Government: Economic Policies — Question

Part of the debate – in the House of Lords at 3:07 pm on 30th January 2013.

Alert me about debates like this

Photo of Lord Deighton Lord Deighton The Commercial Secretary to the Treasury 3:07 pm, 30th January 2013

I thank the noble Lord for that question. I confirm that we are facing extraordinarily challenging economic conditions, but the economy is recovering from the most damaging financial crisis in generations after a decade of growth built on unsustainable levels of debt. This Government inherited the largest deficit since the Second World War and the largest in the G20, and we experienced one of the deepest recessions of any major economy. This Government's strategy is designed to protect the economy through this period of global uncertainty, to maintain market confidence and keep those interest rates low, and to lay the foundations for a stronger, more balanced economy.