Living Standards

Part of Opposition Day — [Un-allotted Day] – in the House of Commons at 5:03 pm on 30th November 2011.

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Photo of Charlie Elphicke Charlie Elphicke Conservative, Dover 5:03 pm, 30th November 2011

I thank my hon. Friend for that powerful intervention, and she is absolutely right. The point has been made that, when we entered office, we had similar interest rates to Italy, but its rate is now up at about 8% and we are basically parallel with German borrowing. If we were turned by the Opposition into—dare I say it?—an Italian job, we would find that interest rates shot up for the average home owner and small business borrower, and that we faced serious difficulties and serious economic decline. In fact, we are not in recession and we are still growing.