Government: Economic Policies

Debate between Baroness Browning and Lord Deighton

Wednesday 30th January 2013 Lords Chamber

[Lord Deighton]

My comments were not intended to imply that the economy was going so well. My comments were intended to imply that the economy is facing extraordinarily difficult circumstances that were a function of the historical debt we accumulated, and a very difficult global situation in terms of demand. With respect to the deficit, I confirm that it has been reduced by a quarter.

[Baroness Browning]

I think my noble friend will be aware that the fourth-quarter GDP figures in the USA have been missed by miles. Will he assure us that the UK Government will not emulate the Obama spending spree?

[Lord Deighton]

I thank my noble friend for reinforcing the fact that demonstrating to the world’s financial markets that our spending is properly controlled, and consistent with our capacity to repay the debts that we develop in the international markets, is absolutely at the foundation of our recovery.