On fiscal responsibility legislation:
“We must keep the public finances on a sustainable path. The long-term health of our economy depends on it That is why we will introduce a new Fiscal Responsibility Act to require that the government reduces the budget deficit year on year, ensuring that the national debt remains sustainable in the medium term.”
On the economy:
“Many independent forecasters now believe the UK is too coming out of recession. I think it is too early to say so with total confidence.” “But I stick with my Budget prediction that, as long as we continue to support the economy, recovery will be underway in the UK by the turn of the year.”
On unemployment:
“Even when we begin to see growth in the economy again, unemployment is likely to keep rising for some time.”
On government borrowing:
“The steps we’ve taken to raise revenue are not enough. In order to get borrowing down, spending will have to be tighter in the years ahead, against a background where public investment has tripled over the past decade.” “I believe the public understand that difficult decisions will be needed.”
On bank bonus legislation:
“In the next few weeks we will introduce legislation to end the reckless culture that puts short-term profits over long-term success.”
“It will mean an end to automatic bank bonuses year after year. It will mean an end to immediate pay-outs for top management. Any bonuses will have to be paid over years, so they can be clawed back if not warranted by long-term performance.”