Oral Answers to Questions

Hugh Bayley Excerpts

Tuesday 6th March 2012 Commons Chamber

[Mr George Osborne]

I gave these figures to the House before and will give them again because they remind us how irresponsible the Labour party’s policy is: a 1% rise in mortgage rates would add £10 billion to family mortgage bills; a 1% rise in interest rate loans would cost businesses £7 billion; and a 1% rise in interest rates would add £21 billion to debt interest payments. The policy that the Labour party claims to pursue, at least this week, would definitely put market rates up, which is what has happened to other countries without a credible fiscal policy, and taxpayers, families and businesses would pay for the mess they got us into.

[Hugh Bayley (York Central) (Lab)]

By how much will the national debt have grown by the next general election, compared with the situation the Government inherited following the last general election?

[Mr Osborne]

In two weeks’ time I will produce the latest Office for Budget Responsibility forecasts for the fiscal situation, so the hon. Gentleman will have to be patient and wait until then.