Orders of the Day — Budget Resolutions and Economic Situation

Part of the debate – in the House of Commons at 4:51 pm on 10th March 1999.

Alert me about debates like this

Photo of John Redwood John Redwood Shadow Secretary of State for Trade and Industry 4:51 pm, 10th March 1999

What an extraordinary statement. The Opposition opposed the independence of the Bank of England because we did not think it was right in the circumstances. How right we were. Interest rates were driven higher than we recommended or proposed and British industry was put into a vice of high sterling, high interest rates, high taxes and high regulatory costs. That is why we are now seeing a disaster.