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Autumn Forecast

Secondary information

Type

Parliamentary proceeding

Reference

519 c529-51 

Session

2010-12

Department

Treasury

Chamber / Committee

House of Commons chamber

Related items

Economic and fiscal outlook November 2010.
Monday, 29 November 2010
Command papers
House of Commons

Proceeding contributions

Speaker | 519 c551 (Link to this contribution) Order. Was the hon. Gentleman present at the start of the statement?

Speaker | 519 c551 (Link to this contribution) He was uncharacteristically quiet throughout it.

Show all contributions (97)

Marcus Jones | 519 c545 (Link to this contribution) I welcome my right hon. Friend's statement and his will to reform business regulation. In the course...

Baroness Keeley | 519 c545 (Link to this contribution) On public sector jobs, the Chancellor says that head count reduction will happen over four years, bu...

George Osborne | 519 c545 (Link to this contribution) The short answer to my hon. Friend is yes. One of the specific aspects that we want to look at is ho...

Speaker | 519 c545 (Link to this contribution) Order. May I make the point that I have made no announcement and I can certainly say no more, but I ...

Baroness Coffey | 519 c545 (Link to this contribution) I warmly welcome the announcement that you made of the investment by GSK into our British economy to...

George Osborne | 519 c545 (Link to this contribution) I said at the time that it was a challenging settlement. I have removed some of the ring-fencing—ind...

Edward Leigh | 519 c543 (Link to this contribution) All the talk is of cuts, but with spending still rising despite these so-called cuts and with debt a...

Charlie Elphicke | 519 c551 (Link to this contribution) Will the Chancellor confirm that the corporation tax reforms that were announced today will make the...

Geraint Davies | 519 c546-7 (Link to this contribution) We know that the deficit is the price that has been paid to avoid a depression—a price that the Chan...

George Osborne | 519 c538 (Link to this contribution) I am not aware that the OBR makes that forecast, but obviously everything we are doing—whether incre...

Speaker | 519 c538 (Link to this contribution) A lot of Back Benchers want to say something and I would like to accommodate them, but there is impo...

Lord Tyrie | 519 c538 (Link to this contribution) In June, the Red Book was forecasting that the savings ratio would remain broadly steady at about 6%...

Baroness Hodge of Barking | 519 c538 (Link to this contribution) What is the forecast for the gap between the richest and the poorest in Britain by 2015? Do the Chan...

Lord Redwood | 519 c538 (Link to this contribution) I thank the Chancellor for the guarantee of no bail-outs for other European countries. Does he think...

Speaker | 519 c537 (Link to this contribution) Order. Members really must calm down. Only this morning I was talking to sixth-formers, one of whom ...

George Osborne | 519 c529-34 (Link to this contribution) I would like to make a statement regarding the Office for Budget Responsibility's first autumn forec...

George Osborne | 519 c536-7 (Link to this contribution) I think the shadow Chancellor made the mistake of writing his response before he had seen the OBR's ...

Alan Johnson | 519 c534-7 (Link to this contribution) Let us move from bombast to reality. Here is what the OBR says:"““As we discussed in Chapters 3 and ...

Speaker | 519 c534 (Link to this contribution) Order. The Chancellor must be heard.

George Osborne | 519 c543 (Link to this contribution) The short answer is no. We inherited a situation of very deep recession, a major banking crisis and ...

Matt Hancock | 519 c544 (Link to this contribution) Will the Chancellor give us his assessment of what would happen if we ignored the advice of the IMF,...

George Osborne | 519 c544 (Link to this contribution) It is not a bad test of the policy offered to the Government from the Opposition to consider what wo...

Kate Green | 519 c544 (Link to this contribution) I am naturally pleased that the number of job losses in the public sector has been revised downwards...

George Osborne | 519 c544 (Link to this contribution) I do of course think the spending review was fair, but as I said at the time—[Interruption.] If the ...

Jesse Norman | 519 c544 (Link to this contribution) May I congratulate the Office for Budgetary Responsibility on a thoroughly transparent, comprehensiv...

George Osborne | 519 c544 (Link to this contribution) There is of course concern about the high deficits, particularly in the eurozone. Let us hope that t...

Ann Coffey | 519 c544 (Link to this contribution) Stockport council will tonight announce proposals for cuts, with the likely loss of 400 jobs. That w...

George Osborne | 519 c544-5 (Link to this contribution) Of course, I have enormous sympathy with anyone who faces a job loss, but we are creating the econom...

Andrew Love | 519 c542 (Link to this contribution) In reference to the answer to my hon. Friend the Member for Streatham (Mr Umunna), the Chancellor, t...

