00:00Well, it's always good when inflation comes down when we're in the current situation,
00:03but the Treasury should not be popping the champagne corks because we have an economy
00:08in which this government has killed growth stone dead. They talked the economy down when
00:13they came into office. They've taxed the living daylights out of businesses. And on inflation,
00:19if you look at the forecast that the Office for Budget Responsibility have put forward,
00:23it will be higher in every year than it would have been under us. And that means interest
00:27rates being higher for longer than they would otherwise have been, which means that people
00:31paying more, for example, on their mortgages. And there's what's going on in the bond markets,
00:36which it is the case that bond yields across the world are generally rising, but they're
00:40particularly rising here because the markets have a general lack of confidence in the UK
00:47economy compared with other economies. Well, when they came into office, we left them with
00:54the fastest growth in the G7. We had near record levels of employment. We had near
00:59record low levels of unemployment. We'd had 13 consecutive months of real wage growth.
01:05And on inflation, we brought it down from above 11% right down on election day to bang
01:11on target at 2%. So that wasn't a bad inheritance. It's taken them six months to completely destroy
01:17that. I think their inheritance was much better than they make out and made out. And I think
01:22the decisions that the Chancellor has taken, particularly around tax, spending and borrowing,
01:29have been ruinous. I think they've killed growth stone dead. And you're seeing unemployment
01:35going up and so on. And just look at what's happening in the bond markets. Not only are
01:40we seeing these yields increasing quite dramatically, and more than is the case for other countries,
01:45and that's an important point, we're also seeing a lot of pressure on the pound. And
01:49that's an unusual combination, but that speaks to a loss of confidence in the UK economy
01:54out there due to the decisions that this government has made. And this is ultimately a crisis
01:59made in Downing Street.
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