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Budget Resolutions and Economic Situation

It is worth nothing that when the hon. Gentleman’s party was in power it did nothing at all to protect occupational pensions. I know that he does not speak for the Conservative Front Bench, but is he suggesting that the Government should underwrite completely every single private pension scheme in this country? If he is, that is certainly a huge spending commitment that will not fit in with the spending plans with which the shadow Chancellor said this afternoon he agreed.