Oral Answers to Questions

Debate between George Osborne and Russell Brown

Tuesday 21st June 2011 Commons Chamber

[Mr Osborne]

My hon. Friend is right, and, in the case of the Opposition, their plan is plan B for bankruptcy.

[Mr Russell Brown (Dumfries and Galloway) (Lab)]

T9. About 20,000 UK citizens, including some of my constituents, have lost their savings by investing in the fund management company, Arch Cru. Will the Chancellor step in and investigate the role of the Financial Services Authority in the failure of that company?

Oral Answers to Questions

Debate between George Osborne and Russell Brown

Tuesday 16th November 2010 Commons Chamber

[Mr Osborne]

There is an enormous amount of speculation about Ireland at the moment to which I do not propose to add. The Irish Government have said clearly that they have not sought assistance and that they are taking difficult steps to deal with their fiscal situation. They will make further announcements about their Budget situation in the next few weeks. I make the general observation that what is going on at the moment highlights the fact that concerns about sovereign debt issues have not disappeared and we should be grateful that, thanks to the actions of this Government, we have moved Britain out of the financial danger zone.

[Mr Russell Brown (Dumfries and Galloway) (Lab)]

What does the Chancellor say to fixed-income pensioner households in my constituency and his who will be faced with the additional VAT burden in just over 50 days?

[Mr Osborne]

I would say to them what I would say to everyone in this country: that we inherited the largest fiscal—[Interruption.] Well, I do not know how many times Opposition Members have to hear this but it is the truth. They left us the largest Budget deficit in the G20 and the European Union at a time of heightened sovereign debt concern. They can either be part of the debate that the rest of world is taking part in on how to deal with the deficits or they can completely ignore that debate and become irrelevant.