Lucy Powell
Main Page: Lucy Powell (Labour (Co-op) - Manchester Central)Department Debates - View all Lucy Powell's debates with the HM Treasury
(11 years, 9 months ago)
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Urgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
Each Urgent Question requires a Government Minister to give a response on the debate topic.
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Mr Osborne
We have inherited a very tough economic situation from our predecessors, but we have confronted the problem and taken difficult decisions on spending. What is remarkable about the Labour party is that in all its questions at Treasury questions, Prime Minister’s questions and the like, it complains about every cut, but never tells us about a single cut that it supports. That is why it does not have a credible shadow Chancellor or a credible economic policy.
Lucy Powell (Manchester Central) (Lab/Co-op)
In 2011, the Conservative party issued a dossier that said that a credit rating downgrade
“could add £5,000 per year to a family’s mortgage interest bill”.
Does the Chancellor stand by that laughable remark?
Mr Osborne
We are very clear that if we lost control of the country’s credibility in the international markets, as Labour would, interest rates would go up and families would pay more. The truth is that because of the credibility of our economic policy, interest rates are low and have stayed low today.