|Oral Parliamentary Question (OPQ)
|The last time a massive increase in oil and commodity prices brought to an end a decade of growth, the countries that weathered the subsequent stagflation best were those that had used the period of growth to reduce their debt and taxes. Which of the legacies that the Chancellor inherited from his predecessor does he most regret-the fact that we have the highest deficit of any country except Bangladesh and Hungary, or that we have had the worst rise in taxes of any country in the developed world?
I am surprised that the right hon. Gentleman raises that matter, as when he was in the Cabinet we had two of the deepest recessions this country had ever seen in the last century. As I have said, our debt is lower than it was-certainly than when he was a member of the Government-and is lower than many other countries. Obviously, as we go through this period, it makes sense to ensure that we support the economy, and that is why borrowing has risen, but we are in a much better position than we were in the early 1990s. I am sure that he remembers that time well, because he was Secretary of State for Social Security at the time, and one of the big problems for the then Government was that more than 3 million people were out of work.
|House of Commons (HoC)