Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect on the economy of the UK of the recent dumping of US debt by China, Russia and Brazil.

The Treasury continuously monitors global economic developments and their impact on the UK, including the debt operations of major countries, as part of the normal process of policy development.

As one of the most open trading economies in the world with a large financial sector, we have to recognise that the UK is not immune to the external events in the world economy. This is precisely why the UK has been working through its long-term economic plan. Since 2010 the plan has been focussed on reducing the deficit and ensuring sound public finances, while delivering the supply side reforms necessary to improve long-term productivity growth. That has allowed an active monetary policy to support the economy while ensuring the fiscal position is sustainable in the long term.