Margot James
Main Page: Margot James (Conservative - Stourbridge)Department Debates - View all Margot James's debates with the HM Treasury
(12 years, 7 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
The hon. Gentleman is the shadow Chancellor’s Parliamentary Private Secretary—[Hon. Members: “No, he’s not.”] Oh, he has been promoted! It is a complete clear-out. Well, well. We are very pleased to see that the shadow Chancellor is still in his place.
Let me draw the hon. Gentleman’s attention to what was said by Digby Jones, one of the members of the last Government. [Interruption.] It is funny how Labour Members disown these people. They booed Tony Blair, and now they are attacking their former Trade Minister. Anyway, he said that the Labour leadership was
“displaying poor statesmanship at a time when the country needs leaders, not players to a union gallery”.
He also said that their policies were
“a kick in the teeth for the only sector that generates wealth, that pays the tax and creates the jobs”
in this country. He added:
“Pro-business? Not!”
It is the businesses that will create the jobs in this country, and being the anti-business party will not get Labour anywhere.
Margot James (Stourbridge) (Con)
Does my right hon. Friend recall the howls of derision from Opposition Members when he warned 18 months ago of the possibility of a Greek-style economic catastrophe engulfing this country’s economy? Now that the threat of contagion has reached even Italy, what is his assessment of the dangers to the UK economy of slowing down implementation of the deficit reduction strategy?
Mr Osborne
My hon. Friend makes a good point. When we first said, “Look at Greece”, Opposition Members all said, “Well, that couldn’t happen here.” It then extended to Portugal, then Ireland, then Spain, then Italy, and now questions are being raised about the French banks, which France is seeking address, and a Belgian bank has fallen over this weekend. In the end, we can look at what the credit rating agency who gave us the triple A rating said last week. It said that the rating would come under downward pressure if
“the coalition Government’s commitment to fiscal consolidation falters”.
There would be an automatic downgrade if we were to follow the Opposition’s approach. That would lead to higher interest rates, hitting families and leading to more repossessions and more job losses. That is the path to ruin, and we know what it is like because we have been down it before under the shadow Chancellor.