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Part of Oral Answers to Questions — Prime Minister – in the House of Commons at 11:30 am on 27th February 2013.

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Photo of David Cameron David Cameron The Prime Minister, Leader of the Conservative Party 11:30 am, 27th February 2013

My right hon. Friend makes an important point. While I do not deny for one second the importance of the rating agencies, the most important test of credibility—a test that is faced day in, day out in the markets—is the rate of interest at which people borrow, and the rate of interest at which we borrow is still at record lows. It has gone down since the election, whereas it has gone up in many other countries, but if we listened to the Labour party, it would go up again.