Thérèse Coffey
Main Page: Thérèse Coffey (Conservative - Suffolk Coastal)Department Debates - View all Thérèse Coffey's debates with the HM Treasury
(12 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
I thank my hon. Friend for his support. He is absolutely right, and while I was sitting in the IMF meeting on Friday and on Saturday morning, my mind wandered to thinking about what would have happened if I had turned up and said that we were abandoning our fiscal consolidation plan. I came to the conclusion that we would have been the subject of the meeting’s discussion rather than the problems in the eurozone.
Dr Thérèse Coffey (Suffolk Coastal) (Con)
Will my right hon. Friend confirm that not a single penny is being added to either our national debt or our deficit as a result of this action?
Mr Osborne
Yes, I can confirm for my hon. Friend’s constituents in Suffolk and for people around the country that an IMF loan does not add to the debt or the deficit. We have to ask ourselves why, when people analyse the British economy, they do not add an IMF loan to the debt or deficit. It is because they understand that it is a loan that is paid back with interest and an asset that is exchanged for some of our foreign exchange reserves, not a call on public spending.