The Economy

I have given way to both hon. Members, and I know that many people want to speak in this debate. The permanent savings we have made reaffirm Britain's commitment to dealing with its debts. Who backs this commitment? The international organisations do. The OECD says that"““the ambitious fiscal consolidation has bolstered credibility and helped maintain low bond yields””." The head of the IMF, whom the shadow Chancellor was talking about, said when she came to the UK that"““strong fiscal consolidation is essential to restore debt sustainability””," and that the Government's ““policy stance remains appropriate””. During Treasury questions, the shadow Chancellor was, I think, quoting The New York Times. What he did not quote was the Financial Times, where he actually worked. It said that"““the Government's plans for fiscal consolidation have allowed Britain to regain the confidence of investors at a time when all too many countries have forfeited it””." That is the kind of editorial he would have written when he was a leader writer there. The Economist says that the credibility the Government have achieved is ““priceless””. The CBI has supported what we have done. The Institute of Directors said that we did the right thing. The Federation of Small Businesses, which the shadow Chancellor often quotes, and the British Chambers of Commerce have both welcomed the measures we announced for business.