This week the Chancellor delivered his Autumn Statement outlining how the governments spending plans have changed for the next year. During such difficult economic times it was never going to be easy and realistically we could not have expected the profligate spending we saw under the last Government.
Among the announcements made on plans to shape the national economy and deal with the deficit there was some good news for people already struggling in difficult financial times including a freeze on the proposed fuel duty increase, a measure I had supported in Parliament earlier this month and a reduction on the increase on rail fares.
The announcement I was most pleased to hear was that the Government is supporting and investing money to create thousands of new work experience places your young people. This is a matter I have often stressed the importance of to the Chancellor and I am glad he has listened. I will be doing all I can to ensure that Watford makes the most of this scheme.
During the debate I asked George Osborne the following question:
Richard Harrington MP: I commend the Chancellor on his statement, particularly the parts about young people and small businesses, which will be gratefully received in my constituency. I am sure that he shares my concern about the shadow Chancellor's seeming lack of interest in interest rates and the amount of national debt. With that in mind, will my right hon. Friend confirm that a top priority of the Government is to reduce the £130 million per day that taxpayers in my constituency—and all taxpayers—pay to get the interest on the debt down?
Rt Hon George Osborne: Despite the deterioration in the borrowing forecast, the debt interest payments that we are making are £24 billion less than forecast. That is the burden of the debt, and it would be billions more if the shadow Chancellor ever got his hands on the British economy again.