Autumn Statement

Part of the debate – in the House of Commons at 4:31 pm on 13 February 1991.

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Photo of Mr John Smith Mr John Smith , Monklands East 4:31, 13 February 1991

I do not think that I have ever heard a question such as that from any Minister since I came to the House of Commons[Interruption.] I accept that the Chief Secretary appeared to have a genuinely inquiring tone. He knows that his Government's policies are not working, so he says in despair. "Is there something better?" I give him one. If the right hon. and learned Gentleman were to rid his mind of some of its prejudices, he would carefully consider the use of credit controls to control demand rather than high interest rates. That would be a much better and a much less painful alternative. After all, it is what some European countries do, and they appear to get by without difficulty. I shall cherish the right hon. and learned Gentleman's intervention long after the memory of this debate has faded.