William Bain
Main Page: William Bain (Labour - Glasgow North East)Department Debates - View all William Bain's debates with the Cabinet Office
(12 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr William Bain (Glasgow North East) (Lab)
The OECD has predicted that economic demand in America will rise this year at 2.3%, but in Britain it will rise at only 0.2%. Can the Prime Minister explain why?
The Prime Minister
There some quite significant differences between the American economy and the British economy. One of the biggest differences is that it is a reserve currency and we are not a reserve currency. Another big difference is that we had an 11% budget deficit, which was bigger than the deficits of Greece, Spain and Portugal. That is the legacy that the hon. Gentleman’s party left, and until Labour Members apologise for that legacy, no one is going to take them seriously.