Matt Hancock
Main Page: Matt Hancock (Conservative - West Suffolk)Department Debates - View all Matt Hancock's debates with the HM Treasury
(13 years, 8 months ago)
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Matthew Hancock (West Suffolk) (Con)
Will the Minister confirm that the contingent liability under the scheme was set up after Labour had lost the election by the then Labour Chancellor? Does what is happening in Portugal, where interest rates have today risen above 8%, not provide the most eloquent lesson on what would happen here if we did not get a grip?
Mr Hoban
My hon. Friend is absolutely right. The decision taken by the previous Chancellor meant that we became part of the ESFM, and that is why the liability exists today. My hon. Friend is absolutely spot on: we have taken difficult decisions in this country. This Government have decided to tackle the deficit that Labour left behind, and we have a clear plan to do it. The Opposition have no ideas. Under a Labour Government, this country would be running out of steam.