Sunday Morning with Trevor Phillips, Sky News
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00:00I was wrong on the 11th of June, I didn't know everything because when I
00:06arrived at the Treasury on the 5th of July, so just under a month after I said
00:12those words, I was taken into a room by the senior officials at the Treasury and
00:18they set out the huge black hole in the public finances beyond which anybody
00:23knew about at the time of the general election because the previous
00:27government hid it from the country, they hid it from Parliament and indeed they
00:31hid it from the official independent forecast of the Office of Budget
00:35Responsibility and so when I went into that budget last week I had to put our
00:42public finances back on a firm trajectory because we saw in the
00:46previous Parliament what happens when government loses control of the public
00:49finances and the first commitment we made in our manifesto was to bring
00:54stability back to the economy.