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Proceeding contribution from David Gauke (Conservative) in the House of Commons on Wednesday, 20 January 2010. It occurred during Debate on bill and Committee of the Whole House (HC) on Fiscal Responsibility Bill.

Fiscal Responsibility Bill

The Minister says that the Government are taking action now and already addressing the problem. May I quote to him what the Governor of the Bank of England said in a speech in Exeter last night? He quoted the chairman of the Federal Reserve, Ben Bernanke, as saying of the similar fiscal position in the United States that""near-term challenges must not be allowed to hinder timely consideration of the steps needed to address fiscal imbalances. Unless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth."" The Governor of the Bank of England then went on to say:""The Chancellor has made it clear that the Spring Budget provides the opportunity to do precisely that."" It is implicit in what the Governor has said that the Government have not yet demonstrated a strong commitment to fiscal sustainability in the longer term. Is that not correct?

Secondary information

Type
Proceeding contribution
Reference
504 c342 
Session
2009-10
Chamber / Committee
House of Commons chamber
Subjects
Audit Banks Borrowing Fiscal policy Economic situation Economic policy Economic growth National income Public expenditure Public finance Public sector debt Taxation Economic recession
Legislation
Fiscal Responsibility Bill 2009-10
Link
View this Proceeding contribution on www.publications.parliament.uk