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Economic Affairs and Work and Pensions

At least the hon. Gentleman acknowledges—it is the first time, either in this debate or in Treasury questions, that we have heard this from those on the Opposition Benches—that cuts have to come. [Hon. Members: "The shadow Chancellor said that."] I am sorry, but we have just listened to a speech by the shadow Chancellor in which he explained why we should not be trying to accelerate the reduction in our structural deficit, despite the advice of the Governor of the Bank of England, the European Commission, the OECD, the G20, virtually every international investor in the UK economy and virtually every business organisation that represents businesses in this economy. The hon. Gentleman acknowledges at least that there have to be cuts. The offer that I make to him—he may take this up; I am not sure that his colleagues will—is to engage in a proper conversation in the Chamber over the next three or four months about the decisions that will obviously have an important impact on the way the Government function over many years to come.