Robert Courts
Main Page: Robert Courts (Conservative - Witney)Department Debates - View all Robert Courts's debates with the HM Treasury
(6 years, 2 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Elizabeth Truss
My hon. Friend makes a very good point. Local government funding has not been fair enough. That is why we are consulting on a fair formula at the moment, and I will look with interest at his representations.
The Financial Secretary to the Treasury (Mel Stride)
In 2010, we had a post-war record level of deficit at 9.9%, and we have reduced that to 2.3% as of last year. The Office for Budget Responsibility forecast in November is that the deficit will further decline to 1.1% of GDP by 2022-23.
Robert Courts
Will the Minister give an estimate of the effect that our deficit reduction measures have had on relieving the tax burden for younger generations?
Mel Stride
My hon. Friend raises a critical point about the importance of getting the debt down to make sure that future generations do not carry the burden of it. That is why we have reduced the deficit by three quarters and why we are going to hit our reduction in the level of debt as a percentage of GDP two years early, in 2020-21.