Recession

Part of Oral Answers to Questions — Trade and Industry – in the House of Commons at 12:00 am on 5 June 1991.

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Photo of Peter Lilley Peter Lilley Secretary of State for Trade 12:00, 5 June 1991

Of course I agree with my hon. Friend on that. I accept the point that he makes. However, he will agree that the anxiety expressed by the Labour party about the level of interest rates is full of crocodile tears because it has declared that its policy would be to increase Government borrowing, which would drive up interest rates, increase inflation and give greater pain to small businesses than anything that they have suffered in the past.