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Welsh Affairs

I wonder whether my hon. Friend has had an opportunity yet to read the text of the excellent lecture given last night by the shadow Chancellor, my hon. Friend the Member for Tatton (Mr. Osborne). It contained some fairly grim analysis, including the fact that if the off-balance-sheet liabilities such as public sector pensions are included, we are well on the way to having a level of debt amounting to more than 90 per cent. of GDP, and that the interest payments on that debt could rise above 10 per cent. of GDP within 10 years, and to almost 30 per cent. in 30 years. Does my hon. Friend the Member for Preseli Pembrokeshire (Mr. Crabb) agree that those predictions—which are made by some very eminent people who understand economics possibly better than we do—are alarming?