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Living Standards

I am grateful for the intervention, as it allows me to remind the hon. Lady that in looking back at the period in the run-up to and start of the recession the OBR said the depth and boom and bust was greater than was anticipated—by more than 1%. The baseline from which we started, therefore, was much lower, which means, as is seen by the Treasury, that the amount we would have had to borrow would have been more than £100 billion if we had not taken our decisions early on. Labour Members' posturing about their own position is fundamentally incorrect, and they must recognise that. The OBR said that the eurozone crisis is"““likely to have contributed to weaker UK growth and business and consumer confidence.””" I know that Labour Members do not like to hear that that is an issue, but it is seen by everybody, not least of which the OBR.