Banking Bill (Money)

Part of Employment Opportunities – in the House of Commons at 3:48 pm on 10th February 2009.

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Photo of Bill Cash Bill Cash Conservative, Stone 3:48 pm, 10th February 2009

A subject that I have been pursuing since at least 7 October is what is a proper measure of the percentage of gross domestic product represented by the debt—it is somewhat along the lines of the remarks made by my hon. Friend Mr. Bone. My hon. Friend Mr. Hoban correctly referred to contingent liabilities as the proper criteria. However, surely the real criteria should be the financial obligations that are entered into. Nobody could seriously doubt that we are speaking of financial obligations, so whatever the measure that may be imposed by virtue of a theoretical definition, the fact is that the figures are up to £2 trillion to £2.5 trillion, as I said in the most recent debate. Does my hon. Friend agree that we need to work that out carefully so that we get a proper measure, not just a theoretical measure, of what is defined?

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