that again in the autumn statement, which I know local businesses will welcome.

We also heard yesterday about the creative industries. I have created a west London creative industries hub, and we have a massive sector there. The sector is booming, with so much growth and opportunity in it. It is worth £76 billion to the UK plc economy as a whole, and there is much more that we can do. We heard yesterday about the TV and film tax credits, which will be more generous, and about expanding support for video games. That is great news for businesses in my constituency.

Several hon. Members have mentioned superfast broadband, and I ask the Minister to take this away and look it a bit further, because small businesses in London face a real issue on superfast broadband—I would like it if we just had fast broadband. Perhaps one day we will get to superfast broadband, but this issue is deterring growth in some of our small businesses in this great capital. We need to examine the digital infrastructure for London to make sure we are doing all we can to support small businesses and the growth we need from them.

We also heard yesterday about the support for the brewing industry; we are cutting beer duty for the third year running and taking another penny off a pint, helping companies such as Fuller’s and its brewery in my constituency. That move is great for the local economy. We heard about the freezing of fuel duty, helping small businesses, as well as families. Having that strong economy, which is growing faster than any other advanced economy, is fundamental to the investment for the future that we need.

Secondly, I wish to touch on housing, which has been discussed by some hon. Members, including my hon. Friend the Member for South Norfolk (Mr Bacon), who spoke eloquently about it. This is the No. 1 issue for Londoners, according to the Mayor’s recent annual survey. Some 45,000 homes on brownfield sites in London have been announced, and my area will have a new Hounslow town centre housing zone, containing 3,500 new homes, including nearly 1,400 affordable homes. We do, in London, need to push for those affordable homes, because it is difficult for people to get on the housing ladder. I was pleased to hear yesterday about the Help to Buy ISA to help people save for their first deposit. For every £200 saved, the Government will add £50—in effect, this is a tax cut—for first-time buyers, up to a value of £3,000. That will be very welcome across London.

Thirdly, I wish to touch on education, because four new schools have been confirmed in my constituency under this Government. That is a huge investment, and I thank the Prime Minister, the Chancellor and the Education Secretary for it. London has had such a large population growth, with my borough being the fourth-fastest growing borough in London. School places are one of my biggest issues. This Government have delivered two new primary schools and announced two new secondary schools only last week. They will make a massive difference to families across my constituency, whether we are talking about the Nishkam school, which has already opened, the Floreat Brentford school, which is opening in September, or the two announced recently, the Green school for boys and the Hounslow improvement partnership school. This is exactly what we need for the people in west London.

I was also pleased to hear about the news on skills for London, with more power for the Mayor over skills funding to support apprenticeships and the commissioning role in the National Careers Service. In London, crime has fallen by 16%, and we have had £10 million for domestic abuse refuges from the Home Secretary and £5 million from the Mayor of London. We have been given the Piccadilly line upgrade, with trains stopping at Turnham Green once that upgrade takes place—that is another achievement. If the Government want to make some savings, I suggest that they opt to expand Gatwick rather than Heathrow, because the expansion of Gatwick is simpler, easier and better and it will cost the taxpayer nothing, whereas Heathrow’s expansion will require billions of pounds of taxpayers’ money.

In conclusion, over the next 49 days I will perhaps be focused on a tough fight I have in west London where every vote counts, but I hope residents will judge me on my record of what I have done and what I still want to do. If I am fortunate enough to be re-elected, I will make sure I go about implementing the approach of more schools, more apprenticeships and more businesses, and transforming lives in my communities.

Oral Answers to Questions

Mary Macleod Excerpts
Tuesday 10th March 2015

(9 years, 7 months ago)

Commons Chamber
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Danny Alexander Portrait Danny Alexander
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I am afraid that it is a feature of devolution, which the hon. Lady and I both support, that devolved Administrations have to take responsibility for matters that are in their purview. Frankly speaking, it is not for the Treasury to send officials to bail out Revenue Scotland. If it approaches us and says that it does not have enough people, it cannot do it and it is not ready, that is fine. But having discussed the matter with John Swinney and received assurances that he believes that it is in a good position to carry on taking on those functions and to do so properly, that is sufficient for me to sign the orders to hand over the powers.

