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Ministerial statement on Thursday, 11 August 2011, in the House of Commons, led by George Osborne.

Global Economy

Statement on the turmoil in the world's financial markets.

Secondary information

Type
Parliamentary proceeding
Reference
531 c1106-29 
Session
2010-12
Department
Treasury
Chamber / Committee
House of Commons chamber
Proceeding contributions
George Osborne | 531 c1114-5 (Link to this contribution) We have announced an enterprise zone for Sheffield and we will have further announcements to make on...
Lord Redwood | 531 c1115 (Link to this contribution) As someone who believes that we need to get the deficit down and do more to assist growth to help th...
Show all contributions (118)
George Osborne | 531 c1114 (Link to this contribution) My hon. Friend and I will have to agree to disagree on this issue. The remorseless logic of monetary...
Meg Munn | 531 c1114 (Link to this contribution) The number of people claiming jobseeker's allowance in my constituency has gone up massively, with h...
George Osborne | 531 c1115 (Link to this contribution) As I have said, the British economy is growing and it is the assessment of the Bank of England and t...
George Osborne | 531 c1115 (Link to this contribution) We of course continue to monitor the situation at RBS and all the British banks very closely. There ...
Michael Meacher | 531 c1115 (Link to this contribution) Is it not clear that the Chancellor's whole strategy is failing, as it is now almost entirely depend...
Charles Kennedy | 531 c1115 (Link to this contribution) Given that we are all still hearing that the banks are not making sufficient funds available to smal...
George Osborne | 531 c1115 (Link to this contribution) In the past 12 months. So that is all good news. Where does the right hon. Member for Oldham West an...
Lord Bruce of Bennachie | 531 c1112-3 (Link to this contribution) As the wolves circle country after country, are this coalition Government not vindicated? They were ...
George Osborne | 531 c1113 (Link to this contribution) The right hon. Gentleman is absolutely right that we are taking more than 1 million low-paid people ...
Geoffrey Robinson | 531 c1113 (Link to this contribution) Will the Chancellor—who persists in this bewildering implausibility that his plan is working—please ...
George Osborne | 531 c1113 (Link to this contribution) The important difference between the hon. Gentleman's time in the Treasury and my time in the Treasu...
Tracey Crouch | 531 c1113 (Link to this contribution) Will the Chancellor tell the House whether the UK economy is growing faster than the US economy this...
George Osborne | 531 c1113 (Link to this contribution) In the first two quarters of this year the UK has grown more strongly than the United States, but th...
Gordon Marsden | 531 c1113 (Link to this contribution) Is it not revealing that it took to the end of page 5 of his speech for the Chancellor even stutteri...
William Cash | 531 c1114 (Link to this contribution) The Chancellor will know that our trade balance between 2002 and 2009-10 with the other 26 member st...
George Osborne | 531 c1114 (Link to this contribution) Both the hon. Gentleman and I represent constituencies in the north-west of England, and the strikin...
Speaker | 531 c1114 (Link to this contribution) I enjoy listening to the hon. Gentleman's words so much that it is in my interest, Parliament's inte...
George Osborne | 531 c1112 (Link to this contribution) The most recent independent analysis of the British economy was done by the IMF this month. It made ...
Ed Balls | 531 c1110-1 (Link to this contribution) The Chancellor's reckless policies—too far, too fast—have ripped out the house's foundation and left...
Speaker | 531 c1110 (Link to this contribution) Order. The House must come to order. I repeat what I have said many times: if Members shout their he...
Ed Balls | 531 c1109-10 (Link to this contribution) The shocking and inexcusable events of recent days in our cities are today rightly the Government's ...
George Osborne | 531 c1106-9 (Link to this contribution) Statement People will be concerned about the turmoil in the world's financial markets and what it me...
David Miliband | 531 c1112 (Link to this contribution) I would be grateful if the Chancellor could confirm private sector estimates that I have seen that a...
George Osborne | 531 c1112 (Link to this contribution) I completely agree with what the Chair of the Treasury Committee says about the credibility of the d...
Lord Tyrie | 531 c1112 (Link to this contribution) Does the Chancellor agree that the collapse in the credibility of the eurozone is a warning to any G...
