Economic Growth

Oral Answers to Questions — Treasury – in the House of Commons at 2:30 pm on 12 October 2010.

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Photo of Karen Lumley Karen Lumley Conservative, Redditch 2:30, 12 October 2010

What assessment he has made of the effect on GDP of proposals to increase the level of economic growth in the June 2010 Budget.

Photo of Justine Greening Justine Greening The Economic Secretary to the Treasury

A key part of the emergency Budget was to make sure that we rebalanced our economy on to a more sustainable, private-led footing with economic growth taking place. As I said, we introduced a range of measures to support business, but we did not stop at that; we now have a second Finance Bill that brings forward further measures. The Office for Budget Responsibility's analysis following the emergency Budget showed that it is forecasting a sustained recovery in economic output, with employment growing year on year and unemployment falling year on year.

Photo of Karen Lumley Karen Lumley Conservative, Redditch

What would have happened in smaller, mixed-economy areas such as my constituency of Redditch if the Government had refused to take the challenge as they have and face up to the difficult decisions?

Photo of Justine Greening Justine Greening The Economic Secretary to the Treasury

Such areas would have faced a jobs tax with higher national insurance, higher corporation tax rates, lower economic confidence and, quite possibly, higher interest rates.