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Economic Growth and Employment

I should like to respond to the motion, which actually bears only a passing resemblance to the speech made by the hon. Member for Streatham (Mr Umunna). I will start with issues of fact that I hope we can agree on. The motion makes perfectly legitimate points about the state of the economy. It is certainly true that there is slow growth across Europe and in the UK. We fully understand that. We have not had the double-dip recession that has been predicted since the very first day of this Government, but yes, we do have slow growth. We accept that we have a worrying level of youth unemployment, although the largest component of that, the NEETs—those who are not in education, employment or training—were actually at their peak level before the financial crisis occurred. It is correct to say, as the motion does, that we have a high, and we would argue excessive, level of borrowing. That makes it all the more perverse that the single policy that the hon. Gentleman is offering to us is to increase that level of borrowing, which he considers so toxic.