Only a few days to go: We’re raising £25,000 to keep TheyWorkForYou running and make sure people across the UK can hold their elected representatives to account.

Donate to our crowdfunder

Deficit Reduction

Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 27th February 2018.

Alert me about debates like this

Photo of Robert Courts Robert Courts Conservative, Witney 12:00 am, 27th February 2018

What progress is being made on reducing the deficit.

Photo of Mel Stride Mel Stride Financial Secretary to the Treasury and Paymaster General

In 2010, we had a post-war record level of deficit at 9.9%, and we have reduced that to 2.3% as of last year. The Office for Budget Responsibility forecast in November is that the deficit will further decline to 1.1% of GDP by 2022-23.

Photo of Robert Courts Robert Courts Conservative, Witney

Will the Minister give an estimate of the effect that our deficit reduction measures have had on relieving the tax burden for younger generations?

Photo of Mel Stride Mel Stride Financial Secretary to the Treasury and Paymaster General

My hon. Friend raises a critical point about the importance of getting the debt down to make sure that future generations do not carry the burden of it. That is why we have reduced the deficit by three quarters and why we are going to hit our reduction in the level of debt as a percentage of GDP two years early, in 2020-21.

Photo of Barry Sheerman Barry Sheerman Labour/Co-operative, Huddersfield

Mr Speaker, you will know that I am not the most radical Member on the Labour Benches, but I want to tell the Minister that if the Government had been successfully reducing their budget, my constituents in Yorkshire could forgive her. The fact of the matter is that we have had the money for the electrification of the trans-Pennine railway stolen from us, and the Chancellor refuses to give it back. When will he make amends?

Photo of Mel Stride Mel Stride Financial Secretary to the Treasury and Paymaster General

As the hon. Gentleman will know, whether he is young or a puppy or whatever he may be, we are awaiting the business case for the trans-Pennine project, and when we receive it, we will look at it most closely.