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Charter for Budget Responsibility

We cannot get into a whole debate about macro-economic policy. Needless to say, I disagree with the hon. Gentleman's analysis of how the financial crisis occurred. The point I was making—the intervention was not particularly relevant to it—was that this Government's action in reducing the deficit too far and too fast is hitting people at the bottom end of the income scale far harder than it is hitting people such as bankers. If the Government were to adopt our suggestion of introducing a banking bonus tax again this year, as we did last year, they would not have to make cuts that hit people at the bottom so hard.