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Pre-Budget Report

The shadow Chancellor asked me for an explanation as to why the Financial Secretary signed it, and I have given that. As I said to the hon. Gentleman, like any Chancellor, I considered a wide range of options, and I decided that the fair way to raise money would be through the national insurance system, with a rise of 0.5 per cent. The debate today gives us an opportunity to set out, as the shadow Chancellor said on Monday, a clear choice. I believe that, faced with today's extraordinary economic circumstances, there is a choice between supporting people, business and the economy, as countries across the world are now doing, and walking away, saying that we will do absolutely nothing and letting the recession run its course. We have been there before, in the 1980s and 1990s, and we will never return to those days again. The Government and I are determined to do everything that we can to support people and businesses during these extraordinary times, which are affecting this country and every country in the world.