Osborne’s Statement + Updates + Videos

Protecting Britain from the storm. Lists world markets that are down today. Britain not immune. Bank shares hit hard. Striking difference from european neighbours – market for bonds is strong. Lowest interest rates for 100yrs. Huge vote of confidence and major source of stability. Reminder of the reckless folly who those who said “too far, too fast”. They were “too little, too late”.

Weak economic data from US, historic downgrade + crisis of confidence in eurozone periphery has spread. Not out of blue but same root cause – debt. Overhang of unsustainable household borrowing, unsustainable house prices… UK most indebted households, largest budget deficit and most over-leveraged banking sector.

BofE and OBR – economy expected to grow this year, job creation doing well. Continue to put hse in order. British banks sufficiently well-capitalised and hold enough liquidity to cope with market turbulence.

Struggling to keep up, too many long words and he talks too fast.

Internationally-admired OBR. Britain safe haven in sovereign debt storm. Market interest rates fallen while others have soared. Off credit ratings agencies watchdog and AAA status confirmed.

Unwavering commitment to fiscal responsibility and deficit reduction. Leading the way in Europe, setting an example for euro-zone countries.

Remorseless logic of a monetary union. Thank God Britain stayed out of the currency union. Solutions such as euro-bonds now require serious consideration and need more effective economic governance. Break-up of euro wd be economically disastrous including for Britain.

Global and European crisis – far greater progress needed on global imbalances. Global framework needed. Progress frustratingly slow. Barriers are poolitical, not economic, no excuses left.

New model of growth needed. Growth cannot come from more government debt. To those who last year recommended UK follow US model, why has US economy grown ore slowly than UK economy this year?

Structural reforms needed in Europe. EU shd cut red tape, not add to it. Doha round must commit to free trade around the world.

Planning reform, tax reform, welfare, education reform – radical agenda but much more we must do to create sustainable growth. Confront vested interests which stand in way of growth. We will continue to lead the international response. Britain is a safe haven in the global debt storm.

Ed Balls is up now, talking about “right-wing nutters”.

MORE TO FOLLOW + videos

UPDATE(s):
Osborne: Balls is living proof of why British people will never again trust the Labour Party with their money.  Irrelevant Balls and his theories wd be “laughed out” of the G7.

Bill Cash said even Heath wd repudiate fiscal union with hard-core Europe.  Squeaker Bercow cut him short.  Obsorne disagreed – says now in our national economic interest for there to be strong fiscal integration within the EU.  Prospect of “major” Treaty change to bring about the union is not “imminent” – so they’re all hoping to avoid triggering a referendum.  As we knew they would.

Britain has highest budget deficit in the G20.

Country has lost £12bn since Brown sold off the gold – sold at $300 & now stands at $1800 ounce.

Countryside & Green Belt  will be under pressure from big business in name of “sustainable growth” by relaxing the planning regs

Ann Main called for debate on how much we pay to the EU.

I’ve heard more than enough from Parliament for one day.   Videos will follow.

Osborne:

Balls’ response:

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