Financial Crisis

Part of the debate – in the House of Commons at 3:56 pm on 20 January 2009.

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Photo of Stephen Timms Stephen Timms Financial Secretary (HM Treasury) (also in the Department for Business, Innovation and Skills) 3:56, 20 January 2009

Has the hon. Gentleman seen today's inflation figures, which show a sharp and welcome fall in inflation, reflecting in large part, as the Office for National Statistics has said, the effectiveness of the VAT cut, as it is passed through to consumer prices?