Economic Update

Part of the debate – in the House of Commons at 1:03 pm on 8th July 2020.

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Photo of Rishi Sunak Rishi Sunak The Chancellor of the Exchequer 1:03 pm, 8th July 2020

As ever, my hon. Friend is right to remind us about the importance of monetary economics, and he is also right to focus on the long-term sustainability of our public finances. Although in the short term it is right to act in this way to prevent long-term damage and scarring to our economy that would create an ongoing, larger structural deficit, once we get through this crisis we must retain and sustain public finances. We will return them to a position of sustainability over the medium term, I assure my hon. Friend of that, but in the short term I am confident that this is the right thing to do to protect the long-term health of our economy.