George Osborne | 531 c1111-2 (Link to this contribution) I did meet Mickey Mouse in California, and he seems to be writing the Labour party's economic policy...
George Osborne | 531 c1129 (Link to this contribution) The only thing I have heard from the Opposition—who by the way presided over the deepest recession s...
Baroness Clark of Kilwinning | 531 c1129 (Link to this contribution) As the Chancellor knows, growth figures over the past nine months have been 0.2% and in the precedin...
Speaker | 531 c1129 (Link to this contribution) Order. I thank the Chancellor of the Exchequer and the 52 Back Benchers who have questioned him.
Lord Whitehead | 531 c1128 (Link to this contribution) Will the Chancellor take the opportunity today to repudiate the OBR's linkage of low growth with a r...
George Osborne | 531 c1128 (Link to this contribution) The hon. Gentleman misunderstands two things. First, the OBR is independent. If it is going to work ...
George Freeman | 531 c1129 (Link to this contribution) Has my right hon. Friend seen the latest data which show not only that the private sector has create...
George Osborne | 531 c1129 (Link to this contribution) The shadow Chancellor has a bit of a history on his golden rules, and they do not usually turn out t...
Roger Williams | 531 c1128 (Link to this contribution) Recent reports have shown that the rural economy has the capacity to grow quickly if it has the righ...
George Osborne | 531 c1128 (Link to this contribution) We recognise the specific needs of the rural economy. Meeting them is one of the specific work stran...
George Osborne | 531 c1123 (Link to this contribution) My hon. Friend is right to draw attention to the Doha round. The significance of this is that it is ...
Lord McCabe | 531 c1123 (Link to this contribution) If it is true that we are being used as a safe haven, why are we not seeing significant growth in th...
George Osborne | 531 c1123 (Link to this contribution) The Office for Budget Responsibility makes its independent fiscal forecasts and, I think, one of the...
Laura Sandys | 531 c1123 (Link to this contribution) The Chancellor rightly mentioned the issues about the Doha round and trade. Trade permeates every as...
George Osborne | 531 c1123 (Link to this contribution) As I say, I have a simple policy not to comment, as previous Chancellors have also decided to do, on...
Anne Begg | 531 c1122 (Link to this contribution) The sluggish growth rate has led the Office for Budget Responsibility to now forecast even higher un...
George Osborne | 531 c1123 (Link to this contribution) It would of course have been ruinous, not just for individuals but for the Government. One of the la...
Tom Blenkinsop | 531 c1123 (Link to this contribution) Can the Chancellor explain why his own Office for Budget Responsibility forecasts £46 billion of mor...
George Osborne | 531 c1122-3 (Link to this contribution) First, if I might correct the hon. Lady, the OBR is not forecasting rising unemployment over the Par...
Duncan Hames | 531 c1123 (Link to this contribution) Give our country's debts, it is reassuring to learn that the price for Government borrowing has fall...
David Rutley | 531 c1124 (Link to this contribution) I welcome my right hon. Friend's statement and the fact that over the past year we have seen the pri...
George Osborne | 531 c1124-5 (Link to this contribution) My hon. Friend is absolutely right. First, I should take the opportunity that I did not take in answ...
Jonathan Edwards | 531 c1125 (Link to this contribution) Does the Chancellor agree with the recommendations of the recent economic commission of the Conserva...
George Osborne | 531 c1125 (Link to this contribution) As the hon. Gentleman knows, we are in active discussion with all the parties in Wales and with the ...
Matt Hancock | 531 c1124 (Link to this contribution) In terms of the stimulus to the British economy, what does the Chancellor think would be the effect ...
George Osborne | 531 c1124 (Link to this contribution) My hon. Friend is right that there is a significant monetary stimulus in place through the very low ...
Andrew Miller | 531 c1124 (Link to this contribution) On a bipartisan basis, may I invite the Chancellor, as a fellow Cheshire MP, to join me in sending o...
George Osborne | 531 c1124 (Link to this contribution) Of course, stock market falls affect pension investments and other equity investments. Our stock mar...
George Osborne | 531 c1124 (Link to this contribution) It is because of the global lack of confidence in Governments' abilities to deal with their deficits...
George Osborne | 531 c1126 (Link to this contribution) There are quite a lot of American references in this debate. We have used the receipts of some of th...
