Oral Answers to Questions
Debate between Lindsay Roy and George Osborne(10 years ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Lindsay Roy (Glenrothes) (Lab)
If the Government’s economic plan is working so well, why is the Chancellor planning to borrow £190 billion more than previously planned?
Mr Osborne
This country was borrowing £150 billion a year when this Government came to office, and we are on course to reduce the deficit by a half this year. We are taking—[Interruption.] What exactly is the Labour party’s complaint? Is it that we are not doing enough to reduce the deficit? Labour said that we were doing it too quickly and opposed all the things we proposed in recent years. Labour simply has no explanation for why the economic growth it said could not happen has happened.
Oral Answers to Questions
Debate between Lindsay Roy and George Osborne(12 years ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
My hon. Friend is right to remind us all that the Government have to pay interest on the enormous debts that the Labour party racked up and the budget deficit it bequeathed us. The action we have taken means that we are paying £36 billion less in interest payments over this Parliament, which completely dwarfs any initiative ever put forward by the shadow Chancellor.
Lindsay Roy (Glenrothes) (Lab)
Why are the Government now forecasting that they will borrow £150 billion more than they envisaged a year ago? Has not cutting back too far, too fast completely backfired?
Mr Osborne
As a former teacher, the hon. Gentleman read that very well. He should also study the Institute for Fiscal Studies’ statement that if we had stuck to the plan left to us by the Labour party we would be borrowing £200 billion more than we are borrowing at the moment and, as I just said, paying £36 billion more in interest payments to creditors of the British Government.