Public Expenditure

Part of the debate – in the House of Commons at 4:52 pm on 5 December 1979.

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Photo of Mr Denis Healey Mr Denis Healey , Leeds East 4:52, 5 December 1979

I made some mistakes in earlier years. The right hon. Gentleman has already admitted some mistakes even in the past six months. For example, we were led to believe—and the Prime Minister led the building societies to believe —that the increase in interest rates that took place in the summer would soon be replaced by a fall. Instead, there was a further increase of 3 per cent.