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Part of the debate – in the House of Commons at 1:31 pm on 13th September 2017.

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Photo of Jeremy Hunt Jeremy Hunt The Secretary of State for Health 1:31 pm, 13th September 2017

Hang on. I think it is important to listen to what the Governor of the Bank of England said. Sir Mervyn King said:

“we came into this crisis with fiscal policy along a path that was not…sustainable and a correction was needed.”

What was he talking about in 2010? The Government borrowed £1 in every £4 that they spent. The deficit was 10.2%, the highest since records began. The reason that, say, Germany did not have to go through austerity is not because a German equivalent of the Leader of the Opposition was throwing prudence to the wind but because Germany did not allow its public finances to get recklessly out of control, which is what happened under the Labour Government.