Autumn Statement

George Freeman Excerpts

Thursday 5th December 2013 Commons Chamber

[Mr Osborne]

We want a balanced recovery, as the hon. Gentleman says, and if we look at recent GDP data, the good news is that we have growth in manufacturing, construction and services. The forecast is for business investment and exports to increase, but I agree that those remain challenges, particularly because of what has happened to the source of 50% of our exports—the European continent. That is why the Prime Minister’s trade mission and the expansion I announced today of the export finance guarantee scheme will help Britain’s companies go out to emerging markets and ensure that we are connected to some of the fastest-growing parts of the world.

[George Freeman (Mid Norfolk) (Con)]

I welcome the statement and the news that despite the OBR’s calculation that the recession bequeathed to us by the previous Government represented a shocking 7.2% destruction of wealth—the sharpest fall in income since the war—there has in fact been no double dip, and the UK is now the fastest-growing economy in the west. I particularly welcome the creation of three jobs for every one lost in the public sector, the workfare proposals to tackle those not in education, employment or training, and the relief for pensioners and motorists, which will be warmly welcomed in Norfolk. Is not the truth that the tough decisions taken by the Government, and the hard work of the British people in paying off the debts they were left, mean that we are building a sustainable recovery, and that the Opposition’s economic policy has been proven to be—balls?

[Mr Osborne]

I agree with my hon. Friend which, of course, is not very difficult because that is now the general conclusion. Indeed, I have just heard that a source in the office of the Leader of the Opposition says:

“Labour has a very strong economic argument to make. Unfortunately it was not made well in the Chamber today.”

I agree with my hon. Friend about growth in Norfolk and across East Anglia, and there is real commitment to science, which I know is a particular passion of his. As detailed in the document, we intend to set out next year a long-term science strategy so that we can get right the investments in technologies and discoveries that will transform our world.