Lord Bilimoria
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Public Expenditure: Deficit Reduction
Lord Bilimoria Excerpts(13 years, 3 months ago)
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The Chancellor of the Duchy of Lancaster (Lord Strathclyde)
My Lords, there is time for both noble Lords. Perhaps we can hear from the noble Lord on the Cross Benches and then from my noble friend Lord Newby.
Lord Bilimoria
My Lords, the Minister talks about growth; we hear about the Chancellor sticking to his plans; but we also hear a clamour for Plan B. What is going on around the world is unprecedented; with the EU and the American debt crises there is so much uncertainty. By raising taxes the consumer is absolutely squeezed. As for perception and reality, there is a perception of cutting even though the cutting is not taking place as much as we all think. We all know that public debt was far too high under the previous Government. What are the Government going to do to generate growth?