Mary Macleod Portrait Mary Macleod (Brentford and Isleworth) (Con)
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11. What fiscal steps he has taken to support businesses.

Andrea Leadsom Portrait The Economic Secretary to the Treasury (Andrea Leadsom)
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The Government champion business. We have cut the main rate of corporation tax to 21%, the lowest in the G7, we have allocated more than £460 billion for infrastructure projects, and we have committed to unlock up to £10 billion of business finance through the British Business Bank by 2017-18.

Mary Macleod Portrait Mary Macleod
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Businesses in Chiswick, Brentford, Isleworth, Osterley and Hounslow have been hugely helped by the Government through lower business rates, reduced tax, better infrastructure and two new free schools, which were announced yesterday, to help build the skills for the future. Does my hon. Friend agree that only a Conservative Government with a long-term economic plan can help make Britain the most attractive place in the world to start and grow a business?

Andrea Leadsom Portrait Andrea Leadsom
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I completely agree with my hon. Friend. She is right that we want Britain to be the best place to start and grow a business. I am delighted for her that she has 9,600 new start-ups in her constituency, which she has fought for diligently throughout this Parliament, and that, as a result of this success, unemployment is down 38% in her constituency since 2010. I was particularly delighted to pay a visit with her to one of them, My Plumber Ltd, and to meet the wonderful Ollie, who was the apprentice there in charge.

Autumn Statement

Mary Macleod Excerpts
Wednesday 3rd December 2014

(9 years, 11 months ago)

Commons Chamber
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George Osborne Portrait Mr Osborne
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The Deputy Prime Minister is unhappy because the Conservative party is trying to win his seats off him.

Mary Macleod Portrait Mary Macleod (Brentford and Isleworth) (Con)
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I thank the Chancellor for announcing the review of the structure of business rates. That has been called for by the Chiswick traders’ group, the Federation of Small Businesses, the British Retail Consortium and others. Will he reassure small businesses in my area that the review will start as soon as possible?

George Osborne Portrait Mr Osborne
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Yes, the review will start as soon as possible. I urge businesses and business organisations to engage with it. It has to be fiscally responsible, but it is appropriate to look at the structure of the modern economy to see how it has changed and how the business rates regime can reflect that.

EU Budget (Surcharge)

Mary Macleod Excerpts
Monday 10th November 2014

(9 years, 11 months ago)

Commons Chamber
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George Osborne Portrait Mr Osborne
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We were presented with a bill for £1.7 billion and we are going to pay about £850 million, so in my book that is a cut.

Mary Macleod Portrait Mary Macleod (Brentford and Isleworth) (Con)
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May I congratulate the Chancellor on the excellent deal that he has achieved in Europe? As a better woman than me once said, there is no such thing as Government money, only taxpayers’ money. Does he agree that the people who benefit from this negotiation are hard-working British taxpayers?

George Osborne Portrait Mr Osborne
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My hon. Friend is right. Of course, this is not the Government’s money: it is the people’s money—taxpayers’ money. People work very hard to earn money and then they pay taxes on it, and it is the policy of the Conservative party to keep taxes as low as possible.

Oral Answers to Questions

Mary Macleod Excerpts
Tuesday 29th April 2014

(10 years, 6 months ago)

Commons Chamber
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Baroness Morgan of Cotes Portrait Nicky Morgan
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As I have already said, this Government remain absolutely committed to eradicating child poverty. We have set out our child poverty strategy, which sets out our aims. In October 2011 the IFS predicted a fall of 100,000 in the number of children in relative poverty, but the actual fall was 300,000. Rather than looking at predictions, let us look at what we actually achieve in government.

Mary Macleod Portrait Mary Macleod (Brentford and Isleworth) (Con)
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The Minister is absolutely right that the way out of child poverty is to reduce unemployment, which has gone down 20% in my constituency, and to take the poorest paid out of tax altogether. Will my hon. Friend confirm that this Government’s tax-free child care policies are also important, as they help 2 million families with their child care, which will make a real difference to them—four times better than the previous Government did with their voucher scheme?

