Economic Policy
Debate between George Osborne and Tom Harris(11 years, 2 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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Mr Osborne
I think that it was Lord Chesterfield who provided advice to his son in that famous book, and I am sure that the advice included, “Don’t spend more than you’ve got.”
Mr Tom Harris (Glasgow South) (Lab)
The Chancellor seems determined to follow in the footsteps of his illustrious predecessor, Lord Lamont, who, following our ignominious expulsion from the exchange rate mechanism in 1992, famously had a bath and sang, “Je ne regrette rien”. Does the Chancellor have any plans to have a bath tonight and what song does he plan to sing? May I suggest, “Help!”?
Mr Osborne
We are dealing with the problems that we inherited. Given the situation that we inherited, I think we can say, “Things can only get better”.
Oral Answers to Questions
Debate between George Osborne and Tom Harris(11 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Tom Harris (Glasgow South) (Lab)
T2. May I take this opportunity to pay tribute to the Chancellor’s excellent judgment in supporting Labour’s spending plans up until November 2008? Will he therefore accept that the deficit he inherited was caused not by the spending plans supported by those on both sides of the House but by the worldwide recession?
Mr Osborne
The idea that Labour irresponsibility had nothing to do with the fact that Britain had a higher budget deficit than almost any country in the world is fanciful. The truth is that my predecessor as Chancellor has accepted that Labour was spending too much, as has Tony Blair, who was Prime Minister during that period. The only person who will not accept that is the person who was chief economic adviser at the Treasury at that time—the man who Labour have now been landed with as shadow Chancellor.