Economy: Fiscal Framework — Question

Part of the debate – in the House of Lords at 2:44 pm on 4 June 2013.

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Photo of Lord Vinson Lord Vinson Conservative 2:44, 4 June 2013

My Lords, does the Minister agree that this country currently has to borrow over £50 billion a year to meet its obligations, largely due to our inability to export? That £50 billion comes after selling some of our prime assets like our water companies and utilities which, for some reason, pension funds abroad think better of investing in than our own pension funds do. Leaving that aside, we have a floating pound and the only way that we can actually make ourselves more competitive is to let the pound float down. I hope that the Government and the new governor will encourage this.