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Comprehensive Spending Review

One credit rating agency gave a signal to that effect, but the others did not. When one looks at the health of the British economy when we left office, which I will come on to in a moment, one sees that the Secretary of State and the Economic Secretary are clearly peddling myths. They love repeating the mantra about pulling Britain back from the brink of bankruptcy. It is a nice line, but unfortunately it is not true. If it had been true, the yields on UK Government bonds would have been sky high because of the risk of default. In fact, they have been remarkably low ever since the global financial crisis erupted in 2008, reaching just 4.1% at the beginning of this year, under a Labour Government.