Economic Policy Debate

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Department: HM Treasury

Economic Policy

Claire Perry Excerpts
Monday 25th February 2013

(11 years, 10 months ago)

Commons Chamber
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George Osborne Portrait Mr Osborne
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As I said, the credibility of the Government’s economic policy is tested every day in the markets, and we are borrowing at record low interest rates. As I have said many times, the idea that the problems we inherited could be solved overnight was patently ludicrous. They are some of the worst economic problems that any incoming Government have ever faced in British political history. We are dealing with those problems. The deficit is down by a quarter, 1 million jobs have been created in the private sector, and interest rates remain very low. That is the test of the success of our policy.

Claire Perry Portrait Claire Perry (Devizes) (Con)
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I shall be calm, Mr Speaker. Will the Chancellor confirm that two other major rating agencies still maintain Britain’s triple A credit rating and that the credit default swap rate—another measure of default risk—is at 51 basis points today, one of the lowest levels in the world?

George Osborne Portrait Mr Osborne
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My hon. Friend is right about the credit default swap rate. As I have said, the credibility of our policies is tested every week when we have to borrow all this money to pay for Labour’s deficit, and we are borrowing it at record low rates.