Amendment of the Law

Karl Turner Excerpts

Monday 26th March 2012 Commons Chamber

[Alun Cairns (Vale of Glamorgan) (Con)]

It is a pleasure to follow the right hon. Member for Stirling (Mrs McGuire) and, I hope, to support my hon. Friends in introducing an element of reality, bearing in mind the financial situation we face. I pay tribute to the Chancellor and to the Treasury team, and to the Under-Secretary of State for Culture, Olympics, Media and Sport, my hon. Friend the Member for Wantage (Mr Vaizey), for the way in which he introduced the debate. I shall come to the Budget’s focus on the creative industries shortly.

The starting point of such a debate must be the state of the nation’s finances. We must consider the debt of the nation and the deficit of the nation, as well as the structural deficit and the interest on that debt. As we know, £120 million a day is paid from the public purse to service the nation’s debt. I have heard the groans that come from the Labour Benches when we repeat these figures time after time, but they are still true, and that is the context in which the Chancellor and the Treasury team have to work. It has been said before and needs to be said again that the financial position is unprecedented, and any tax cuts in any Budget have to be funded. It is simply not an option to continue to borrow money time after time as the previous Administration did.

[Karl Turner (Kingston upon Hull East) (Lab)]

If the hon. Gentleman believes that his Government’s policy is working, why has the Chancellor borrowed a further £147 billion?