Oral Answers to Questions Debate

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Department: HM Treasury

Oral Answers to Questions

Julian Lewis Excerpts
Tuesday 3rd September 2024

(2 months, 2 weeks ago)

Commons Chamber
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Tulip Siddiq Portrait Tulip Siddiq
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I thank my hon. Friend for his question. Upon taking office, as he says, we discovered a £22 billion black hole in the public finances that had been left by the previous Government, and we have now uncovered a litany of unfunded Conservative spending commitments. We recently learned that the deficit is now £4.7 billion higher than the OBR forecast in March because of the previous Government’s economic recklessness. We will rectify this, and we will set out a clear spending plan, and an ambitious plan to get the country back into stable economic conditions, at the Budget.

Julian Lewis Portrait Sir Julian Lewis (New Forest East) (Con)
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Given that the House of Commons Library estimates that the covid disaster cost the country between £315 billion and £415 billion, can the Minister explain how it is that even her own questionable figure of a £22 billion black hole is not a great deal higher?

Tulip Siddiq Portrait Tulip Siddiq
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I think I thank the right hon. Gentleman for his question, but may I point out gently to him that, had our economy grown at the average rate of other OECD economies over the last 13 years, it would have been £140 billion larger? I also point out that under the Conservatives the tax burden rose to its highest level for 70 years. I will take no lessons from the Conservative party, because the last Government oversaw the biggest drop in household real disposable incomes since records began.