Oral Answers to Questions

Steve McCabe Excerpts

Tuesday 25th June 2013 Commons Chamber

[Mr Gauke]

Yes, absolutely. There needs to be a much stronger private sector in Northern Ireland, as has been accepted by this Government and by all the parties in Northern Ireland.

[Steve McCabe (Birmingham, Selly Oak) (Lab)]

9. What his Department’s estimate is of the likely level of public sector net debt as a share of GDP in 2015-16.

[The Financial Secretary to the Treasury (Greg Clark)]

Public sector net debt is forecast to be 85% of GDP in 2015-16, compared with 94% of GDP and accelerating had the policies of the previous Government continued to be pursued.

[Steve McCabe]

Let us hope that that estimate proves more reliable than previous efforts. In the interests of transparency, and given tomorrow’s comprehensive spending review, is the Minister now ready to admit that the national debt has risen from £828.7 billion to £1.19 trillion under his watch? If we eliminate the Royal Mail pension fund, as we have been advised to do, and the Bank of England gilts from quantitative easing, is it not true that borrowing in 2012-13 is up, and not down as the Chancellor told this Chamber?

[Greg Clark]

Like you, Mr Speaker, I take a great interest in the hon. Gentleman’s speeches in this House, and I know that he is deeply interested in fiscal policy. Since the beginning of the year, he has spoken 102 times on the subject of public spending cuts, but in each and every intervention he has opposed spending cuts. To cut the debt, we have to cut spending. He should learn that, and the Labour party should as well.