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Pre-Budget Report

My Lords, I am always grateful to the ever polite and courteous Minister. I said no such thing. I simply said that the PBR submitted by the Chancellor last November did not produce a credible framework for providing a structure whereby public expenditure could be reviewed properly when circumstances allowed. The day after that PBR statement, the markets decided against the Chancellor, partly for that reason. If the Minister looks tomorrow at the text of what I said, he will find that I said no such thing.