Debt Management Office

Part of Oral Answers to Questions — Treasury – in the House of Commons at 11:30 am on 10 May 2001.

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Photo of Andrew Smith Andrew Smith The Chief Secretary to the Treasury 11:30, 10 May 2001

That was an extraordinary question for the hon. Gentleman to ask. In the year before the last general election, the Conservatives ran up borrowing of £28 billion. In the year before the impending election, we have a net repayment of £15 billion. The DMO is operating within a very different environment, in which the Government have sound public finances and sound money, as opposed to the spendthrift millstone of debt that the Conservatives put round our necks, and would do so again if they had the chance.

As for the performance of the DMO, the hon. Gentleman would have done well to read the Select Committee report that was published in May 2000, which stated:

"We were pleased to note that several witnesses who have regular contacts with the DMO, particularly in relation to debt management, praised the agency's performance and transparency."

There is a better financial situation that is being better managed with Labour.