Oral Answers to Questions

Chris Skidmore Excerpts

Tuesday 21st December 2010 Commons Chamber

[Mr Gauke]

We continue to look at technology and innovation centres, and we need to do so in the context of what we already have in the UK, such as our science capabilities and industries. We need to take advantage of the commercial opportunities that they provide. I note my hon. Friend’s comments, and we continue to consider the matter.

[Chris Skidmore (Kingswood) (Con)]

16. What assessment he has made of the Office for Budget Responsibility’s report on the likely effect of the outcome of the comprehensive spending review on the budget deficit.

[The Chief Secretary to the Treasury (Danny Alexander)]

The spending review set out more than £80 billion of spending reductions by 2014-15, and in its latest forecast, published on 29 November, the independent Office for Budget Responsibility judged that the Government’s overall plan had a greater than 50% chance of balancing the structural current deficit in 2014-15, a year ahead of our mandate. Of course, I welcome that judgment.

[Chris Skidmore]

This year, the country faces a deficit of about £148.5 billion. Action taken by this Government will, according to the OBR, reduce that to £18 billion by 2015-16, yet there are those who reject that action and would prefer to do next to nothing. Does the Chief Secretary agree that to do nothing would cripple future generations with unbearable amounts of debt for which they were not responsible?

[Danny Alexander]

I agree completely, and it is worth adding that if the Government did not have a plan to reduce the deficit, as the previous Government did not, and we lost control of our public finances, the poorest in society would suffer most from that failure to take decisive action.