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Comprehensive Spending Review

Interest rates that are rising significantly will have a significant impact on the economy, and we want to ensure that rates are low. Despite what we have just heard, Britain went into the election with a debt of £1 trillion. The previous Government started with a debt of £350 billion, which has gone up to £650 billion before 2008, before any collapse of the banks. The Government then spent another £300 billion trying to shore up their position for the next general election. The Opposition talk about the banks, but the banks had only £50 billion; they may get more, and we may get some back, but they physically had £50 billion. I accept that that was a lot of money, but it is not a great percentage of £950 billion, which is what the debt is today. What happened to the other £900 billion? The former Secretary of State for Wales says that it was invested, but I believe that much of it was wasted, as we certainly did not see an improvement in public services.