Ivan Lewis
Main Page: Ivan Lewis (Independent - Bury South)Department Debates - View all Ivan Lewis's debates with the HM Treasury
(13 years, 11 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
My hon. Friend is absolutely right, and it is worth reminding ourselves that the OBR June 2010 pre-Budget report is based not only on the previous Government’s tax and spending measures and decisions, but partly on the lower interest rates earned by the current Government in the decisions and announcements we have made over the previous month or so. That is why Sir Alan says in his forward that
“the fiscal path assumed”
by the previous Government
“would lead to higher interest rates and so lower economic activity ”.
Mr Ivan Lewis (Bury South) (Lab)
Are cuts this year a matter of a small-state ideology or in our economic interests?
Mr Osborne
They are, above all, in our economic interests because of the mess left to us by the previous Government.