14 June 2010
Following the Chancellor of the Exchequer's Commons statement on the creation of the Office for Budget Responsibility, George Freeman highlights today's revelation of the extent of the structural deficit and the effect it will have on growth and enterprise.
George Freeman (Mid Norfolk) (Con): Does my right hon. Friend agree that the real significance of today's independent report is the revelation of the extent of the structural deficit, with debt interest alone forecast to rise to £67 billion, strangling growth and enterprise, and at the same time destroying new Labour's core claim to be the party of economic competence?
Mr Osborne: My hon. Friend is right- [ Interruption. ] I see one of the leadership contenders barracking from the Opposition Benches. I do not know whether the right hon. Member for Doncaster North (Edward Miliband) wrote the speech for the right hon. Member for Kirkcaldy and Cowdenbeath (Mr Brown) in which he told the Labour party conference in 1996:
That is one area in which I agree with the former Prime Minister.
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George Freeman (Mid Norfolk) (Con): Does my right hon. Friend agree that the real significance of today's independent report is the revelation of the extent of the structural deficit, with debt interest alone forecast to rise to £67 billion, strangling growth and enterprise, and at the same time destroying new Labour's core claim to be the party of economic competence?
Mr Osborne: My hon. Friend is right- [ Interruption. ] I see one of the leadership contenders barracking from the Opposition Benches. I do not know whether the right hon. Member for Doncaster North (Edward Miliband) wrote the speech for the right hon. Member for Kirkcaldy and Cowdenbeath (Mr Brown) in which he told the Labour party conference in 1996:
"Losing control of public spending doesn't help the poor".
That is one area in which I agree with the former Prime Minister.
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