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Finance Bill

It is true that, at the beginning of the period when Japanese rates were zero, Japan had no growth and that, once or twice, it was even going backwards, but that is not true today. Japanese interest rates are still only a fraction above zero, yet Japan is growing quite quickly by the standards of the advanced countries. The hon. Gentleman should not be so complacent. We have heard much complacency from Labour Members in this debate. They have consistently made two claims. The first is that everything is now wonderful, thanks to this Government, yet they have refused to look how we are doing against the international background. The second is that the Conservatives are not allowed to say anything, because things went wrong in 1992. I have gone over that subject endlessly: yes, we know that, we have said sorry, and Labour Members should learn from those mistakes as well. They shared those mistakes, yet they have never had the courage to admit in this House that they got it wrong in exactly the same way. It did not happen on their watch, so of course they have not paid the price that we paid, but we have paid that price. Would they really like us to spend all our debating time going on about the winter of discontent, which happened on the watch of a previous Labour Government? I do not do that, because there is no point. It was a long time ago.