Highlights: Comments by British finance minister George Osborne

LONDON (Reuters) - British finance minister George Osborne is speaking on Tuesday at a Thomson Reuters Newsmaker event moderated by Reuters editor-at-large Harold Evans.

Highlights of his comments are below. To follow the event live, double-click on http://uk.reuters.com/newsmaker

CHINA

"What we want is two-way trade. We, of course, want access to the markets, we want British banks writing bonds in China, but we also want Chinese banks writing bonds in London."

"(Chinese banks in Britain) will be well-regulated ... there has been some comment that this was a special deal for the Chinese. This is a deal available to other banks provided they meet the criteria (that are set out by Mark Carney and Andrew Bailey at the PRA)."

"I think we already see the benefits in the UK of having a clear economic plan and sticking to that economic plan."

"The job is very far from done. There is a recovery under way, Britain is turning a corner, but there are plenty of risks out there. We've just been talking about the problems in the U.S., the eurozone remains still very weak and that is troubling because it's a big destination for our exports."

"An improving economic situation in the UK does not automatically lead to a windfall for the public finances because we shouldn't assume that a structural deficit is solved by an improvement in GDP. It's called a structural deficit for a reason. It doesn't disappear as the economy grows: it was present going into the financial crisis, it's present coming out of the financial crisis, and so we are going to go on as a government having to take very difficult decisions to control public spending and make sure we are on top of the deficit."

EU-US TRADE TALKS

"I would hope that financial services aren't excluded from that transatlantic trade and investment partnership. In the U.S. some of the regulators are asking how can we preserve high American standards of regulations. I would say it's in everyone's interest to have high standards of regulation."

UK HOUSING MARKET

"I don't think it should be a choice of credit for housing or credit for small business lending. The housing market has also been through a fall, and there has been a drought of mortgage finance for families who can't afford large deposits."

(Reporting by Lorraine Turner, Paul Sandle, Sarah Young, Christine Murray, Brenda Goh, Editing by Belinda Goldsmith)

See all articles from Reuters
Loading...

Friend's Activity