Budget Resolutions and Economic Situation

Debate between Lord Sharma and John McDonnell

Thursday 17th March 2016 Commons Chamber

[Alok Sharma (Reading West) (Con)]

The hon. Gentleman and the Opposition are suffering from some form of collective amnesia. Does he not remember that the British economy was on life support in 2010 when the Chancellor took over? The body of the economy was barely twitching. Why does he not acknowledge the fact that since 2010 growth is up, wages are up, employment is up and the deficit is down? He should be praising the Chancellor, not saying the economy is going down.

[John McDonnell]

Will the hon. Gentleman acknowledge that the objective statements of the past 48 hours have demonstrated that all the factors that he mentions are falling back, and that we now face a serious problem that should be addressed by a responsible Government when they see their own fiscal rule and economic policies failing?

Let me repeat what the IFS said so that everyone is clear: the percentage losses were about 25 times larger for those at the bottom than for those at the top. So much for the Government’s statement about the broadest shoulders taking the strain. Furthermore, time and again, it is women who have borne the brunt of the Chancellor’s cuts. Recent analysis by the Women’s Budget Group showed that 81% of tax and welfare changes since 2010 have fallen on women.