Baroness Morgan of Cotes Portrait Nicky Morgan
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I thank my hon. Friend very much for her question. She is absolutely right that child care is one of the biggest barriers to enabling people, particularly women, to work. The Government’s tax-free child care policies as well as the moves under universal credit to help those on low incomes will be instrumental in helping more and more people. We have already seen the recently published employment figures showing that more women are in work than ever before.

amendment of the law

Mary Macleod Excerpts
Monday 24th March 2014

(10 years, 7 months ago)

Commons Chamber
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Hilary Benn Portrait Hilary Benn
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First, the community is represented by the local authority, and, secondly, I think the community has a really important part to play by joining in the process of neighbourhood planning. We have seen from some parts of the country—Thame is probably the best example—that the community took responsibility. It consulted and had a referendum and, from memory, 73% of people voted in favour of the plan. It identified sites for housing development. I think that is the right approach, because for too long, we have had a system where no one has taken responsibility and everyone has pointed the finger at somebody else when it comes to housing supply. That is why we need change.

Mary Macleod Portrait Mary Macleod (Brentford and Isleworth) (Con)
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Will the right hon. Gentleman join me in urging the Labour Hounslow council in west London, which has development sites of 900 units, to include some affordable housing?

Hilary Benn Portrait Hilary Benn
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I am very strongly in favour of affordable housing—I was not aware that we had any county councils in west London, but I think that the hon. Lady was referring to something else. We need more private housing, more housing for rent and more social housing at a price that people can afford.

We also need new towns and garden cities, so what about what I would refer to as the great mystery of the highly reclusive new towns and garden cities prospectus? Just to remind the House, two years ago, the Prime Minister announced that he would be publishing a consultation by the end of the year on garden cities—does everyone remember that?—but 2012 came to an end and it did not appear, and 2013 happened and it still did not materialise. We then read reports in the newspapers that the Prime Minister was suppressing a document and had gone cold on the whole idea. Then, in January, the Housing Minister said that he was not aware of a report that was supposed to have been published, but the Deputy Prime Minister said that there was a prospectus and that the Government should be honest about their intentions. Then the Secretary of State contradicted his Housing Minister and said that he had been told by his Department that there was a report, but not a report from the Department for Communities and Local Government—I do hope the House is keeping up.

Then, last week, the Chancellor announced that there would be a new garden city at Ebbsfleet with 15,000 homes. The only trouble is that that is 5,000 fewer homes than the 20,000-home development announced for Ebbsfleet in December 2012. Only this Chancellor could proclaim a smaller development as a triumph—backwards not forwards. We look forward to the publication of that prospectus, hopefully before Easter, and if the Secretary of State has not already seen a copy, I trust he will ask for it. After such a lengthy gestation, I hope that it does not disappoint him or the rest of us.

That episode shows that there has clearly been fighting within the Government—within the Cabinet—about what should be in it. We now know, thanks to the Yorkshire Post and the Under-Secretary of State for Communities and Local Government, the hon. Member for Bristol West (Stephen Williams), that the same thing is happening inside the Department for Communities and Local Government.

I feel very sorry for the Under-Secretary, whom I notice is not in his place today, because he does not always look entirely happy and that may be why he decided to unburden himself at the Lib Dem conference recently. He said that being compared to the Secretary of State—I think it was a joke—was

“the most grievous possible insult”

that anyone could deliver. I think that is unfair and unkind to his boss. He was complimentary about the Planning Minister but said that he was

“hated by many Tory MPs”.

That is possibly true, but I think it is also unfair, and since then, the hon. Gentleman seems to have been given all the pretty unpleasant jobs in the Department, defending the indefensible. I hope the fact that he is not here today does not mean that he is being held hostage in the Department by the Secretary of State and I hope that he retains his independent streak.

The most damning comments from the Under-Secretary were about a flagship policy of his own Department:

“The new homes bonus… I’m not a fan of. I don’t think it’s an incentive, necessarily, for local authorities to give planning permission. I don’t think it’s actually driving decision-making on the ground.”

