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G7 Summit

Volume 226: debated on Thursday 17 June 1993

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20.

To ask the Chancellor of the Exchequer what measures he will be proposing at the G7 summit in Tokyo in July to enhance international economic growth.

The continuing weakness of the world economy is a serious cause for concern. Tackling the problem will require short-term national measures to boost confidence and promote recovery and medium-term measures to strengthen the sustainable rate of growth. The appropriate medium-term measures include a reduction of budget deficits and structural reform to make markets work better. However, the one single measure that will do most to promote non-inflationary growth is a successful outcome to the GATT negotiations.