Oral Answers to Questions — Minimum Lending Rate

Part of the debate – in the House of Commons at 12:00 am on 5th March 1979.

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Photo of Hon. Nicholas Ridley Hon. Nicholas Ridley , Cirencester and Tewkesbury 12:00 am, 5th March 1979

Although one is pleased at the fall in minimum lending rate, may I ask whether the Chancellor, in his charming way, has yet understood the essential point that high Government spending, particularly on wasteful job creation and job protection schemes, causes the Government to force up interest rates so as to borrow, thereby losing more real jobs in the private sector than they create bogus jobs in the public sector?