He is in good company, because the National Audit Office agrees. As we are already aware, the Housing Minister does not seem to know what it is meant for either, because he has told the House:

“I am afraid the new homes bonus is not about encouraging people to build homes.”—[Official Report, 25 November 2013; Vol. 571, c. 11.]

We have now had it from two Ministers—it is not effective.

The new homes bonus is also profoundly unfair. It is given to councils according to the number of homes that happen to be built in their area and it is top-sliced from formula grant, which is distributed according to need. Therefore—surprise, surprise—the areas that are getting most of the money are those where the homes will probably be built anyway, which tend to be better off, while the areas that are losing funding are those where there is less demand for housing, which tend to be worse off. It is yet another example of this Government, in tough times, taking most from those who have least, and in so doing they fail that basic test of fairness.

The Government just do not get it. At a time when real wages are falling, as was confirmed by the Office for Budget Responsibility document published last week, they think that the most important thing to do is give millionaires a tax cut. They think that councils in the most deprived areas with the greatest need should face the biggest reductions, while some of the wealthiest councils get an increase in the money they have to spend.

There are 10 Members of Parliament lucky enough to have councils in their constituencies that will be better off in terms of spending power per household—the Secretary of State’s preferred measure—by 2015-16 than they were in 2010-11. Four of them are in the Cabinet. Two of them are Government Whips. Under this Secretary of State, the 25 most deprived local authorities in England will lose 10 times as much spending power per household as the 25 least deprived.

Not only are we seeing the biggest reductions in spending power in the areas with the highest need while there are increases in spending power in the wealthiest areas, but before long, the funding difference between those areas, having eroded, will in some cases be reversed. Within four years, under this Government, local spending power per household will be higher in Wokingham—I am sorry that the right hon. Member for Wokingham (Mr Redwood) is no longer in his place—than it will be in Leeds, Sheffield or Newcastle, even though those cities face far greater pressures.

Most people would say that that is extraordinary. Most people would regard it as unfair and impossible to justify. So why does the Secretary of State think that areas in greater need should actually receive less? We know what he thinks already, because in tough times for councils some services are becoming unviable, with entitlement to social care disappearing in some cases, and libraries, the arts, Sure Start centres and women’s refuges going. What does he say to councils? He says, “What’s your problem? These cuts are really quite modest. What are you complaining about?”

It is not just communities that are being hit; it is the people in the greatest need in those communities. What has the Secretary of State done? He has forced up council tax bills for people in work on the lowest incomes: carers, the disabled, injured veterans and war widows. Summonses have been issued and bailiffs are knocking on doors, because people are poor. That is why they are being affected.

The Government are forcing people to pay the hated and immoral bedroom tax, undermining community, neighbourliness and a sense of place. Once again, that hits people on the lowest incomes, most of whom are disabled. Let us consider for a moment a family receiving housing benefit, a mother and father with two children living in a three-bedroom council house. If one of the children leaves home to get a job, the Government are telling that family, “Move.” Two years later, the second child leaves home and gets a job elsewhere. What do the Government say to that family? They say, “Just move again”, leaving mum and dad in a one-bedroom property. Then, three years later, the father’s mother becomes ill and needs to come and live with them so that they can care for her. What do the Government say? “Oh, just move again.” I cannot think of a policy more calculated to undermine family life, and you know what? That family will not even have a spare bedroom so that their grandchildren can come and stay. That is why people are so angry about the bedroom tax and why, if we win in 2015, we will abolish it.

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Mary Macleod Portrait Mary Macleod (Brentford and Isleworth) (Con)
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It is a pleasure to follow the hon. Member for Glasgow North (Ann McKechin). Glasgow has been a European city of culture and I spent many happy years there as a student. She was much more negative than I plan to be. She forgot to mention the £63 million that Scotland will get out of the Budget, although I think we agree that Scotland is better together with the United Kingdom given the forthcoming referendum in September.

