Orders of the Day — Finance Bill

Part of the debate – in the House of Commons at 4:58 pm on 10 July 1997.

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Photo of Alistair Darling Alistair Darling The Chief Secretary to the Treasury 4:58, 10 July 1997

I am sure that the right hon. Gentleman did not mean to mislead the House on that point. The Bank of England's report today notes the fiscal tightening in the Budget last week and further notes that the problems have arisen over a long period. Will he accept that the former Chancellor was advised on many occasions, specifically in February, that if he did not take action to increase interest rates he would not hit the target in the long term?