G8 and NATO Summits

William Bain Excerpts

Wednesday 23rd May 2012 Commons Chamber

[The Prime Minister]

I would be delighted to do that. One of the strengths of the G8 is that it produces this accountability report, and I will make sure that a copy is put in the Library of the House of Commons because it is very compelling. It really holds countries to the promises they made about aid, about spending and about the different bits of that spending. People can see it there, in black and white: who has met their promises and who has not. We will continue to do that next year.

[Mr William Bain (Glasgow North East) (Lab)]

There are nearly 25 million people unemployed across the EU at the moment, and economic demand is continuing to fall in the eurozone and in this country, whereas in America it is rising this year. Will the Prime Minister therefore follow the lead of the US and Japanese Governments, and the advice of the IMF yesterday, and bring forward much-needed capital spending to boost infrastructure and get the construction sector off its knees?

[The Prime Minister]

We have said that we want to use the hard-won credibility we have, the low interest rates we have and the strong national balance sheet we have to encourage that private sector investment. We have made a series of important announcements about housing, including backing mortgages of up to 90% loan to value to try to get the housing market working again, because the housing market is not functioning. I would just say that if we look at America’s deficit reduction plans, we find that it actually has plans to reduce its deficit faster than we do.