00:00On the borrowing figures that were released today, government borrowing last month was much higher than expected,
00:05particularly driven by spending on welfare.
00:08Does this government under Andy Burnham have an ambition to reduce spending on benefits?
00:12Well, we are reforming the welfare system.
00:15We've got to ensure that we're tackling the structural drivers of those welfare costs,
00:20not least the fact that we haven't built enough new homes, particularly social rented homes in this country,
00:24but also looking at how we make welfare more conditional on the opportunities that are provided.
00:29But on the government borrowing figures, what the figures show is very clear.
00:32Borrowing last year fell to its lowest level in six years.
00:36Debt as a share of the economy is lower than it was last year.
00:39That's why the IMF say that we are on track to reduce borrowing more than any other country in the
00:45G7.
