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Amendment of the law

I am not quite clear from that answer whether or not the hon. Gentleman supports the action. I suspect that he wants to have it both ways. On the question how we get out of recession, however, there is a philosophical difference that is worth highlighting. The shadow Chancellor may not want to talk about it, but it is important that the country knows the difference. In a debate in the House last month, he was asked about his view on borrowing and on borrowing rising in a recession. He gave a very illuminating answer, saying that""tax receipts fall off and welfare payments increase,"" and that, as a result—these were not his words—borrowing rises. He continued:""Those are the fiscal stabilisers, and that provides a fiscal stimulus. That was a debate that was had in this country and many others over many decades since the 1930s."—[Official Report, 18 March 2009; Vol. 489, c. 932.]" There you have it, Mr. Deputy Speaker. The shadow Chancellor's view, even when interest rates are at 0.5 per cent. in this country, is that the limits of fiscal policy—this is a very important point—are to let the automatic stabilisers work. On that point, however, he is pretty much alone: 19 of the 20 G20 countries have put more money into their economies; the Institute of Directors and the CBI support putting extra money into the economy; the managing director of the IMF supports it, too; and—[Interruption.] Opposition Members ask about the Governor of the Bank of England, but he also supported our fiscal measures—and our targeted action in the Budget. The shadow Chancellor calls himself the moderniser in the Conservative party. I think he once said that we was not an über-moderniser, but he says that he is a moderniser. Interestingly, there is someone who I think is the shadow Chancellor's secret hero: President Obama is, I am sure, someone for whom the shadow Chancellor has great admiration. What did the President say in November 2008? I agree with what he said, and perhaps the hon. Gentleman will tell us whether he does, too. The President said that""we have to do whatever it takes to get this economy moving again...we're gonna have to spend money now to stimulate the economy...short term, the most important thing is that we avoid a deepening recession"." I would be happy to give way to the shadow Chancellor, because he did not want to illuminate our differences of view. I am happy for him to come back on this point. I repeat, President Obama said that""we're gonna have to spend money now to stimulate the economy"." He believes in fiscal expansion and targeted action. I wonder whether the shadow Chancellor will tell us whether he agrees. I am happy to give way.