Clause 3 - Duty to determine affordable borrowing limit
Local Government Bill
4:15 pm
Mr Nick Raynsford (Minister of State (Local and Regional Government), Office of the Deputy Prime Minister; Greenwich and Woolwich, Labour)
I entirely agree that there are moments in the economic cycle at which it is important to increase borrowing. The hon. Gentleman will recognise that, at a time when the world economy is going through considerable difficulty and turbulence, the fact that the UK is in a strong position is in no small measure due to the prudence of my right hon. Friend the Chancellor's financial management and our increased investment, now coming through, which has the counter-cyclical effect of keeping our economy in a strong position. I am delighted to see that wisdom is at last reaching the Opposition Benches and look forward to discussing that further with the hon. Gentleman in due course.
Question put and agreed to.
Clause 3, as amended, ordered to stand part of the Bill.