The Economy and Work

Part of Debate on the Address – in the House of Commons at 1:23 pm on 26th May 2016.

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Photo of George Osborne George Osborne Chancellor of the Exchequer and First Secretary of State 1:23 pm, 26th May 2016

The deficit has come down by another £16 billion. When I first stood at the Dispatch Box as Chancellor of the Exchequer we had a budget deficit of close to 11% of our national income, and £1 in every £4 that we spent on everything from hospitals to schools and police had to be borrowed. This year that figure is projected to be below 3%, and we are projected to have a surplus by the end of this Parliament.