Economic Policy
Debate between Nick Raynsford and George Osborne(11 years, 9 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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Mr Osborne
I agree with my hon. Friend and we should listen to the demands of the business community. It wants a more competitive business tax regime and additional help with investment, which we are providing. It wants essential economic infrastructure that was not provided over the past 15 years, and we are providing that. It wants a lighter regulatory regime, and we are providing that for small businesses. My hon. Friend is right: businesses large and small are the engine of growth in our economy, and it is welcome that there have been 1 million private sector jobs since the election.
Mr Nick Raynsford (Greenwich and Woolwich) (Lab)
The Chancellor has been noticeably more comfortable this afternoon looking backwards rather than forwards. Will he please tell the House his estimate for the likely impact of recent events on the sterling exchange rate, and what the implications will be for inflation?
Mr Osborne
I do not comment on the level of sterling. The G7, which the UK chairs at the moment, issued a clear statement that we are not targeting an exchange rate and that the exchange rate flows from the economic policies that we pursue at home to improve our domestic economies.