Autumn Forecast

Rob Wilson Excerpts

Monday 29th November 2010 Commons Chamber

[Mr Osborne]

I will tell the hon. Gentleman what this issue is about: the hypocrisy of the Labour party. Labour Members set up Lord Browne’s report, and the shadow Chancellor was in the Cabinet that agreed to that. Lord Browne has reported, and now they are all walking away from it—it is absolutely pathetic.

[Mr Rob Wilson (Reading East) (Con)]

Compared with June, the OBR predicts, in table 4.21 on page 118, that we will save £19 billion in interest payments. Contrary to what the shadow Chancellor said, are not the choices made by my right hon. Friend the right ones to ensure that we have this £19 billion to spend on schools and hospitals rather than putting it in the pockets of foreign Governments and private bondholders?

[Mr Osborne]

My hon. Friend is absolutely right. This is one of those issues that is perhaps less commented on, but very relevant. We are reducing the debt interest payments that we inherited from Labour, and the debt interest bill—the money that we have to pay out to private bondholders and foreign Governments to borrow—is coming down from the number that we inherited. That is £19 billion that would otherwise, if we followed the Labour party’s plans, be being paid to foreign Governments and private bondholders. That is how Labour Members want taxpayers’ money spent; we have other plans for it.