Thérèse Coffey
Main Page: Thérèse Coffey (Conservative - Suffolk Coastal)Department Debates - View all Thérèse Coffey's debates with the HM Treasury
(11 years, 3 months ago)
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Mr Osborne
I said very clearly in my statement that that is a benchmark, but it is one of a number of benchmarks. The No. 1 benchmark was fiscal credibility and market credibility, which is precisely what the Government have delivered.
Dr Thérèse Coffey (Suffolk Coastal) (Con)
Anyone running a household budget knows that they have to live within their means, and that to start paying off debts, they have to reduce spending if they are not getting as much income. Will my right hon. Friend confirm that households will be worried about higher mortgage rates if we pursue the Opposition’s plans?
Mr Osborne
My hon. Friend is absolutely right. If we lose that credibility in the markets and are unable to convince the world that we can pay our way—that would be the case if we had a reduced commitment to fiscal consolidation—interest rates would go up, which would affect families with mortgages and small businesses with those crucial loans that are helping them to expand and take people on.