Michael Meacher
Main Page: Michael Meacher (Labour - Oldham West and Royton)Department Debates - View all Michael Meacher's debates with the HM Treasury
(12 years, 12 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
My hon. Friend is right. We are uprating out-of-work benefits and the basic state pension. The coalition Government are committed to the triple lock. People can see the benefit of that today. He is also right that we are committed to real increases in the personal income tax allowance. We have already had two of those. The coalition agreement is absolutely clear on that. I also support it as a tool of economic policy. We want to lift more people out of tax altogether.
Mr Michael Meacher (Oldham West and Royton) (Lab)
What is the right hon. Gentleman’s precise estimate of the overall growth, if any, that will arise from today’s package, given that there is no net increase in demand? Is not his core £5 billion infrastructure package—just 0.7% of current expenditure—merely tinkering at the edges and completely incapable of pulling Britain out of its deepening slump?