Economic Policy
Debate between Paul Blomfield and George Osborne(11 years, 10 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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Mr Osborne
We have to reduce spending and, as I have said, we will have a spending round later this year. We are reducing the share of national income taken by the state. When we came to office, almost 48% of national income was taken by the state, which was a completely unsustainable position. That position was never advocated by the Labour party when it sought office, but that is how it left the country. It now apparently wants to return to that position. As far as I understand the shadow Chancellor, who shakes his head, he does not support a single cut the Government have made.
Paul Blomfield (Sheffield Central) (Lab)
There is an issue of accountability. In the Chancellor’s February 2010 Mais lecture, which was still on the Conservative party website this afternoon, he said:
“in order to bring some accountability to economic policy, I have set out eight benchmarks…against which you will be able to judge whether a Conservative Government is delivering”.
The first benchmark is that the Conservatives
“will maintain Britain’s AAA credit rating.”
How will he be held accountable for his failure?