Tuition Fees

Kwasi Kwarteng Excerpts

Wednesday 19th July 2017 Commons Chamber

[Joseph Johnson]

My hon. Friend has exposed the truth, which is that the Labour party is delivering what is perhaps the biggest act of political deception we have seen in decades. It is the old game of bait and switch, saying one thing before a general election and another thing immediately after. Of course, given that this would be a £100 billion hit to our public finances, which would hurt hard-working taxpayers across the country and deliver a significant addition to our national debt and the interest burdens of the next generation, I am glad that the Labour party has done this spectacular and embarrassing U-turn. I suspect that it will not be too long before it abandons the rest of its unaffordable, unfunded and fantastical policy platform. It is a programme that it has clearly taken wholesale from the statist playbooks of 1970s tax-and-spend regimes that all ended up needing the International Monetary Fund to step in.

The policy that Labour proposed before the general election would have increased our national debt by a whole five percentage points of GDP, adding no less than £3,500 to the debt carried by every household in the country.

[Kwasi Kwarteng (Spelthorne) (Con)]

At what point does my hon. Friend think the hon. Lady decided to make that U-turn? Can he enlighten the House on that? It seems a real puzzle.

[Joseph Johnson]

I suspect that the Opposition decided to do that spectacular U-turn when they realised what impact it would have on hard-working taxpayers up and down the country. As I have said, the proposal to write off student debt will add £3,500 to the debt carried by every household in the country.