Published On: Thu, Nov 7th, 2019

BBC News: ‘You’ve got no idea what interest rates will be’ BBC host LOSES IT at Labour | UK | News

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The BBC host accused Jonathan Reynolds of having “literally no idea” what interest rates will do over the next 10 years. The Labour MP claimed the yields have “gone down” even with “very considerable shocks” to the economy. Referring to headlines from regional newspapers in the north of the UK, Mr Reynolds argued the Labour Party’s “manifesto for the north” was desperately needed for those who have been “neglected for too long”. But Ms Derbyshire was sceptical about the spending plans, probing the Labour politician on how he planned to fund the expensive venture and how the party intended to pay back the huge debt that would inevitably be accrued from it.

Speaking on the BBC’s Victoria Derbyshire show, the host began: “Everybody that has got a credit card or a mortgage watching will know paying that debt back will be manageable while interest rates are low which they are at the moment. But if they go up, that is going to be a big issue.” 

She added: “If interest rates go up, your payments will go up, that’s a fact yes?”

Mr Reynolds replied: “That’s a fact, of course. But that’s the case in all circumstances but there’s no reason.”

Ms Derbyshire interjected: “So my point to you is, if interest rates go up, it’s going to be an issue.”

The Shadow Economic Secretary to the Treasury began: “Yes but there’s no reason to believe that they would if you look at the yields on Government.”

The BBC presenter hit out: “You have no idea, you’ve got literally no idea what interest rates are going to do over the next 10 years.”

READ MORE: BBC’s Naga Munchetty probes Tory MP as he slams Labour’s economic plan

The MP for Stalybridge and Hyde said: “If you just let me finish the question, we know how they’ve been over the last 10 years and even with very considerable shocks to the economy like the vote for Brexit, the yields have gone down.

“People around the world are looking for safe havens for where they can put there money, and UK Government debt is a very, very sound bet on that measure.

“So yes we can look and sort, look at our investment needs, and see what the cost of that borrowing is and make very sensible projections about what we need to do as a country.

“Of course to get control of Government debt and indeed the deficit, you can increase taxes, you can cut Government spending as this Government has done. But you also need to get economic growth going.”

In a letter to Mr Corbyn, Mr Watson insisted his decision was “personal, not political”, citing his health as a motivation to pursue a different path in life.

He added: “It’s hard to find words to express my deep gratitude to the people who trusted me to fight their corner. The Black Country is the very best of Britain.

“Communities who look out for their neighbours, who want to get on but not at the expense of others. And the people who make up this area are the most honest and decent you’ll find anywhere in the world.

“The last few years have been among the most transformational of my personal life, second only to becoming a proud father of two beautiful children. I’ve become healthy for the first time, and I intend to continue with this work in the years to come.

“I want to thank you for the decency and courtesy you have shown me over the last four years, even in difficult times.

“Our many shared interests are less well known than our political differences, but I will continue to devote myself to the things we often talk about: gambling reform, music and arts, stopping press intrusion, obesity and public health and of course horticulture and cycling.”

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