There is another, slightly more obvious difference between now and 1945. Then, we had run up a spectacular debt that changed Britain's place in the world, in many ways for the worse. It left us vulnerable and led to years of rationing and hardship for households right across the country,...

There is another, slightly more obvious difference between now and 1945. Then, we had run up a spectacular debt that changed Britain's place in the world, in many ways for the worse. It left us vulnerable and led to years of rationing and hardship for households right across the country,...

The hon. Gentleman is right that our debt-to-GDP ratio fell, in a good way, quite markedly after the second world war. Nevertheless, it is still true that we have previously been in territory where that ratio has been well over 100 per cent. We are not in that position at...

The hon. Gentleman is right that our debt-to-GDP ratio fell, in a good way, quite markedly after the second world war. Nevertheless, it is still true that we have previously been in territory where that ratio has been well over 100 per cent. We are not in that position at...

The hon. Gentleman makes a valid point. I shall not comment on his specific statistics, but merely observe that I am painting the rosiest picture that I can of the current state of the public finances.

The hon. Gentleman makes a valid point. I shall not comment on his specific statistics, but merely observe that I am painting the rosiest picture that I can of the current state of the public finances.

Thank you, Mr. Deputy Speaker, for giving me an opportunity to contribute to this pressing and important debate. As we have just been hearing from the right hon. Member for Birkenhead (Mr. Field), we gather at a time of great economic risk for our country. The first signs of tentative...

Thank you, Mr. Deputy Speaker, for giving me an opportunity to contribute to this pressing and important debate. As we have just been hearing from the right hon. Member for Birkenhead (Mr. Field), we gather at a time of great economic risk for our country. The first signs of tentative...

I accept my hon. Friend's point. The Bill is near to worthless, but it is a valid point that the Conservatives have just spent a lot of money on a poster campaign across the country that does two things: says that they will try to tackle the deficit and identifies...

I accept my hon. Friend's point. The Bill is near to worthless, but it is a valid point that the Conservatives have just spent a lot of money on a poster campaign across the country that does two things: says that they will try to tackle the deficit and identifies...

My understanding is that the SNP aspires to be in coalition with the Conservatives after the general election, so they may be able to come up with a joint plan at that stage. Let me get to our deficit reduction proposals. The straightforward answer is that we are not saying...

My understanding is that the SNP aspires to be in coalition with the Conservatives after the general election, so they may be able to come up with a joint plan at that stage. Let me get to our deficit reduction proposals. The straightforward answer is that we are not saying...

We are getting to the interesting nub of the argument. We are saying that there is not a good reason to ring-fence Departments. That does not necessarily mean that the Department of Health would be cut, but the implication of the Conservatives' policy—[Interruption.] Hon. Members should hear me out; I...

We are getting to the interesting nub of the argument. We are saying that there is not a good reason to ring-fence Departments. That does not necessarily mean that the Department of Health would be cut, but the implication of the Conservatives' policy—[Interruption.] Hon. Members should hear me out; I...

Let me come to our proposals in just a moment. People will be keen to hear them.

Let me come to our proposals in just a moment. People will be keen to hear them.

Perhaps I should avoid a protracted historical discussion, although I always thought that the hon. Gentleman's favourite Labour Government were in office during the period of achievement from 1976 to 1979. However, we have managed to identify another one whom he holds dear to his heart. I was talking about...

Perhaps I should avoid a protracted historical discussion, although I always thought that the hon. Gentleman's favourite Labour Government were in office during the period of achievement from 1976 to 1979. However, we have managed to identify another one whom he holds dear to his heart. I was talking about...

No, I have not said that.

No, I have not said that.

I will tell you if you listen. I said that no Department is ring-fenced. I have said not that there would automatically be cuts in every Department, but that we should not have a policy of ring-fenced Departments. I will give way to any Conservative Member who will say that...

I will tell you if you listen. I said that no Department is ring-fenced. I have said not that there would automatically be cuts in every Department, but that we should not have a policy of ring-fenced Departments. I will give way to any Conservative Member who will say that...

Given that less than two years ago the Chancellor forecast that the deficit this financial year would be £38 billion, and that instead it has turned out to be £178 billion, why is the Minister so confident that her right hon. Friend is able to predict what the economic circumstances...

Given that less than two years ago the Chancellor forecast that the deficit this financial year would be £38 billion, and that instead it has turned out to be £178 billion, why is the Minister so confident that her right hon. Friend is able to predict what the economic circumstances...

The Chancellor might be the leader of the Lib Dems by then.

The Chancellor might be the leader of the Lib Dems by then.

It would inform the debate, although one is sceptical about the accuracy of some of the data. Recently I told the Chancellor that he had revised upwards his borrowing figures for this year. He appeared to imply that that had not happened, but I have gone back through the figures....

It would inform the debate, although one is sceptical about the accuracy of some of the data. Recently I told the Chancellor that he had revised upwards his borrowing figures for this year. He appeared to imply that that had not happened, but I have gone back through the figures....

No, I want to make some progress. I want the deficit cut, which is why my party has consistently made bold and eye-catching contributions to our national debate on that subject. That is why in the past months we have called for pay restraint, which protects those on low incomes...

No, I want to make some progress. I want the deficit cut, which is why my party has consistently made bold and eye-catching contributions to our national debate on that subject. That is why in the past months we have called for pay restraint, which protects those on low incomes...

I have acknowledged in the past, and will acknowledge again, that the Chancellor is right to be concerned about debt. He is also right to warn that it is possible to cut too deep and too quickly. Navigating a course from our current dire position to calmer waters is a...

I have acknowledged in the past, and will acknowledge again, that the Chancellor is right to be concerned about debt. He is also right to warn that it is possible to cut too deep and too quickly. Navigating a course from our current dire position to calmer waters is a...