Orders of the Day — Finance (No. 2) Bill

Part of the debate – in the House of Commons at 4:50 pm on 14th July 1988.

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Photo of Mr John Major Mr John Major , Huntingdon 4:50 pm, 14th July 1988

I also had the pleasure of listening to the whole thrust of the hon. Gentleman's remarks, which, as hon. Members who were in the House will recall, was precisely as I have described it. What the hon. Gentleman cannot take is the fact that the Government's finances are in surplus. The current account deficit, of which he tried to make so much a moment ago, essentially reflects purely private sector behaviour. That is a factor that the Opposition frequently tend to ignore. The contrast with the deficits over which the Labour Government presided could scarcely be more stark. Under Labour, a balance of payments deficit meant a balance of payments crisis. Today, that is certainly not the case.