George Osborne | 531 c1126 (Link to this contribution) As I have already explained, we have an independent Office for Budget Responsibility—[Interruption.]...
Jo Swinson | 531 c1126 (Link to this contribution) I support the Government's plans for cutting the deficit, leading to lower interest rates and increa...
George Osborne | 531 c1126 (Link to this contribution) My hon. Friend is right. What we are able to provide in the Government debt market is the stability ...
Jonathan Reynolds | 531 c1126 (Link to this contribution) Last year, Government borrowing came in some £20 billion lower than was anticipated; this year, we l...
George Osborne | 531 c1125 (Link to this contribution) I would make the observation that only every Labour Government in history have left office with unem...
Baroness Morgan of Cotes | 531 c1125-6 (Link to this contribution) Is not the best way to help the hard-pressed families, taxpayers, jobseekers and pensioners mentione...
George Osborne | 531 c1125 (Link to this contribution) I think we have got ahead of the curve. As I say, I am not one of those Finance Ministers who are ha...
Baroness Curran | 531 c1125 (Link to this contribution) I draw the Chancellor's attention to the unemployment rate in my constituency, where 24 people are c...
Neil Carmichael | 531 c1125 (Link to this contribution) Given the credibility that the coalition Government have won through their deficit reduction program...
Roberta Blackman-Woods | 531 c1128 (Link to this contribution) I congratulate the Chancellor on recognising, although somewhat belatedly, that there is a link betw...
George Osborne | 531 c1128 (Link to this contribution) Unfortunately, I cannot make the UK invulnerable to events elsewhere in the world. Of course there i...
Alex Cunningham | 531 c1127 (Link to this contribution) I was pleased to visit TAG Energy Solutions in my constituency on Tuesday—a company that has just in...
George Osborne | 531 c1127 (Link to this contribution) We are seeking to develop a domestic green energy industry; the company that the hon. Gentleman spea...
Andrew Percy | 531 c1127 (Link to this contribution) The Humber is one of the regions that, over the past 10 years, lost private sector jobs, and instead...
George Osborne | 531 c1127-8 (Link to this contribution) I completely agree with my hon. Friend about the need to make progress on our planning reforms for t...
Pamela Nash | 531 c1126 (Link to this contribution) The Chancellor failed to mention in his statement that the Bank of England has now downgraded the gr...
George Osborne | 531 c1126-7 (Link to this contribution) I reconcile it by quoting the Governor of the Bank of England, given that the hon. Lady mentions the...
Andrew Jones | 531 c1127 (Link to this contribution) I welcome the Chancellor's statement. If he accepted submissions to revert to a VAT cut through a de...
George Osborne | 531 c1127 (Link to this contribution) A multibillion-pound increase in our deficit would undermine market confidence in the UK, and would ...
Michael Fallon | 531 c1116 (Link to this contribution) Before there is any further attempt to rewrite history, can the Chancellor confirm again that until ...
George Osborne | 531 c1116 (Link to this contribution) We are not proposing for a second to change our deficit reduction target. The target is a structural...
Stewart Hosie | 531 c1116 (Link to this contribution) The June 2010 Budget described the deficit reduction plan as adding £8 billion of tax rises a year f...
George Osborne | 531 c1117 (Link to this contribution) Absolutely. I think that interest rates are often the missing part of the debate in the Chamber. It ...
Sarah Newton | 531 c1117 (Link to this contribution) Moneyfacts reported yesterday that the low cost of borrowing in the United Kingdom means that, on av...
George Osborne | 531 c1117 (Link to this contribution) Both those matters are properly for the Bank of England. It is for the Governor to comment on the va...
Alison McGovern | 531 c1117 (Link to this contribution) Given poor and worsening United Kingdom growth, at what point will the Chancellor advocate further q...
Speaker | 531 c1117 (Link to this contribution) Order. I appeal to colleagues to ask single, short supplementary questions without preamble, so that...
George Osborne | 531 c1118 (Link to this contribution) We abandoned the Bretton Woods arrangements in the early 1970s, so it has been a while since we have...
Kelvin Hopkins | 531 c1117 (Link to this contribution) The frightening instability of the world economy has arisen since, and as a result of, the abandonin...
