Oral Answers to Questions

Debate between Hugh Bayley and George Osborne

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.

Autumn Statement

Debate between Hugh Bayley and George Osborne

Tuesday 29th November 2011 Commons Chamber

[Mr Osborne]

I can give my hon. Friend an assurance that we are certainly not going to delay on Crossrail, which is currently being built—we can see that at the moment around London. We have looked at this, but with such a complicated project, I do not think that it is possible to advance it faster than it is going at the moment, because it is going as fast as it can.

[Hugh Bayley (York Central) (Lab)]

I welcome the Chancellor’s plan B. It is a small start, but at least it shows that his previous plan A—reduction of public infrastructure investment—was a mistake. Can he tell me what steps the Government will take to ensure that the construction companies that pick up contracts under his infrastructure investment scheme will take on apprentices, and also say how many jobs in the construction industry he thinks will be created by this £30 billion of investment?

[Mr Osborne]

I explained that, pound for pound and in each year, we were paying for infrastructure spending with savings in current spending or underspend, so the position is absolutely consistent with the plan that I set out before. On jobs, I have not put a figure on the total number of jobs created by all this infrastructure—I do not want to over-promise and under-deliver. It will create jobs, but we do not have a figure. We are dramatically expanding the number of apprenticeships. I want to ensure that they are in the construction sector, and I would certainly hope that large firms taking part in Government infrastructure investment projects—and, indeed, firms in our small business scheme—are also taking on apprentices.