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Welsh Affairs

Again, the hon. Gentleman is absolutely right and speaks the truth. At that really difficult moment when the whole of the banking system could have collapsed, after which people would have lost their savings and much calamity would have resulted, if the disastrous policies that the Conservatives advocated had been followed, they would have made things much worse, whereas people accept that our policies have delivered results. As I have said, it will not be easy to emerge from recession. We need to lock in the economic recovery, but finance from the banks is still a major problem. That is why we have committed another £500 million to the enterprise finance guarantee scheme, thereby enabling more businesses to access it. Currently, more than £33 million of loans have been offered to nearly 430 companies in Wales. Again, that support would be cut by the Conservatives.