Oral Answers to Questions

Sajid Javid Excerpts

Wednesday 27th October 2010 Commons Chamber

[The Prime Minister]

We realised that the spending plans were unaffordable, and we came off them. We went into the last election promising to make spending reductions. It needed to be done, and I remember sitting where the right hon. Member for Doncaster North (Edward Miliband) is, week after week, asking the former Prime Minister, “Aren’t you really saying there are going to be cuts?”, and he said, “No, no cuts. There won’t be any cuts.” Do you remember? It happened week after week. Now we have the evidence from Labour’s own memo. It was planning £44 billion in cuts, and not a word about it to anyone. That is thoroughly dishonest.

[Sajid Javid (Bromsgrove) (Con)]

Q12. Yesterday, the international credit rating agency Standard & Poor’s said something that would make Opposition Members quite upset. It upgraded our nation’s credit outlook from negative to stable, but will the Prime Minister also heed its warning that that credit rating upgrade would be at risk if, in its own words,

“against our expectations the coalition’s commitment to fiscal consolidation faltered

[The Prime Minister]

That is an absolutely vital point. It was this Government’s changes that took the British economy out of the danger zone, and since the election we have seen interest rates coming down in Britain, whereas in some other countries they have been going up. Why? Because they have not taken the necessary action to get their budget and their deficit under control. What we are now seeing is businesses throughout the world recognising that this is a great country to invest in, because we are sorting out the mess that we inherited.