The Economy

Part of the debate – in the House of Commons at 12:59 pm on 24th October 2019.

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Photo of Clive Efford Clive Efford Labour, Eltham 12:59 pm, 24th October 2019

There is a real credibility gap in what the Chancellor is saying, because if austerity was the right thing to do in 2010, why is it not still the right thing to do now, given that debt has doubled to £1.8 trillion or 80% of GDP? How can we believe that the Government intend to go on this huge spending spree when they have been doing quite the opposite to try to tackle the problem? The Chancellor is keen on quoting the Institute for Fiscal Studies, but it predicts that we will need another dose of austerity if he carries on. This economy needs investment, not the austerity that the Government are planning.