Global Economy
Debate between George Osborne and Andrew Miller(13 years, 4 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
My hon. Friend is right that there is a significant monetary stimulus in place through the very low market interest rates and of course the official rate. Both of those would go up, almost certainly in the case of the markets and probably in the case of the Monetary Policy Committee, although it is independent, and that is why all this talk of more fiscal stimulus is a debate that is happening only in the Labour party of the United Kingdom, alone in the world. It is very difficult to find an opposition anywhere in Europe arguing for less deficit reduction coming off the published plans of a Government. As I say, if the shadow Chancellor turned up at one of these meetings and put forward his proposal, he would be laughed out of the meeting.
Andrew Miller (Ellesmere Port and Neston) (Lab)
On a bipartisan basis, may I invite the Chancellor, as a fellow Cheshire MP, to join me in sending our best wishes to the two Cheshire officers injured last evening?
On the subject of the statement, 11% coming off the stock market and massive hits to the values of British companies will have a knock-on impact on many pensioners. What is the Chancellor going to do about it?
Mr Osborne
Of course, stock market falls affect pension investments and other equity investments. Our stock market has fallen—not as much as some, but it has nevertheless fallen—