George Osborne | 531 c1118 (Link to this contribution) I expected that that question might arise, as it often does at Treasury events. As people will have ...
Alun Cairns | 531 c1118 (Link to this contribution) I congratulate the Chancellor on the deficit reduction programme that has secured the United Kingdom...
George Osborne | 531 c1118-9 (Link to this contribution) The question that I would ask the hon. Gentleman is this: who in the world does he expect to be lend...
Stuart Bell | 531 c1118 (Link to this contribution) The House will have noted that the Chancellor did not mention the fact that inflation is approaching...
George Osborne | 531 c1119 (Link to this contribution) Of course I agree that we need demand. I think that demand comes partly from confidence, and that co...
Brian Binley | 531 c1119 (Link to this contribution) I welcome the Chancellor's comments about the need to cut deficits. Let me also remind him that a he...
George Osborne | 531 c1119 (Link to this contribution) Of course we need to fill vacant properties, but we also need to allow new development. I think that...
Valerie Vaz | 531 c1119 (Link to this contribution) Can the Chancellor explain how relaxing planning control will stimulate the economy when offices, ho...
Geoffrey Clifton-Brown | 531 c1119 (Link to this contribution) What further help can the Chancellor give small businesses, 4.5 million of which employ fewer than f...
George Osborne | 531 c1120 (Link to this contribution) Of course we bear in mind advice from the IMF and others, but it makes it clear that that is not its...
Stephen Timms | 531 c1120 (Link to this contribution) The momentum for growth in the UK economy has clearly now run out, and I am glad that the Chancellor...
George Osborne | 531 c1120 (Link to this contribution) We do debate the European budget in this Parliament, and they are often quite lively debates. We are...
Anne Main | 531 c1120 (Link to this contribution) Europe is making increasing demands on our pension pots and our benefit pots and, indeed, it recentl...
George Osborne | 531 c1120 (Link to this contribution) It sounds like the shadow Chancellor wrote that question. Let me repeat what I said earlier: the pro...
Chris Williamson | 531 c1120 (Link to this contribution) In view of the flatlining economy, and given that inflation is set to hit 5%, the spectre of stagfla...
George Osborne | 531 c1119-20 (Link to this contribution) The hon. Gentleman shakes his head. He obviously did not know that there was to be an increase in sm...
George Osborne | 531 c1121 (Link to this contribution) First, while not all the recent economic data have been encouraging, the services index for the Unit...
Jeremy Lefroy | 531 c1120 (Link to this contribution) Recently, the UK has been the highest per capita exporter of services in the world, and that is vita...
George Osborne | 531 c1121 (Link to this contribution) In the spending review, we set higher capital budgets than those set out by my predecessor, the Chan...
Nia Griffith | 531 c1121 (Link to this contribution) Last week I visited the Dividers Modernfold factory in my constituency. In common with many other co...
George Osborne | 531 c1122 (Link to this contribution) I would be very happy to look at that specific constituency case. Let me look into the details and g...
Mark Spencer | 531 c1122 (Link to this contribution) The Chancellor referred to Merlin and the agreement with the banks, but is he aware that these banks...
George Osborne | 531 c1121 (Link to this contribution) My hon. Friend asks a good question, which is being asked in the markets at present. I have to say t...
Tobias Ellwood | 531 c1121 (Link to this contribution) I congratulate the Chancellor on sticking to his deficit reduction plan, which has allowed us to kee...
George Osborne | 531 c1122 (Link to this contribution) It might surprise the hon. Gentleman to learn that I agree with at least part of what he says: we do...
Jeremy Corbyn | 531 c1121-2 (Link to this contribution) Does the Chancellor of the Exchequer have any concerns about the unaccountable power of the credit r...
George Osborne | 531 c1116 (Link to this contribution) The challenge that we and many developed countries face is that banks are shrinking their balance sh...
George Osborne | 531 c1116-7 (Link to this contribution) My hon. Friend is absolutely right. In January last year the largest bond investor in the world said...
George Osborne | 531 c1119 (Link to this contribution) Small businesses are, of course, the engine of job creation in our country. As I have said, 500,000 ...
Subjects
Banks Financial markets Economic and monetary union Government securities Public sector debt Shares USA Stock market World economy
Contains statistics
Yes
Link
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