The Secretary of State laid out very clearly how the Budget will help hard-working people and put Britain on a platform to a secure future. In my few remarks, I want to concentrate on how the Budget will impact on families and local communities in London and in my constituency of Brentford and Isleworth.

I thank the Chancellor for his support for London air ambulance. In his statement, he said:

“I will also relieve VAT on fuel for our air ambulances…and provide a new air ambulance for London, all in response to huge and heartfelt public demand and the campaigns of my hon. Friends the Members for Hexham (Guy Opperman), for Brentford and Isleworth (Mary Macleod) and for Argyll and Bute (Mr Reid).” —[Official Report, 19 March 2014; Vol. 577, c. 786.]

London air ambulance is an incredibly important cause. Because of the hard work of Dr Julian Thompson, Graham Hodgkin and the team at London air ambulance, it is saving lives around London. A new helicopter was needed because there was only one helicopter in London for 10 million people. Across the rest of the country, there is one helicopter for every 1.5 million people. The service in London has treated more than 30,000 high trauma cases and it saves lives across London. The Budget will help it to save more lives.

The Budget will help brewers, such as Fuller, Smith & Turner. Its Griffin brewery is in Chiswick in my constituency. It is London’s last remaining traditional family brewer—a great brewer it is, too. The 1p duty cut on beer and the scrapping of the escalator rise in alcohol duty will benefit 4,200 pubs and the more than 50,000 people the industry employs across the country, as well, of course, as its customers. That is another benefit of the Budget.

We have not heard much mention of the increase in the personal tax allowance. The right hon. Member for Leeds Central (Hilary Benn) said that the Government were standing up for the wrong people. How wrong can he be? I believe that increasing the personal tax allowance is standing up for the right people. Increasing the personal tax allowance to £10,500 in April 2015 will lift 31,000 hard-working people across London out of income tax altogether, and 3.3 million people will see an average real-terms gain. That is what is meant by standing up for the right people and hard-working people.

Tax-free child care is helping families and hard-working people across London and elsewhere. The scheme will be extended to up to £2,000 per child and extended up to 12-year-old children more quickly. The scheme will benefit more than 500,000 London children in working families.

Housing is a big issue in London and we have already heard much about it today. I welcome the extension to 2020 of the Help to Buy scheme, which will create stability for families. It was good to see that 85% of those on the Help to Buy scheme are first-time buyers. That, too, helps hard-working people and is standing up for the right people across London and the United Kingdom.

There is a strong hub of creative industries in west London—television, film, IT and so on—and I am very proud of it. The changes to film tax relief from 1 April will make it easier for these industries to export further around the world, creating more jobs and growth for the future.

Locally, the Government are making a real difference, with record numbers of people in work, including record numbers of women in work. Some of the local achievements I have seen in my constituency include being in the top 10 for business growth, lots of new companies moving into the area, current businesses expanding and growing, the creative industries hub becoming even stronger, and a record number of apprenticeship starts. That is what this Government have done as a result of the measures we have taken. Unemployment in my constituency is at a record low of 2.6%, down by 21.3% since May 2010. Youth unemployment is down by 29.5%, which is something to be proud of. For those who are unemployed, I invite them to Aspire, the jobs and apprenticeships world skills fair at West Thames college, which, with the support of Heathrow and others, is there to help people to get work.

This is a Government who are helping hard-working families—the people who need it most. This is a Government who believe in aspiration. This is a Government who are turning the country around to growth and prosperity for the future.

Autumn Statement

Mary Macleod Excerpts
Thursday 5th December 2013

(10 years, 11 months ago)

Commons Chamber
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George Osborne Portrait Mr Osborne
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First, we are putting in additional money for the flood defence programme. Indeed, additional money in the autumn statement has gone into coastal management, too. The hon. Lady makes a point about the economy, but we have not, of course, heard a serious economic argument advanced by the Labour party so far. Let me point out that in the hon. Lady’s constituency, unemployment is down 30% and youth unemployment is down 48%, which are very significant falls for the people she represents.

Mary Macleod Portrait Mary Macleod (Brentford and Isleworth) (Con)
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With small business Saturday coming up this weekend, I join the director general of the British Retail Consortium, who said that the business rate cap

“will be welcomed enthusiastically by retailers across this country.”

