Jacob Rees-Mogg
Main Page: Jacob Rees-Mogg (Conservative - North East Somerset)Department Debates - View all Jacob Rees-Mogg's debates with the HM Treasury
(11 years, 3 months ago)
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Mr Osborne
We are very clear that if we lost control of the country’s credibility in the international markets, as Labour would, interest rates would go up and families would pay more. The truth is that because of the credibility of our economic policy, interest rates are low and have stayed low today.
Jacob Rees-Mogg (North East Somerset) (Con)
I wonder whether I may remind the Chancellor that Standard & Poor’s is facing proceedings from the United States Government for fraud and that Moody’s is likely to follow? Moody’s has just downgraded a country whose debt is all denominated in its own currency, which is a fiat currency. That is absolutely nonsensical. Will he therefore join me in citing Lord Chesterfield and telling them that they are foolish people who do not even know their own foolish business?
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.”