The more sanguine assessments on the impact of further borrowing are heavily reliant on interest rates and inflation remaining at historic lows.
The Chancellor’s measures leave us well prepared to tackle its short-term challenges as well as helping to shape the long-term trajectory of the economy.
As Economic Secretary to the Treasury, I know that he has a tried and tested record of promoting financial services.
But although the era of austerity is coming to a close, we are emphatically not rejecting the need for ongoing discipline with the public finances.
This is a robust, Conservative policy that enhances the stability of our society by encouraging and supporting prudent financial decision-making.
Building appropriate safeguards for the vulnerable is an essential part of defending capitalism in the 21st Century.
As Conservatives, we have a duty to protect and defend people who have historically been left without access to legal credit.
The crucial point is that consumers will be fully informed of how much something will cost before they get to the very end of the checkout process.
Their opponents often deploy arguments that are simply out of date.
What is needed is smarter budgeting – that uses evidence on what works to establish quantifiable future savings.
We are making progress by working out how to build fences at the top of cliffs, instead of just sending ambulances when people fall.
The policy is likely to be the most important legacy of a Conservative welfare agenda. We must stay the course.
Britain’s deprivation measures have failed to account for the many dimensions of poverty, and our Government is right to redress this imbalance.
For too long the left has laid a false claim to be on the side of the poor and vulnerable. We must move into that territory.
We must not shrink from the opportunity posed by majority government to reclaim the mantles of compassion and social justice from the left.