Eurozone

Part of Oral Answers to Questions — Defence – in the House of Commons at 4:32 pm on 10 October 2011.

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Photo of George Osborne George Osborne The Chancellor of the Exchequer 4:32, 10 October 2011

We have not done that calculation, but my hon. Friend has given me a very good idea for Wednesday’s debate. We know, because we have all experienced it, what Labour policies lead to: a completely uncontrollable budget deficit; a negative outlook for our nation’s credit rating; and interest rates that were tracking Spain’s. We have been there under the Labour party, and it is remarkable that when it cleared out the shadow Treasury team, it did not clear out the man most responsible in this Parliament for getting Britain into this economic mess.