Margot James
Main Page: Margot James (Conservative - Stourbridge)Department Debates - View all Margot James's debates with the HM Treasury
(14 years, 3 months ago)
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Mr Osborne
As the hon. Gentleman is now a Blairite, I thought that I would read out what his master said recently, which is relevant to what he has just said:
“I look at those policy papers now—the work on…the use of social security budgets…and I do think how different it would have been if we had done it. If we had…not wandered into a cul-de-sac of mixed messages and indecision… But there it is. It didn’t happen, and that’s it.”
We are trying to do the things that he once promised in his election manifesto.
Margot James (Stourbridge) (Con)
In his article yesterday, David Smith, the economics editor of The Sunday Times, reminded us that the structural deficit had averaged 2.7% since 2003 and that we inherited planned tax rises and expenditure cuts of £73 million. Given the positive reaction of the markets to his Budget of a few months ago, what does the Chancellor think would happen if he did not persist with these tough but very necessary measures?
Mr Osborne
The answer is simple: there would be a catastrophic loss of confidence in Britain and an increase in market interest rates, which would hit every business and family. That would lead to an increase in unemployment, which is why we are not prepared to take the prescription offered by at least some of the people standing for the leadership of the Labour party.