Amendment of the Law

Part of the debate – in the House of Commons at 4:44 pm on 28th April 2009.

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Photo of James Purnell James Purnell Secretary of State, Department for Work and Pensions 4:44 pm, 28th April 2009

I shall make some further progress, as I am going to come to my right hon. Friend's point about real jobs.

The Opposition's policy would increase the human costs of this recession, but it is also economically illiterate. In a banking crisis, we have to get lending going again, support the banks and strengthen confidence. The Tories, of course, would do the opposite. They would take money out of the economy at precisely the time when it needs to be in the economy. They would cut borrowing and would therefore be unable to stand behind the banks, savers, businesses and homeowners in the way we are. Their policy would risk the vicious spiral that the Japanese economy entered in the 1990s. That would be the consequence of their policy, and they cannot run away from it.

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