Global Economy

Roberta Blackman-Woods Excerpts

Thursday 11th August 2011 Commons Chamber

[Mr Osborne]

I completely agree with my hon. Friend about the need to make progress on our planning reforms for the reasons that he gives. That means making some difficult decisions, and taking on some pressure groups, but I think that is absolutely right. Our planning reforms take into account the need to preserve our natural environment.

Believe it or not, I am very familiar with the subject of Humber bridge tolls because my hon. Friend the Member for Beverley and Holderness (Mr Stuart) is a tireless campaigner on them. The Treasury is conducting an economic study of the effects of the tolls, and that will report at some point in this Parliament.

[Roberta Blackman-Woods (City of Durham) (Lab)]

I congratulate the Chancellor on recognising, albeit somewhat belatedly, that there is a link between what happens in the global economy and what happens in the UK economy. In the light of that, what action does he intend to take to ensure that the problems with the US economy and the eurozone do not lead to further downward pressure on UK economic growth?

[Mr Osborne]

Unfortunately, I cannot make the UK invulnerable to events elsewhere in the world. Of course there is a global connection. I would draw this distinction between what I am saying and what the previous Prime Minister, the right hon. Member for Kirkcaldy and Cowdenbeath (Mr Brown), says. I am not saying that Britain has been blameless in the way it has handled its economy in the past decade or so. I am saying that we were the most enthusiastic participant in a global debt boom, and as a result we have one of the more difficult adjustments. That is, I am afraid, a statement of fact.