Bernard Jenkin
Main Page: Bernard Jenkin (Conservative - Harwich and North Essex)Department Debates - View all Bernard Jenkin's debates with the HM Treasury
Public Finances: Borrowing Costs
Bernard Jenkin Excerpts(1 day, 14 hours ago)
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Darren Jones
My hon. Friend is absolutely right. Let me set out the difference that the British people will experience. At the end of 14 years of Conservative Government, they had higher mortgages, higher bills, a higher cost of living and public services on their knees. At the end of this Labour Government, pointing towards the next general election, as set out in the Prime Minister’s plan for change, they will have more money in their pocket, public services will be functioning again, and they will be proud once again of their Government, and of the British economy.
Sir Bernard Jenkin (Harwich and North Essex) (Con)
Having listened very carefully to the right hon. Gentleman’s responses, I believe that he is making a more significant statement than many of his colleagues might realise. By underlining that there will not be any tax or borrowing increases, he is, in effect, saying that austerity is back, because there is no way that the public finances can be remedied by another Budget of wishful thinking that pretends that increased borrowing and spending will produce growth. That is once again being proved by a Labour Government to be a false way of leading the economy.
Darren Jones
I am always grateful to the hon. Gentleman for thinking that I am making such substantive interventions, and for his continued support in that respect. This is not austerity, as he will know full well. Austerity was ideological cuts to public financing and the size of the state. It was 3% cuts, irrespective of what that meant for public services or for people across the country. That is far from what the Chancellor unveiled in her autumn Budget. That was the absolute opposite of austerity; we increased financing for frontline public services, and will continue to do so.