G20

Robin Walker Excerpts

Monday 17th November 2014 Commons Chamber

[The Prime Minister]

One part of responding to these very difficult events is to ensure that one has a clear and sound fiscal policy, and that has involved making reductions in public spending. I think we should make it clear to members of the public that after the next election there will be further reductions in spending and that they need to happen as part of a long-term economic plan. We have started to set out the steps we are going to take, and it is important that we do so because the alternative of simply putting up taxes would destroy the recovery that is now gathering pace.

[Mr Robin Walker (Worcester) (Con)]

I commend the Prime Minister’s leadership on international tax transparency and his earlier answer on the extractives industry transparency initiative. Let me draw his attention to the recent inquiry by the Business, Innovation and Skills Committee into the extractive industries, which found that the previous Government’s launch of the EITI but refusal to have Britain sign up to it discouraged many of the developing countries that would have benefited most from signing up. Since he has now reversed that policy and signed the UK up to the EITI, may I recommend that he take up the Select Committee’s recommendation that the UK should become a beacon of best practice and promote it using our soft power around the world?

[The Prime Minister]

I will certainly look at that report. I am convinced that it was the right thing to do. It is no good preaching to others about transparency unless we are prepared to put it in place ourselves, which is why I reversed the policy we inherited. Many countries have discovered mineral wealth but found it to be a curse rather than a blessing, and greater transparency is one of the key ways of ensuring that some of the poorest people can benefit from the resources their countries have.