Part of 1. 1. Questions to the First Minister – in the Senedd at 1:55 pm on 2 May 2017.
I thank the First Minister for that answer. In household terms, as he outlined in response to an earlier question, we’re all very used to the idea of balancing the books, managing income and outgoings, and, critically, managing debt, whether that’s on the mortgage on our home, or on our family car. Now, Government borrowing is far more complex, of course, but the basic principles remain, including managing your debt at any given time. Yet, classic economics recognises that, for Government borrowing, there are times, especially when the cost of borrowing is as low as it is now, when borrowing can be used to reverse austerity and bring growth, and, by bringing growth, ensuring that the deficit remains at the same percentage of GDP. So, isn’t it time, I say to the First Minister, for the UK Government to change its approach for the good of the country—for Wales and the UK? Or, for the good of the country, isn’t it time to change the UK Government?