Oral Answers to Questions

Mark Garnier Excerpts

Wednesday 17th December 2014 Commons Chamber

[The Prime Minister]

The right hon. Lady is absolutely right to highlight the importance of remittances. The amount of money that goes from our country, in the form of remittances, to countries such as Somalia and others in sub-Saharan Africa in desperate need actually outweighs significantly the aid we are able to give to those countries. So yes, we should look, and we are, at every way we can to help these remittances take place. There have been problems in the past with making sure that we apply measures on money laundering and other potential issues to them, but we are looking hard at what we can do to keep the charges down.

[Mark Garnier (Wyre Forest) (Con)]

Q4. One of the characteristics of the decade leading up to the financial crisis was the £1 trillion increase in household debt. Will my right hon. Friend assure the House that no future long-term economic plan will be financed by a debt bubble inflated on the backs of hard-working households?

[The Prime Minister]

My hon. Friend is absolutely right. One of the changes we have made since the crash is to put in place proper arrangements for the Bank of England to call time on the level of indebtedness in the economy and to make sure that financial regulation, including regulation of the mortgage market, for instance, is properly put in place. That is one of the important lessons. I have to say to Labour Members that one of the other important lessons is that when you have had a long period of economic growth you should be trying to pay down your debt and aiming for a surplus. That is what fixing the roof when the sun is shining is all about.