While I will still keep urging the Chancellor to consider full-scale reform of business rates, does he agree that today’s announcement will save thousands of jobs around this country and boost the local economy in communities such as those in Brentford, Isleworth and Chiswick?

George Osborne Portrait Mr Osborne
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I know my hon. Friend has been assiduous in campaigning on behalf of her constituents for us to help with business rates for people running shops on the high street. I believe that she has raised the issue at the last two Prime Minister’s Questions, showing what a champion she is of her local constituency. She can take part of the credit for the measures we have taken today to help the high street.

Spending Review

Mary Macleod Excerpts
Wednesday 26th June 2013

(11 years, 4 months ago)

Commons Chamber
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George Osborne Portrait Mr Osborne
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The hon. Gentleman makes a good point about infrastructure capacity in Whitehall, and we will set out changes to infrastructure delivery tomorrow. The Department of Energy and Climate Change is part of that. Not only is the Energy Secretary on the case, but the new permanent secretary, Stephen Lovegrove, is too, and they are confident that they can deliver this within the budget.

Mary Macleod Portrait Mary Macleod (Brentford and Isleworth) (Con)
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There is a record number of apprenticeships in my constituency. Will my right hon. Friend confirm that the new announcement on apprenticeships means cross-sector and cross-industry support, as well as an increase in the number of girls going into science and engineering?

George Osborne Portrait Mr Osborne
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It is certainly our intention to increase the number of girls going into science and engineering and, indeed, to increase the number of people doing science and engineering subjects, both as schoolchildren and young adults. Our support for skills will help to deliver that.

Royal Bank of Scotland

Mary Macleod Excerpts
Thursday 13th June 2013

(11 years, 4 months ago)

Commons Chamber
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Sajid Javid Portrait Sajid Javid
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The Chancellor has made it clear in very recent statements that he wants to wait for the report from the Parliamentary Commission on Banking Standards. It is a very important report, and we as a Government want to listen and take it seriously. After the report is completed, we will set out our plans for how we see the state banking sector going forward.

Mary Macleod Portrait Mary Macleod (Brentford and Isleworth) (Con)
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As someone who has worked in ABN AMRO and RBS, I pay real tribute to Stephen Hester, who I think was an outstanding chief executive who took the helm and leadership of RBS at the most difficult time in banking history. I am disappointed that he is leaving and I wish him every success in the future. I want to pay tribute, too, as should the House, to the staff of RBS. As we move towards privatisation, let us focus on looking at competition in the banking sector, which will deliver a much better customer service for us all.

Sajid Javid Portrait Sajid Javid
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That is exactly what I was talking about when I touched on the issue of choice in my statement. The introduction of seven-day switching, which will come into force in September, will help to engender the kind of competition that we want to see.

Autumn Statement

Mary Macleod Excerpts
Wednesday 5th December 2012

(11 years, 11 months ago)

Commons Chamber
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George Osborne Portrait Mr Osborne
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I am not sure that that personal attack warrants a proper reply.

Mary Macleod Portrait Mary Macleod (Brentford and Isleworth) (Con)
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My right hon. Friend mentioned that 1.2 million jobs had been created in the private sector. Examples include Aker Solutions in Chiswick, in my constituency, which has gone from employing 30 staff to planning to employ 1,300 by 2015. Does he agree that this shows the Government are rebalancing the economy and encouraging inward investment?

George Osborne Portrait Mr Osborne
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My hon. Friend is absolutely right: jobs are being created. Of course the economic situation is tough—it is tough in every western economy at the moment—but we are rebalancing our economy. One of the things I have sought to do in today’s statement—it is not the bit that will attract all the newspaper headlines—is expand our export promotion effort and ensure that UK Trade & Investment is better at encouraging exports and investment and ensuring that British overseas chambers of commerce are better equipped in the emerging economies. All these things are so important, because one of the big strategic mistakes we made as a country over the last 15 years was not to expand our market share—in the way that Germany did, for example—in those emerging economies, which have become so important.