Graeme Morrice
Main Page: Graeme Morrice (Labour - Livingston)Department Debates - View all Graeme Morrice's debates with the HM Treasury
(12 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
We are bringing the deficit down from the record levels that we inherited, which has in part provided stability in the financial markets for sterling and our interest rates. That has been absolutely crucial, as we can see in the very high interest rates faced by not just Greece and Portugal, but now even by countries such as Italy and France, which face significantly higher interest rates than we do. That is of course a huge boost to the British economy.
Graeme Morrice (Livingston) (Lab)
Does the Chancellor think that rising unemployment and growth of just 0.5% in 12 months will make it easier or harder to get the deficit down?
Mr Osborne
This morning’s GDP numbers are a positive step, but of course the British economy has a difficult road to travel from the very high debts—the record debts—that we inherited. That is made more difficult by the international situation, as people can plainly see today, but we are determined to make that journey to the growth and prosperity that this country was so lacking under the previous Government.