The Economy

Debate between John McDonnell and Tom Blenkinsop

Wednesday 18th November 2015 Commons Chamber

[John McDonnell]

I would be happy to have that co-operation at any stage. What we said to the Chancellor five years ago was that he was going too fast and that he should have been investing in growth, which would have enabled us to reduce the deficit. He promised to reduce the deficit and debt in five years, but he is going to do it in 10. That is a doubling of the target.

[Tom Blenkinsop (Middlesbrough South and East Cleveland) (Lab)]

Will my hon. Friend remind the House at what rate the Chancellor has accrued debt over the past five years? Has he not accrued approximately the same amount of debt over the past five years as the last Labour Government accrued in 13 years?

[John McDonnell]

The debt has increased by 55% in five years. That is a helpful record.

[Tom Blenkinsop]

So he has doubled the debt.