Pre-Budget Report

I will give way in a moment, but I am going to mention Europe, which I know distresses a lot of Opposition Members. [Interruption.] They are all sitting down now, Mr. Speaker. Despite what the shadow Chancellor said, right across Europe, including on our doorstep, namely France and Germany, Governments have taken action to stimulate their economies. That is important to consider because it is our biggest trading partner. The European Commission has today called for fiscal stimulus. It has called for a reduction in VAT, for capital expenditure and support for small business, as well as for the European Investment Bank to take action—all the things that we are doing in this country. So yet again, that example reveals the isolation of the Conservative party.