Andrew Gwynne
Main Page: Andrew Gwynne (Labour - Denton and Reddish)Department Debates - View all Andrew Gwynne's debates with the HM Treasury
(10 years, 10 months ago)
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Andrew Gwynne (Denton and Reddish) (Lab)
T8. Why does the Office for Budget Responsibility say that the deficit this year will be the same as it was last year and the year before? Is not the truth that the Government’s stalled plan on jobs and growth has led to this appalling situation?
Mr Osborne
Let me tell the hon. Gentleman the appalling situation. It was an 11% budget deficit that the Opposition left us when they left office—11%. It is now going to be 7.7%. Borrowing—[Interruption.] The right hon. Member for Morley and Outwood (Ed Balls) asks how much money. I will tell him. The Opposition were borrowing £157 billion. We are now borrowing £118 billion. Borrowing is not going up. It came down from £157 billion to £118 billion, and if the right hon. Gentleman cannot do that maths, no wonder he left the country in such a mess.