G8 and G20 Summits

Tony Baldry Excerpts

Monday 28th June 2010 Commons Chamber

[The Prime Minister]

I discussed that with the IMF over the weekend. Dominique Strauss-Kahn’s own interventions in the debate at the G20 were very strongly in favour of fiscal consolidation, particularly for the countries—such as Britain—with the largest budget deficits. I looked around that table at the G20. According to the IMF’s figures, our budget deficit, at over 11 per cent., is the biggest. The answer to the question “Do they mean us when they are talking about excessive deficits?” is “Yes, they do.”

The key point made by Dominique Strauss-Kahn and others is that this is a package. If we are to maximise world growth, which will bring more jobs and livelihoods, we need a combination of fiscal consolidation in the countries that require it and measures to deal both with the imbalances in the developing world and with the structural problems in the developed economies such as Germany’s. That is what needs to be done. Dominique Strauss-Kahn is recommending exactly the sort of action that we are taking here in this country.

[Tony Baldry (Banbury) (Con)]

In the context of international development, the publication of the accountability report is very welcome, as is the specific commitment on maternal and child health. However, does my right hon. Friend agree that a commitment by the international community to a robust and specific process will be necessary in New York in September if we are to have any hope of achieving the millennium development goals by 2015?

[The Prime Minister]

My hon. Friend is absolutely right. We need a process of continual checking up on the progress being made towards the MDGs. Now, in 2010, we are two thirds of the way towards the final point, and we should be doing better. We chose maternal and child health at the G8 because those are two of the goals that we are furthest from meeting.

I, too, welcome the document to which my hon. Friend has referred, and I encourage my colleagues to read it. While it is not perfect, it sets out pretty clearly on pages 15, 16 and 17 what countries promised to do and what they have done. That is progress. We have all sat here and heard reports of the great things achieved at G8 summits, but this document holds countries’ feet to the fire and asks, “Did you do what you promised to do? If you did not, you must think again.”