GOVERNMENT PLANS TO REDUCE THE DEFICIT

That this House notes that the UK has the largest structural budget deficit in Europe, at a level of 109 billion; further notes that the UK is paying, at a rate of 120 million a day, 43 billion a year in debt interest; believes that this money would far better serve the needs of the UK's citizens than those of the foreign creditors the UK borrows from; welcomes the support of the International Monetary Fund, the Organisation for Economic Co-operation and Development, the Governor of the Bank of England, and the Confederation of British Industry for the Chancellor of the Exchequer's plan to reduce the deficit; further welcomes the fact that the Office of Budget Responsibility has audited all of the annually managed expenditure savings in the Comprehensive Spending Review; andis encouraged that, in response to the action of the Government,the UK's market interest rates fell to near record lows, and the UK's credit rating was affirmed.