Cost of Living

Part of Opposition Day — [15th Allotted Day] – in the House of Commons at 3:45 pm on 24th June 2008.

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Photo of Philip Hammond Philip Hammond Shadow Chief Secretary to the Treasury 3:45 pm, 24th June 2008

I want to make some progress.

Britain, with 3 per cent. of GDP as a net borrowing requirement, is going into an economic slow-down in a very serious fiscal position. In 1989-90, the Budget was in surplus as we moved into a period of economic slow-down. Where the Government have led, the consumer has followed, piling up a mountain of debt on the back of asset price inflation, with 175 per cent. of personal disposable income in household borrowing—the highest ratio in the world. The Government cannot help households because they have over-borrowed, and households cannot help themselves as the squeeze tightens because they have over-borrowed as well.

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