Jonathan Reynolds
Main Page: Jonathan Reynolds (Labour (Co-op) - Stalybridge and Hyde)Department Debates - View all Jonathan Reynolds's debates with the HM Treasury
(13 years, 5 months ago)
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Justine Greening
I do not accept the premise of the hon. Gentleman’s question at all. As ever, what we have heard from the Opposition is a cheap political point-scoring jibe. They might be better advised to come up with an alternative plan for tackling the fiscal deficit. The hon. Gentleman had nothing to say to my response to him, which implied that it is the most well-off households in the country that are bearing the brunt of the fiscal consolidation.
Jonathan Reynolds (Stalybridge and Hyde) (Lab/Co-op)
A year ago, when the Institute for Fiscal Studies analysis found that the Budget was a regressive one, the Treasury objected to that analysis on the basis that the IFS had not properly considered the incentives to economic growth that the Budget contained, but given that growth is now flatlining and seems to be frequently downgraded, is the Treasury willing to accept that the IFS analysis last year was entirely correct?
Justine Greening
The IFS analysis was very clear-cut that it was indeed the most well-off people in our country who were bearing the brunt of the fiscal consolidation measures. I draw the House’s attention to the need to look at the overall impact of not just the Budget 2010, but the spending review and the Budget this year. They show that the most well-off people in our country are bearing the brunt of the fiscal consolidation, whether that is measured in terms of their income or of their expenditure.