Oral Answers to Questions

Paul Maynard Excerpts

Tuesday 6th September 2011 Commons Chamber

[Mr Osborne]

I can tell the House that Christine Lagarde will be in London on Friday. We will hear what she has to say then.

[Paul Maynard (Blackpool North and Cleveleys) (Con)]

6. What recent discussions he has had with his international counterparts on steps to reduce Government budget deficits.

[The Chancellor of the Exchequer (Mr George Osborne)]

At the last G20 summit, advanced countries committed to implementing clear, credible, ambitious and growth-friendly medium-term fiscal consolidation plans, differentiated according to national circumstances. I will further discuss fiscal consolidation plans in the G7, G20 and IMF meetings later this month.

[Paul Maynard]

Does the Chancellor agree with the IMF’s most recent assessment that strong fiscal consolidation remains essential?

[Mr Osborne]

That is, of course, absolutely what the IMF said in its recent article IV assessment—and we remember the article IV assessments at the end of the previous Labour Government. It asks explicitly whether the UK Government should change their policy, and it says no. That is the advice of the IMF. Last July, the Labour party voted against Britain paying its subscriptions to the IMF. Frankly, I do not think that Labour Members should talk about the IMF in Treasury questions until they agree with paying the subs.