Lord Evans of Rainow
Main Page: Lord Evans of Rainow (Conservative - Life peer)Department Debates - View all Lord Evans of Rainow's debates with the HM Treasury
(11 years, 9 months ago)
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Mr Osborne
I will not make a prediction about that. [Interruption.] Moody’s is clear that we can win the rating back provided that over time we show our commitment to dealing with our debts and rebalancing our economy, and we will of course provide that commitment. Its market notice is clear that a reduced political commitment to fiscal consolidation—the policy advocated by the shadow Chancellor—would risk further downgrades.
Graham Evans (Weaver Vale) (Con)
Will my right hon. Friend the Chancellor remind the House that he has cut the deficit by a quarter under this Government? Will he also remind the House that it is Labour Chancellors who ultimately run out of money and have to go to the IMF to be bailed out?
Mr Osborne
It is an eternal truth that all Labour Governments have left office with unemployment higher than when they came in. I think that they have all left the country with a fiscal crisis, so let us make sure that history does not repeat itself.