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AMENDMENT OF THE LAW

I am aware of the great problems that exist. My hon. Friend rightly used the word ““largesse””. I worry that there is a sense of great public sector largesse. That may prove electorally beneficial to the Labour party and a Labour Government going forward, but there will obviously be great concerns about our global competitiveness. During the course of the last few hours, the debate has touched on India and China. I again give credit to the Chancellor: he was probably the first leading-rank politician to identify those two countries as important trading countries going forward and to recognise the benefits of the deflationary pressure that their influence has on the world economy. He is also right to regard that as being a great opportunity for this country—a challenge, of course, but not necessarily a threat. As the hon. Member for Luton, North pointed out earlier, the Chancellor has also been right to stay very much at arm’s length from further integration into the European Union and the single currency. To conclude, looking at the Chancellor’s track record over the past decade, as it has affected the UK economy, we see a picture of unparalleled economic calm. Yes, the Chancellor is entitled to some significant credit in relation to Britain’s performance. In the years and decades ahead, these times will be regarded by all of us here as being the very best of times, but I fear that we may we also look back upon this era as one when we failed to lay the foundations to ensure that, in the decades ahead, we could see the next generation prosper in a similar vein.