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Clause 2 - Personal allowance for 2013-14 for those born after 5 April 1948

Part of Finance (No. 2) Bill – in a Public Bill Committee at 4:15 pm on 23rd April 2013.

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Photo of David Gauke David Gauke The Exchequer Secretary 4:15 pm, 23rd April 2013

I really do have to remind the hon. Lady that we inherited a deficit of £160 billion. She shakes her head as if that has absolutely nothing to do with the question, but the point is that we have to get the deficit down. We have to deal with a large structural deficit—[ Interruption. ]. Actually, the structural deficit is falling and we have reduced it by a third so far, at a time when Labour advocates increases in borrowing of an additional £200 billion, according to the Institute for Fiscal Studies.

We are taking the difficult decisions to get public spending on to a sustainable basis. If we do not address that, the prospects for living standards for the people of this country are very grim indeed. That is why we need to keep ourselves out of a sovereign debt crisis, which is why we need to have a sustainable path to get the public finances under control. The fact that Labour cannot even see that demonstrates that, when it comes to credibility, that lies exclusively with the parties on the Government side.