Ed Miliband accuses David Cameron of arrogance as economy shrinks Mr Miliband focused his attacks on the gloomy economic news. He claimed "people are fed up" with Mr Cameron's excuses and said growth had been "flatlining" since the autumn 2010 spending review. "You and your Chancellor are the byword for self-satisfied, smug complacency," he said. Our economy is not growing, it's shrinking. What's gone wrong with your economic plan? The Prime Minister insisted there was "not one ounce of complacency" about the economy in the coalition. These are extremely difficult economic times. These are disappointing figures, they are not unexpected figures. They are what the Office for Budget Responsibility forecast - a small decline in GDP at the end of last year. But I will be frank with you, I think they reflect three things: they reflect the overhang of the debt and the deficit that we have to deal with. They reflect the higher food and fuel prices that put a squeeze on household income towards the end of last year. And, yes, they also reflect the crisis in the eurozone that has frozen Europe's economies. The forecasts for France, for Germany, for Spain, for Italy for the end of last year forecast as great a decline or in many cases a greater decline. This is the year we have to take further action to get our economy moving, but the most important thing is to have a credible plan to get on top of the deficit which has given us the lowest interest rates for over a hundred years. Labour, he said, had only one answer: "To deal with a debt crisis by borrowing more and adding to debt. That would wreck our interest rates, wreck our economy and make things much worse. The Prime Minister said the International Monetary Fund (IMF) should help struggling countries, not currencies such as the euro. He suggested that the government would not consider increasing Britain's contribution to the IMF until the eurozone had taken action of its own. "There shouldn't be a question of committing further IMF funds until the eurozone itself has shown that it's comprehensively going to stand behind its own currency," he said. During the weekly session in the Commons, Mr Cameron rejected calls to abandon his flagship NHS reforms after criticism from a cross-party committee of MPs. The Prime Minister also disclosed that a high level committee of officials would meet "this week" to consider whether Sir Fred Goodwin, the former boss of RBS, should lose his knighthood.