Oral Answers to Questions

Marcus Jones Excerpts

Tuesday 12th October 2010 Commons Chamber

[Mr Marcus Jones (Nuneaton) (Con)]

4. What recent representations he has received on steps to reduce the budget deficit.

[Glyn Davies (Montgomeryshire) (Con)]

6. What recent representations he has received on steps to reduce the budget deficit.

[The Chancellor of the Exchequer (Mr George Osborne)]

The Government’s plan to tackle the record budget deficit they inherited has been supported by the CBI, the OECD and, now, the International Monetary Fund. We have received more than 60,000 representations from the public as to how to go about deficit reduction and many of their suggestions are being put into effect. To date, we have received no proposals and no suggestions from the official Opposition, who created the deficit in the first place.

[Mr Jones]

I thank my right hon. Friend for his response. With the country set to pay £43 billion in interest in 2010-11, I am reassured that the general public have been willing to contribute to the tough decisions required of this Government to turn our economy around. Has he received any helpful advice from the Labour party, past or present, other than that from Tony Blair?

[Mr Osborne]

My hon. Friend is absolutely right about debt interest; this country is now paying £120 million a day in debt interest. Debt interest under the previous Government was forecast to rise to £60 billion a year, making it one of the largest items of Government expenditure. He talks about suggestions from Members of Parliament. The new leader of the Labour party said:

“I think whoever is the Labour leader will, by the time of the spending review, have to show that they have an alternative plan”.

So the clock is ticking.