18. What estimate he has made of the level of economic growth since the October 2010 spending review. (126537)

The economy grew by 1.8% in 2010 and 0.9% in 2011. The Office for Budget Responsibility is responsible for producing independent economic and fiscal forecasts.

The Minister will be aware that the Chancellor boasted that there would be growth of 2.6% in 2011 and 2.8% in 2012. Actually, growth has averaged 0.6% over the past two years. What went wrong?

The hon. Gentleman is a distinguished member of the Treasury Committee, and I think he knows better than that. The Government introduced an independent Office for Budget Responsibility to make forecasts, and the OBR report in October 2012 said that there were several reasons why the out-turn has been different from the forecasts, including

“deteriorating export markets…impaired credit conditions”

and “euro area anxiety”. Perhaps the hon. Gentleman can welcome yesterday’s report from the Centre for Economics and Business Research, which said that Britain would be the fastest-growing economy in Europe in 2013 and 2014. [Interruption.]

Order. The shadow Chancellor is perfectly free to decide not to speak when he is on his feet, but that does not mean that instead he can speak from his seat.

On behalf of my constituents, I welcome the news that the economy has returned to growth, and I draw the Minister’s attention to the success in the life sciences sector. Eli Lilly has announced a new early-stage neuroscience facility in the UK, Johnson and Johnson has made Britain the home of its new global innovation centre, and more than £1 billion has been raised this year in early stage funds. Is that not the only sustainable route to a really balanced recovery?

My hon. Friend is absolutely right. The only sustainable growth is long-term growth in private sector jobs.