George Osborne | 519 c542 (Link to this contribution) This has been one of the most difficult issues that the international community and, of course, the ...

Sheila Gilmore | 519 c542 (Link to this contribution) Given that the nearest year for prediction in the OBR report suggests that growth will fall in relat...

George Osborne | 519 c542 (Link to this contribution) The hon. Gentleman says that I made the forecasts, but they are independent forecasts by Mr Robert C...

Andrea Leadsom | 519 c542 (Link to this contribution) Is my right hon. Friend concerned that in the Greece bail-out and now in the Ireland bail-out taxpay...

George Osborne | 519 c543 (Link to this contribution) I certainly agree with my hon. Friend that an essential part of this programme for public expenditur...

Barry Gardiner | 519 c543 (Link to this contribution) The OBR's central forecast is for a ““relatively sluggish medium-term outlook””, which it says"““ref...

George Osborne | 519 c542-3 (Link to this contribution) I said right at the beginning of my remarks that these are economic forecasts and that we should tre...

George Osborne | 519 c541 (Link to this contribution) In the last decade, under the Government of which the hon. Gentleman was a member, for every 10 jobs...

George Osborne | 519 c540 (Link to this contribution) What the Irish banks are getting, in many cases, is a capital injection. As in the UK, the banks hav...

Charles Walker | 519 c541 (Link to this contribution) When the books are balanced, will the Chancellor seriously consider reducing the overall burden of t...

John Baron | 519 c541 (Link to this contribution) I suggest that my right hon. Friend never tire of reminding the Opposition that this recession, like...

George Osborne | 519 c541 (Link to this contribution) I assure my hon. Friend that I will not tire of reminding the Opposition of that. Of course, if they...

Chuka Umunna | 519 c541 (Link to this contribution) The Chancellor has said that he sees private sector growth being driven by business investment and b...

George Osborne | 519 c541 (Link to this contribution) One of the primary tasks of the OBR is to assess whether we will hit the fiscal mandate. The very fa...

George Osborne | 519 c539 (Link to this contribution) The Irish bank restructuring package will now take several weeks—at least—to put in place, and we ar...

John Pugh | 519 c539 (Link to this contribution) The Chancellor says he is intent on reforming our ““outdated and complex rules for controlled foreig...

George Osborne | 519 c538 (Link to this contribution) Obviously, the ECB is independent so I will not speak for it. What I have said about the European fi...

Ian Jnr Paisley | 519 c538 (Link to this contribution) I thank the Chancellor for his statement. What assurances has he received from Ireland to ensure the...

George Osborne | 519 c540 (Link to this contribution) That is, of course, a very significant feature of what is happening today. It is completely unpreced...

Dennis Skinner | 519 c540 (Link to this contribution) Why are the Irish banks worth saving yet Northern Rock was not?

George Osborne | 519 c540 (Link to this contribution) What we have published today is a series of documents, which the hon. Gentleman has perhaps not had ...

George Osborne | 519 c539 (Link to this contribution) Yes, I can assure the hon. Gentleman that that is certainly not the purpose of the measure and that ...

George Mudie | 519 c539 (Link to this contribution) The Chancellor and the Business Secretary have apparently postponed the long-awaited growth White Pa...

Bill Esterson | 519 c549 (Link to this contribution) Was the Chancellor talking a ““complete load of nonsense””, as he put it earlier, when he said"““Loo...

Karl Turner | 519 c549 (Link to this contribution) Does this apparent good news mean that the Government can now spare the blushes of the disgraced Dep...

Jessica Lee | 519 c550 (Link to this contribution) I welcome my right hon. Friend's statement, particularly on the investment of GlaxoSmithKline in a n...

George Osborne | 519 c546 (Link to this contribution) We are looking at two specific things. One is the controlled foreign companies regime. This is what ...

Chris Williamson | 519 c547 (Link to this contribution) What words of comfort can the Chancellor offer the construction industry and the thousands of unempl...

Mark Reckless | 519 c550 (Link to this contribution) Instead of lending to Ireland to repay the European Central Bank and bolster bank capital relative t...

Tobias Ellwood | 519 c548 (Link to this contribution) It is clear from the response that we have heard today that the Labour party is still in denial abou...

Jonathan Edwards | 519 c547-8 (Link to this contribution) In bringing forward their national insurance proposals the Government accept that their fiscal conso...

George Osborne | 519 c551 (Link to this contribution) My hon. Friend is absolutely right that the reforms will help to do that. They will help the UK to b...

George Osborne | 519 c541-2 (Link to this contribution) Of course, I am a believer in trying to reduce the tax burden and trying to reduce taxes. However, I...

Lord Watts | 519 c541 (Link to this contribution) Is it not the case that most of the public sector cuts will take place in the north and that any job...

