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HM Treasury

Is my hon. Friend aware that, if we add the off-balance-sheet PFI scheme debts to the liabilities that now encumber every taxpayer in this country, it adds up to about 54 per cent. of the United Kingdom's gross domestic product? As he will no doubt be aware, the last time we had that level of public debt, which was under a previous Labour Government, the International Monetary Fund was forced to step in and insist on swingeing public expenditure cuts. Does he agree that that would be a very serious development, but that it is very likely to happen, unless the Government take drastic action in the next year or so?