Living Standards

Part of Opposition Day — [Un-allotted Day] – in the House of Commons at 3:19 pm on 30th November 2011.

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Photo of Iain Duncan Smith Iain Duncan Smith The Secretary of State for Work and Pensions 3:19 pm, 30th November 2011

I will give way in a minute. [ Interruption. ] Relax—I will give way. The point is that there is a choice: we can either let this thing slide, with higher interest rates and all that goes with that, and let our children pick up the debt and the deficit, or we can deal with this ourselves and give our kids at least a fair chance.

Of course living standards are under a squeeze—we know that—but that is something we utterly regret. Nobody wants to stand here and say that that is the purpose of what we do—it is not—but it is part of what we are having to do, and we need to get living standards up again as fast as we can. The forecasts from the Office for Budget Responsibility show that that will be the case. If Labour Members were being realistic, they would accept that no matter who was in power, standing here, they would have to deal with exactly the same problem.