(5 years, 1 month ago)
Commons ChamberMy right hon. Friend, in his nuanced way, makes the important point that in the pursuit of perfection we are in danger of losing the entire House. The majority of us in this Chamber have made it clear that the one thing we do not want is a no-deal Brexit. Through all the debates we have had and all the decisions we have made, that one thing has been clear.
Many of us are still concerned that we may end up with a no-deal exit for Great Britain. Can my right hon. and learned Friend assure me that we will make sure, in the Bill, that Parliament has an opportunity to vote before 1 July on whether the implementation period should be extended—whether for one or two years—if it does not look like we will get in the negotiations a free trade agreement by the end of the year? Will he also assure me that the Government will abide by that vote?
I am grateful to my right hon. Friend. What would happen if there were potential for an extension of the implementation period has been concerning Members right across the House. We believe that we can negotiate in the time that we have now, but we accept that Parliament has a legitimate role to play, and I can bring forward an amendment that would allow Parliament to have its say on the merits of an extension of the implementation period—
And the Government will abide by that.
Now, that is an example of representative democracy working well, because one of the things that we British pride ourselves on is our ability to compromise, to listen to each other, to learn from each other, to respect each other and to come to a reasonable compromise. I have done everything that I can in my political career to reflect those values, and I believe that I see many other right hon. and hon. Members who share that view.
(13 years ago)
Commons Chamber11. What recent estimate he has made of the level of central Government debt.
The Office for National Statistics publishes central Government debt figures monthly. The latest figures released on 21 October gave central Government gross debt as £1.2 trillion or 77.6% of GDP in September. The Government use public sector net debt for their fiscal targets. That figure is also published by the ONS, and it was £966 billion or 62.6% of GDP last month.
My hon. Friend has campaigned tirelessly on this matter. As he knows, the Government have improved the assurance and approval arrangements for PFI, and the transparency. We are seeking to obtain £1.5 billion of savings on existing stock of PFI contracts, and we will of course continue to work hard to improve the situation.
With gilt yields at their lowest for 60 years, does this situation not show that the international markets have huge faith in the UK’s debt reduction strategy?