Michael Meacher
Main Page: Michael Meacher (Labour - Oldham West and Royton)Department Debates - View all Michael Meacher's debates with the HM Treasury
(14 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
My hon. Friend is absolutely right, and that is also the conclusion of the G20, the European Union and most international observers of the UK situation.
Mr Michael Meacher (Oldham West and Royton) (Lab)
If the Chancellor accepts Sir Alan Budd’s estimate that around three quarters of the current deficit—about £120 billion—is structural, and if he intends to eradicate that entirely during this Parliament through public spending cuts and tax increases, where does he expect the growth to come from to prevent unemployment from increasing to 3 million and staying there for the next five years?
Mr Osborne
The fiscal mandate will be set out in the Budget. I am disappointed that the right hon. Gentleman was not elected as Chair of the Public Accounts Committee, but perhaps from his current position he will begin to propose cuts—as I said, cuts were even pencilled in to the previous Government’s plans—before concerning himself with our proposals.