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The Economy

I agree with the argument of the Conservative shadow Chancellor and his colleagues that the Chancellor of the Exchequer should be here. We have had two very important announcements on economic matters, one on unemployment and one on a fundamental reform of financial regulation, each of which independently would have justified the Chancellor’s presence, and he should really be here. We know that he has a hard time fending off calls from No. 10 Downing street, but that is not an excuse for not reporting to Parliament. Therefore, I totally support that point. The central point to be made on the motion is that the enormous gap between the rhetoric and the action is in many respects true. In some ways, the motion understates the case. To take the problem of repossessions, the Government have four schemes, not just one—none of which, as far as I can establish, is properly operational—plus an empty property clearing house, which does not seem to be working with any volume, and a social housing building programme, which is virtually at a standstill. So even if we take one narrow area, there is very little progress to report.