Budget Resolutions and Economic Situation

Christian Matheson Excerpts

Wednesday 8th July 2015 Commons Chamber

[Chris Philp (Croydon South) (Con)]

I join others in congratulating the Members who have made their maiden speeches today: the hon. Member for Coatbridge, Chryston and Bellshill (Philip Boswell), and my hon. Friend the Member for Louth and Horncastle (Victoria Atkins). I believe that my hon. Friend’s predecessor served in the House for 55 years, and I wish her well in her possible attempt to emulate that phenomenal record of service.

I also pay tribute to my right hon. Friend the Chancellor of the Exchequer for an excellent Budget statement—all the more so when we cast our minds back and consider the very difficult circumstances that he inherited when he first came to the Dispatch Box in 2010.

[Christian Matheson (City of Chester) (Lab)]

I thank the hon. Gentleman for giving way so early in his speech. Can he point to any measures in the Red Book that the Chancellor will be introducing to prevent a further crash in the American sub-prime mortgage market, which was, of course, the cause of the circumstances to which he has just referred?

[Chris Philp]

I thought that the former Prime Minister, Gordon Brown, had abolished boom and bust, but he had clearly failed to do so. Moreover, I note that the last Labour Government had been running a deficit since 2002. Had they not been so grossly irresponsible as to run a deficit during the good years, the country would have been better prepared when the bad times came, and we would have been able to weather the storm. The blame is entirely to be laid at the door of the last Labour Government.