Andrew Jones
Main Page: Andrew Jones (Conservative - Harrogate and Knaresborough)Department Debates - View all Andrew Jones's debates with the HM Treasury
(11 months ago)
Commons ChamberRead Full debate Read Hansard Text Watch Debate Read Debate Ministerial Extracts
Andrew Griffith
We all want interest rates to fall as rapidly as possible. The Bank of England needs to conduct its monetary policy against the target that the Chancellor has set. The Government need to do everything we can to try to reduce the level of debt by controlling our spending, even when that creates difficult decisions for us to make. We will do that so that the day when interest rates fall comes more quickly. In the meantime, this Government are trying to shield households from the pressures of the cost of living, which is why we have deployed that £94 billion this year and last.
Andrew Jones (Harrogate and Knaresborough) (Con)
Does my hon. Friend see any consistency in the Opposition’s analysis that suggests that the primary cause for interest rate rises is unfunded borrowing, while making significant unfunded borrowing pledges themselves? Will he continue his focus on fiscal discipline and ensure that Government support is targeted at those who need it most in this period of astonishing international instability?
Andrew Griffith
My hon. Friend is absolutely right: the last thing that the economy needs at the moment is any party coming forward with more unfunded spending cuts. It is why the Institute for Fiscal Studies has raised concerns about an increase in interest rates and inflation if Labour were to come to power and spend an additional £28 billion, which I believe even the shadow Chancellor herself has confessed would be reckless.