The big picture: The exchange reflects differing views on the government's current economic approach:
Spencer claimed borrowing costs are rising, business confidence is falling and "growth is going nowhere"
He labelled current policies a "lefty economic experiment" and called for cuts to both taxes and spending
Jones, the Chief Secretary to the Treasury, strongly rejected these characterisations
He argued fiscal responsibility is "what the British people expect" rather than an ideological position
The response: Jones criticised the Conservative Party's past economic management, pointing to what he called their "historic defeat" at the previous election due to losing "all control and all sense when it came to public finances."
The context: The debate took place during a session on public finances and borrowing costs in the House of Commons on 9 January.
The bottom line: The debate highlighted contrasting positions between the Conservative Spencer's call for immediate tax cuts and the Labour Treasury's defence of its current economic policies.