George Osborne | 519 c549 (Link to this contribution) I know that a number of concerns have been raised about the FSA's review of that area. Obviously, it...

George Osborne | 519 c549 (Link to this contribution) If the hon. Gentleman cannot tell the difference between the economic situations in which Britain an...

David Nuttall | 519 c549 (Link to this contribution) Is my right hon. Friend as concerned as I am that over-prescriptive regulation such as that proposed...

Gregg McClymont | 519 c548 (Link to this contribution) Has Ireland's fiscal consolidation been successful?

George Osborne | 519 c548 (Link to this contribution) I thank my hon. Friend for his initial comments. I say this about any future action that we may or m...

George Osborne | 519 c549 (Link to this contribution) We avoided the increase in the small companies rate that the previous Government wanted to introduce...

Justin Tomlinson | 519 c551 (Link to this contribution) What measures are being taken to maintain the low interest rates that are essential to mortgage hold...

Rob Wilson | 519 c550 (Link to this contribution) Compared with June, the OBR predicts, in table 4.21 on page 118, that we will save £19 billion in in...

George Osborne | 519 c550-1 (Link to this contribution) I completely agree with my hon. Friend, who has been a powerful champion of the east midlands and of...

George Osborne | 519 c546 (Link to this contribution) Since the Government were created there has been an absolute focus in foreign policy and trade polic...

Geoffrey Clifton-Brown | 519 c546 (Link to this contribution) My right hon. Friend has today reinforced the need for exports to help our recovery. What can he per...

Mel Stride | 519 c547 (Link to this contribution) I welcome my right hon. Friend's statement and, in particular, today's OBR forecast, which sees proj...

George Osborne | 519 c547 (Link to this contribution) The OBR also makes a projection for private sector employment and takes into account all the potenti...

George Osborne | 519 c547 (Link to this contribution) It is of course an independent forecast, and although the Chancellor does—and will under legislation...

George Osborne | 519 c547 (Link to this contribution) We certainly want to support the construction industry. It is one of the specific sectors that we ar...

George Osborne | 519 c551 (Link to this contribution) First, we are seeking to reduce the impact of the fiscal consolidation that would have taken place u...

Chris Ruane | 519 c551 (Link to this contribution) ... I was. ... I was right here at the back, Mr Speaker. In my constituency, 46% of the workers are...

David Rutley | 519 c549 (Link to this contribution) Despite the excessive nay-saying from the Labour party, is the Chancellor aware of a recent report f...

George Osborne | 519 c548 (Link to this contribution) The point that I would make—[Interruption.] Ireland has had to take some incredibly difficult decisi...

George Osborne | 519 c551 (Link to this contribution) The Bank of England Monetary Policy Committee sets interests rates, and does so independently. The p...

George Osborne | 519 c550 (Link to this contribution) I will tell the hon. Gentleman what this issue is about: the hypocrisy of the Labour party. Labour M...

George Osborne | 519 c550 (Link to this contribution) My hon. Friend is absolutely right. This is one of those issues that is perhaps less commented on, b...

George Osborne | 519 c550 (Link to this contribution) The support for Ireland had to be a co-ordinated international effort with the IMF and other Europea...

George Osborne | 519 c546 (Link to this contribution) I think that is one that was prepared earlier. UK growth is forecast to be higher than that of Germa...

Michael McCann | 519 c546 (Link to this contribution) The OBR confirmed today that we will borrow £1 billion less. Last week, we decided to make a £7 bill...

George Osborne | 519 c548 (Link to this contribution) We have created the regional growth fund to look specifically at areas that need support and investm...

Claire O'Neill | 519 c547 (Link to this contribution) I am sure the whole House will welcome chart 1.1 on page 8, which shows that there is almost no prob...

George Osborne | 519 c547 (Link to this contribution) That was a complete load of nonsense. The independent forecast shows that we are projected to create...

George Osborne | 519 c538 (Link to this contribution) Yes, I have, of course, seen the forecast for the savings ratio and we will want to address it. It h...

Daniel Byles | 519 c540 (Link to this contribution) The shadow Chancellor says that he is concerned about what he calls slow growth in coming years. Doe...

Michael Fallon | 519 c540 (Link to this contribution) Given the forecasting record of the Chancellor's predecessor but one, who was frequently in error bu...

George Osborne | 519 c540-1 (Link to this contribution) My hon. Friend makes an extremely good point. What is happening here is a rebalancing of the economy...

Subjects

Economic situation Forecasts National income Economic recession Office for Budget Responsibility

Contains statistics

Yes

Link

View this Parliamentary proceeding on www.publications.parliament.uk