Michael Meacher
Main Page: Michael Meacher (Labour - Oldham West and Royton)Department Debates - View all Michael Meacher's debates with the Cabinet Office
(8 years, 10 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Michael Meacher (Oldham West and Royton) (Lab)
Q13. If this is such a great economic recovery, why are wages still 6% below the pre-crisis level of seven years ago? Why was the growth rate in the last quarter a mere 0.4%? Why has productivity been flat for five years? Why is UK investment as a proportion of GDP one of the lowest in the world? And why is the balance of payments in traded goods now in deficit by £100 billion a year?
The Prime Minister
If the right hon. Gentleman wants to know why, there are two words: ask Gordon. But if he wants to know what is actually happening in our economy, let me tell him. The deficit has been halved from its peak—[Interruption.]