Engagements

Part of Oral Answers to Questions — Prime Minister – in the House of Commons at 12:00 am on 20 February 1997.

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Photo of Mr John Major Mr John Major , Huntingdon 12:00, 20 February 1997

My hon. Friend is correct on both counts. Certainly, if anything remotely approximating to £30,000 million were spent in the next Parliament in addition to current spending plans, taxes and interest rates would rise, and I have no doubt that it would have very severe effects on the economy as a whole. As for debt, I was delighted to see that £6 billion had been repaid in the past month—