Wayne David
Main Page: Wayne David (Labour - Caerphilly)Department Debates - View all Wayne David's debates with the Wales Office
(13 years, 6 months ago)
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The Prime Minister
In its history the CBI has not always supported action to tackle deficits and to get on top of bad public finances, but on this occasion it is four-square behind the action that the Government have taken. When asked what would have happened if we had followed the ideas of the Labour party, the CBI said:
“The economy would be weaker because of the impact of a loss of confidence in the markets.
If we did not have a clear programme to reduce the deficit over this parliament we would have seen a significant rise in our interest rates, and growth would have been eroded rather more than it has been”.
That is the view of the CBI—the experts at the heart of British industry, who say that one cannot trust Labour with the economy.
Mr Wayne David (Caerphilly) (Lab)
Last week we had an excellent result in Wales for the Labour party. Given the Prime Minister’s general election manifesto commitment, and the commitment of the Liberal Democrats, what progress has he made so far on reforming the Barnett formula as it applies to Wales?
The Prime Minister
We will look closely at a Calman-like approach for Wales. If those results are the hon. Gentleman’s definition of success, I suppose he will be a happy man. He should spend a little time studying what his colleague, the hon. Member for Glasgow South (Mr Harris), said about Labour’s performance in Scotland:
“Labour deserved to lose. We insulted the intelligence of our voters by peddling a myth”.
That is what happened. I know the hon. Member for Caerphilly (Mr David) does not want to hear about Scotland, but he ought to think about it.