Osborne: UK can thrive on Asian growth
George Osborne, chancellor, tells the Asia Economic Forum that Britain's recovery can be powered by the Asian boom:
"I do not believe, as some argue, that the rise of the east is a threat to the west.
"It is the strength of Asian economies which mean world growth in this decade and the next will be higher than the past 30 years.
"Of course there are challenges as we adjust to sharp shifts in economic growth and power.
"These adjustments can be painful when unemployment is a challenge in many countries across the world, and where competition for scarce resources affects the prices of key commodities.
"But it also provides huge opportunities to trade and invest for countries who seize them, and I believe that we can make Britain the home of Asian investment and Asian finance in Europe. This is my second reason for optimism.
"If we take the right steps, if we’re bold, then growth in Asia means growth in Britain.
"It is precisely as Asian economies become richer and become nations of consumers that hundreds of millions of people will want to buy the things that British companies can sell them.
"They will want to buy modern medicines for the first time – and when they do so, I want to make sure it is from pharmaceutical firms like Glaxo SmithKline and Astra Zeneca, the largest employer in the constituency I represent.
"They will need modern insurance, banking, and accountancy services, and when they seek those services I want them to do so from companies like HSBC, Prudential, Barclays and Standard Chartered.
"The wealthiest will become consumers of Rolls-Royces made in Sussex, and Bentleys made in Crewe, dressed in Burberry clothes manufactured in Yorkshire.
"And – like a generation of Japanese tourists before them – they will want to travel.
And when they do, I want them to go on holiday to Britain. I want them to go this year, the year of the spectacular London Olympics and the Queen’s Diamond Jubilee celebrations.
"And when they go I want them to fly here on the wings of Airbus planes made in North Wales, powered by Rolls Royce engines assembled in Derby. For Britain is one of the top ten manufacturers in the world as well as a global financial centre.
"If we are going to make the most of what the growing economies of Asia have to offer Britain, then we need make sure we have dealt with the problems in Britain’s economy."
