Britain should be doing better on economy, David Cameron’s spokesman says

by
June 28, 2011

By Christopher Hope, The Telegraph

The comments came amid fresh economic news from the City, with the pound falling against the euro and house prices down for the second month in succession.

Mr Cameron’s spokesman was challenged by reporters over claims that Britain was under-performing within the euro zone.

He replied: “We should be doing better economically and that is something we are seeking to do, we are seeking to rebalance the economy, deal with the deficit.” Part of the plan to succeed in this was to “increase exports”.

Earlier at a press conference alongside Chinese Premier Wen Jiabao, Mr Cameron had been challenged by a Chinese reporter who said the UK had fallen to third place in Europe in terms of trade with the Far Eastern giant and to fifth in terms of trade in technology.

The UK was overtaken by Germany last year in its investment in China, he said.

Mr Cameron replied by quoting figures relating to bilateral trade with China. He said: “If you look at the figures, British exports to China grew by 40 per cent last year and since November, when I visited Beijing, have gone up by 20 per cent.

“So I don’t accept that Britain isn’t exporting more to China and isn’t on target to meet the very challenging target of 100 billion dollars in bilateral trade by 2015.”

Both UK and China announced trade deals worth £1.4billion on Monday, including a deal to develop railways. In foreign exchange trading, sterling touched the lowest level against the dollar since January and fell against the euro.

A report from property researcher Hometrack Ltd found that the average cost of a home in the UK slipped 0.1 per cent in June against figures for May. Mervyn King, the Governor of the Bank of England and chairman of the Monetary Policy Committee, is due to appear in front of MPs later on Tuesday.

 

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