Results 1–20 of 500 for deficit speaker:George Osborne

European Union (Notification of Withdrawal) Bill: [2nd day] (1 Feb 2017)

George Osborne: ...read about in the media. The truth is that although Britain is seeking the maximum possible access to the single market for goods and for services, and we hope that the fact we have a trade deficit and a very important financial centre will count in our favour, the Government have chosen—and I respect this decision—not to make the economy the priority in this negotiation. They have...

Surplus Target and Corporation Tax (4 Jul 2016)

George Osborne: ...forecasters—it is reflected in the financial markets. It will have an impact on the public finances, which will partly be cyclical, but also partly structural. In the end, a structural deficit—my hon. Friend, who is a good fiscal conservative, will know this—needs to be addressed through either reduced spending or higher taxes over time. Obviously, as a Conservative, I tend to look...

Surplus Target and Corporation Tax (4 Jul 2016)

George Osborne: ...the last Labour Government. We promised to turn that around, and we got a record number of people into work and have had the fastest growing economy for the past three years. When it comes to the deficit, the right hon. Gentleman was a Treasury Minister and he left me with an 11% budget deficit—the highest in the peacetime history of this country—but this year it is forecast to be...

Debate on the Address: The Economy and Work (26 May 2016)

George Osborne: ...shadow Chancellor promising yet more billions of pounds of spending, borrowing, and extra taxes. It is as if the scorching experience of the financial crash eight years ago, and the crippling deficit with which Labour saddled this country, never happened. When the hon. Member for Hayes and Harlington (John McDonnell) mentioned the record of the Labour Government he kept saying, “Up...

Debate on the Address: The Economy and Work (26 May 2016)

George Osborne: The deficit has come down by another £16 billion. When I first stood at the Dispatch Box as Chancellor of the Exchequer we had a budget deficit of close to 11% of our national income, and £1 in every £4 that we spent on everything from hospitals to schools and police had to be borrowed. This year that figure is projected to be below 3%, and we are projected to have a surplus by the end of...

Debate on the Address: The Economy and Work (26 May 2016)

George Osborne: An 11% budget deficit means the debt is added to every year. Until the deficit comes right down, we cannot get the debt down. That is what we are doing and why we want to avoid an 11% budget deficit. Another sign of how the Labour party is changing is the motion it is asking us to vote on tonight. It contains an intriguing clause that relates to Scotland. It states that they “regret the...

Debate on the Address: The Economy and Work (26 May 2016)

George Osborne: ...the advanced world. We inherited an economy in which millions of people risked losing their job, and hundreds of thousands had. We now have a record number of people in work. We reduced the budget deficit. Our commitment to the northern powerhouse has seen investment projects in the region increase by 120% in the past two years. The verdict of the IMF in its recent examination of the...

Oral Answers to Questions — Prime Minister: Engagements (25 May 2016)

George Osborne: ...deterrent? Let us have a consensus on that, and on supporting, rather than disparaging, businesses. Let us have a consensus on not piling debts on the next generation, but on dealing with our deficit, and a consensus that the parties in this House should have a credible economic policy.

Oral Answers to Questions — Prime Minister: Engagements (25 May 2016)

George Osborne: ...tell the hon. Lady what we have done in recent weeks: we have taken another million people out of tax; we have frozen fuel duty; we have cut business rates for small businesses; we have seen the deficit fall by another £16 billion; we have delivered a record number of jobs; and we have introduced a national living wage. That is what we have been up to. What has Labour been up to? She...

Budget Resolutions and Economic Situation — Amendment of the Law (22 Mar 2016)

George Osborne: ...here, in this House, recognise his achievements in helping to make work pay, protecting the vulnerable and breaking the decades-old cycle of welfare dependency. Together, we had to confront a huge deficit and uncontrolled welfare spending. Of course, there is always robust discussion between the Treasury and the spending Departments when money needs to be saved. The decisions we make to...

Budget Resolutions and Economic Situation — Amendment of the Law (22 Mar 2016)

George Osborne: ...apology from the Labour party for the things that they got wrong? Why don’t they take a leaf out of that book? Why don’t they get up and apologise for the countless decisions that added to the deficit—that bankrupted our country? The progress we have made on social justice did not happen by accident. It happened because we in this Government set out to turn our economy around, to...

Budget Resolutions and Economic Situation — Amendment of the Law (22 Mar 2016)

George Osborne: ...to the Treasury we had seen a few more revenue raisers in Budgets, such as savings in welfare and savings in public expenditure. During the period in which she was the Chief Secretary, the deficit went from £76 billion a year to £154 billion a year. The measures that my right hon. Friend and I have been taking over the last six years are to clear up the mess that she and her colleagues...

Budget Resolutions and Economic Situation — Amendment of the Law (22 Mar 2016)

George Osborne: Let me make some progress. We have taken difficult decisions to control public expenditure and reduce a crippling budget deficit.

Budget Resolutions and Economic Situation — Amendment of the Law (22 Mar 2016)

George Osborne: ...and explain what we have done to clear up the mess she left. We took more decisions last week in the Budget, but we will also implement these decisions today to ensure that the work of reducing our deficit is done fairly, and that we ask more from the well-off. Look through the measures. They include provisions on dividends, lifetime pension allowances, stamp duty on second properties,...

Budget Resolutions and Economic Situation — Amendment of the Law (22 Mar 2016)

George Osborne: ...Minister. We understand that if we do not control spending, we will have a fiscal crisis. Because we are controlling spending and have passed difficult welfare legislation in recent months, the deficit is coming down and we are delivering economic security.

Budget Resolutions and Economic Situation — Amendment of the Law (22 Mar 2016)

George Osborne: My hon. Friend is absolutely right. The analysis shows that, had we not taken the decisions to reduce the structural deficit, we would have added £1 trillion further to our national debt. That is proof that we can never trust Labour with the nation’s public finances.

Budget Resolutions and Economic Situation — Amendment of the Law (22 Mar 2016)

George Osborne: Let me make a little progress before I give way again. We will go on driving down the budget deficit. We are down from borrowing £1 in every £4 when I became Chancellor to borrowing just £1 in every £14 next year. We will then be on to the security and good times of a budget surplus—a country earning more than it spends, and a generation that does not pass its debts on to its children...

Financial Statement (16 Mar 2016)

George Osborne: Today I report on an economy set to grow faster than any other major advanced economy in the world. I report on a labour market delivering the highest employment in our history, and I report on a deficit down by two thirds, falling each year, and, I can confirm today, on course for a budget surplus. The British economy is stronger because we confronted our country’s problems and took the...

Financial Statement (16 Mar 2016)

George Osborne: ...stay on course. We will not burden our children and grandchildren. This is a Budget for the next generation. Let me now give the Office for Budget Responsibility’s forecasts for the debt and the deficit. The combination of our action to reduce borrowing this year, along with the revisions to our nominal GDP driven by lower inflation, have produced this paradoxical result. In cash terms,...

Financial Statement (16 Mar 2016)

George Osborne: ...UK, as the nationalists wanted. Their own audit of Scotland’s public finances confirms that they would have struggled from the start with a fiscal crisis under the burden of the highest budget deficit in the western world. Thankfully, the Scottish people decided that we are better together in one United Kingdom. Believing in our United Kingdom is not the same as believing that every...


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