Living Standards

Debate between Charlie Elphicke and Andrew Jones

Wednesday 30th November 2011 Commons Chamber

[Charlie Elphicke]

I could not agree more. If we had pursued such a plan, we would now be in recession, and the fact that we are not in that situation and do not plan to be is a testament to how well the Chancellor has managed the economy since the election, and to how well the coalition Government have done in taking the tough and necessary decisions to steer the right and careful course.

The situation is, of course, difficult for our young people. All Government Members feel painfully how difficult it has been with youth unemployment, and it would be a lie to say otherwise, but we have taken action: we have had an apprenticeship revolution, which has done so much; we have seen the new youth contract, which is going to make such a big difference; and, although we know that the trend had been rising for some time, we now need to reduce it and to turn the oil tanker around. I am confident that this Government are absolutely determined to do that.

[Andrew Jones (Harrogate and Knaresborough) (Con)]

When the Labour party left government, it left huge debts, and the cost of paying just the interest is running at about £44 billion a year. That works out at about £1,800 per household in taxation—just to pay the interest on Labour’s debts. Does my hon. Friend agree that that is having a huge impact on the spending power of families and is one reason why they feel under real pressure?

[Charlie Elphicke]

I absolutely agree. The saviour has been the low interest rates, which have meant that they are less squeezed than they would have been had Labour been in power.