Sleaford MP slams Labour's policies on economy at Prime Minister's Questions
SLEAFORD MP Stephen Phillips has stood up to slam Labour's policies on the economy.
At Prime Minister's Questions on Wednesday Mr Phillips said: "Britain is in a global race not just with our traditional competitor economies but with countries such as Brazil, Russia, India and China. Ahead of the Budget next week, will my right hon. Friend tell the House what assessment he has made of where we would be likely to finish in that race if we abandoned our deficit reduction programme and relied on some magical faraway tree of money, as the Opposition recommend?"
The Prime Minister replied: "My hon. and learned Friend makes an important point. One of the most important reasons for continuing to get our deficit down is that it is absolutely essential to have the low interest rates that are essential for home owners and for businesses. If we listened to the Labour party and abandoned those plans, we would have more spending, more borrowing and more debt - exactly the things that got us into this mess in the first place."
Commenting afterwards, Mr Phillips said: "Labour are clinging to a fantastical set of policies that rely on money that we simply don't have thanks to the financial mess this government inherited from them.
" Ed Miliband and Ed Balls are the architects of the crisis we now face and all they can suggest to try to get their hands on the keys to Downing Street are proposals that spend more and more without saying where this money will be coming from.
"It is totally irresponsible to claim that there is an alternative to reducing the deficit, and it's about time Labour acknowledged that and stopped making promises they can't keep. This is a time of hardship for many people because of the mess we were left with, and Labour owe it to us all to apologise for the mess – which they have never done – and to come forward with a proper economic plan if, indeed, they have one."