Jo Johnson: Britain has just posted its first quarterly trade surplus in cars since the 1975 nationalisation of British Leyland by one of the last Labour governments. Will the Prime Minister welcome the news that Britain has not only cut its deficit by 25 per cent over the last two years but is once again a net car exporter
Prime Minister: My Honourable Friend makes an extremely good point and the party opposite do not want to hear good news. He's absolutely right that while we need to take difficult decisions, the deficit has now been reduced by one quarter, so we are on our way to balancing our budget and dealing with our problems. But on the issue of motor car manufacturing, it is encouraging that the first time since 1976 that we have a surplus in car manufacturing. That is because of the hard work people have put in at Nissan, at Honda, at Jaguar and Land Rover. It is extremely good news that is has taken this long to get back to a trade surplus in cars and that Britain is a real home for manufacturing.