Pensions Bill [Lords]
Debate between Gregg McClymont and Marcus Jones(13 years, 1 month ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Marcus Jones (Nuneaton) (Con)
The hon. Gentleman mentions that the deficit will be brought down by 2015-16. That may be the case, but this country will still owe £1.14 trillion or £1.15 trillion. Does he think it fair and just that our children and their children, and probably their children, will be taking on that debt?
Gregg McClymont
Does the hon. Gentleman not understand his own Government’s policy, which is to eradicate the structural deficit by 2015? [Interruption.] According to the Government, the deficit will have gone. [Interruption.] The Secretary of State, from a sedentary position, makes the distinction between debt and deficit. I can tell him that I am well aware of that distinction, but I suggest that Members on the Government Benches are not so clear on this. I say that because £1 billion a year is one 1,000th of the debt that the hon. Gentleman just—
Gregg McClymont
No, I will not give way again, because I have answered the hon. Gentleman’s question very clearly. I will restate the point: £1 billion a year is one 1,000th of the national debt figure to which he just referred.
Gregg McClymont
No, I will not give way. I am sorry to be able to quote some relevant arithmetic to Conservative Members—they do not seem to like it— but these are facts. Let me continue my point: £1 billion a year for 10 years is one 1,000th of our national debt.