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Business of the House

My hon. Friend brings to the House's attention the benefits of low interest rates to business and households. Those low interest rates would be put at risk if we listened to some of the siren voices in the Opposition, who want to push up the budget deficit. When we have the Budget later this month, there will be an opportunity to debate the issues that my hon. Friend mentioned. Speaking from memory, every 1% increase in interest has an impact of about £1,000 a year on the average mortgage. That puts the matter in context.