Economic Situation

Part of the debate – in the House of Commons at 12:00 am on 11th October 1976.

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Photo of Mr Norman Lamont Mr Norman Lamont , Kingston upon Thames 12:00 am, 11th October 1976

Is not everything that the Chancellor has said a condemnation of the strategy outlined in his Budget speech? Does he remember my right hon. and learned Friend the Member for Surrey, East (Sir G. Howe) saying that if the public sector borrowing requirement were not cut, the Chancellor would have no alternative to skyscraping interest rates in order to finance his deficit? Has he not now admitted this and produced interest rates that will bankrupt the private sector unless they are cut soon?