Huw Irranca-Davies
Main Page: Huw Irranca-Davies (Labour - Ogmore)Department Debates - View all Huw Irranca-Davies's debates with the HM Treasury
(14 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
I am absolutely aware of that report, because my hon. Friend drew it to my attention about three months ago, for which I thank him.
Huw Irranca-Davies (Ogmore) (Lab)
Everybody is assuming that the budget cuts are based on the Canadian model, which itself was based on 3% growth and not least on strong growth in the American economy. I want to ask the Chancellor something in all seriousness. If there is not equivalent strong growth globally and within the eurozone, will that not mean that we get all the pain and none of the gain?
Mr Osborne
There does seem to be collective amnesia on the Labour Benches. They were in government for 13 years, they ran up the largest budget deficit in the European Union and they handed over office to us after an election in the middle of a eurozone crisis. The threat to the British economy is what will happen if we do not deal with this budget deficit. Let me say to the hon. Gentleman and all Labour Members that until they have their own proposals to deal with the problem that they have bequeathed the new Government, they are not going to be taken seriously.