Proceeding contribution from Hugh Bayley (Labour) in the House of Commons on Wednesday, 26 November 2008. It occurred during Emergency debate on Pre-Budget Report.
Pre-Budget Report
The hon. Gentleman seems to have forgotten that the national debt doubled when John Major was in power, and that the Labour party brought it down. In the early 1990s, net borrowing was at 7.4 per cent., 7.7 per cent. and 6.2 per cent. Last year, under Labour, it was at 2.6 per cent., and the Library brief shows that net borrowing will not rise to anywhere near as high as it was under the Conservatives in the early '90s, so what is he complaining about?
Secondary information
- Type
- Proceeding contribution
- Reference
- 483 c742
- Session
- 2007-08
- Chamber / Committee
- House of Commons chamber
- Subjects
- Bank services Banks Credit Budgets Borrowing Investment Financial markets Economic situation Guarantees National income National insurance contributions Public expenditure Loans Public sector debt Taxation VAT World economy Pre-Budget report 2008
- Link
- View this Proceeding contribution on www.publications.parliament.uk
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- 2025-01-22 21:07:14 +0000
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