Andrew Gwynne
Main Page: Andrew Gwynne (Labour - Denton and Reddish)Department Debates - View all Andrew Gwynne's debates with the HM Treasury
(11 years, 2 months ago)
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Mr Osborne
What will help the economic recovery of the Humber are, first of all, the low interest rates, which, as I said earlier, are tested every day out there in the bond market. In addition, however, we have opened new enterprise zones in east Yorkshire, we have cut the bridge tolls on the Humber bridge—which I would have hoped that the hon. Lady would welcome—and we have invested in new road projects in and around the area, which had been demanded for years.
Andrew Gwynne (Denton and Reddish) (Lab)
In 2010, the Chancellor pledged to secure the recovery. By 2011, that had changed to maintaining Britain’s triple A credit rating. Is not the Chancellor’s failure to deliver on the first promise the reason for our losing the second?
Mr Osborne
We inherited an incredibly difficult situation. The economy had contracted by 6%; we were experiencing the deepest recession in the country’s modern history, and arguably the worst financial crisis in its entire history. Since then we have made difficult decisions, but they have seen interest rates stay low, they have seen the deficit come down, and they have seen the creation of a million jobs. The hon. Gentleman should be welcoming that.