Charter for Budget Responsibility

Debate between John McDonnell and Jacob Rees-Mogg

Wednesday 14th October 2015 Commons Chamber

[John McDonnell]

I will in due course.

It is increasingly clear that the charter and the fiscal mandate are not economic instruments, but political weapons. This is not an economic debate. It is about the politics of dismantling the welfare state, the closing down of the role of the state, and the redistribution of wealth from the majority to the minority. Austerity is not an economic necessity; it is a political choice.

[Mr Jacob Rees-Mogg (North East Somerset) (Con)]

The hon. Gentleman said at the beginning of his speech that he wanted to reduce the deficit, but whenever any cut is proposed, he is against it. What would he cut? What would he do to balance the books?

[John McDonnell]

If the hon. Gentleman bears with me, he will discover the answer. He is renowned for his patience.