Business of the House

Charlie Elphicke Excerpts

Thursday 27th January 2011 Commons Chamber

[Charlie Elphicke (Dover) (Con)]

In the light of the shadow Chancellor’s assertions that we should have a splurge of new borrowing and spending, may we have a debate on interest rates? Low interest rates keep my constituents in their homes and help small business keep ticking over. It is important for the House to explore whether interest rates would be raised by the Opposition’s policies.

[Sir George Young]

My hon. Friend raises an important issue. Our success in tackling the deficit means that the interest rate regime will be lower than it otherwise would be. If we listened to Opposition Members’ policies, there would be a real risk of interest rates increasing, and home ownership, investment—and, therefore, jobs—becoming more difficult. I would welcome such a debate.