The new macroeconomic policy framework, with interest rates decided independently by the Monetary Policy Committee of the Bank of England and the rules of fiscal prudence, was needed to establish a new stability in the economy after decades of instability, compared with the record of our competitors. Having achieved that, we see it as a precious prize indeed. So maintaining it and locking it in for the long term was at the heart of my right hon. Friend the Chancellor's objectives last week. We are enjoying clear benefits from that approach.
More people are in work than ever before.
The unemployment rate is at its lowest for 25 years. Of particular importance is the dramatic fall in youth unemployment. Everyone can appreciate the huge benefit to us all of so many young people becoming familiar with the habits and disciplines of having a job, especially when such a large number of them grew up in households in which no one regularly went to work. Opposition Members referred to the evaluation carried out by the Institute for Social and Economic Research. Interest rates are low and stable.