Ottawa Economic Summit

HC Deb 30 July 1981 vol 9 cc498-9W

24. Mr. Neubert

asked the Chancellor of the Exchequer if he will make a statement on the implications of the Ottawa economic summit for the economy.

Sir Geoffrey Howe

The Prime Minister's 23 July statement on the Ottawa economic summit, and the Ottawa declaration itself, show that there is an international consensus embracing the economic objectives and policies being implemented in the United Kingdom. In particular, it is clearly recognised that it is necessary to defeat inflation if unemployment is to be reduced and that this requires control of monetary aggregates and of budgetary deficits. The declaration foresaw the prospect of moderate economic growth in the coming year.