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The Budget

There we come to the crux of the difference between the Conservatives and Labour, whether one is a Keynesian or a member of the Austrian school. I am married to a Schwäbische-Hungarian, so the hon. Gentleman will not be surprised that my sympathies are entirely Germanic in this matter. I remind the hon. Gentleman, for whom I have the utmost respect, that it was he who raised the business analogy, which I think is a good one. He would know that any business that operated in the way the nation was operating would have been declared bankrupt very quickly. The hon. Gentleman then left that analogy and tried to say that we can borrow over much longer periods. In fact, the right hon. Member for Neath asked why people were willing to lend to the UK. I think he put it rather well. He asked why it was that the Government were able to borrow vast amounts of money. I might throw that question back at him at some point.