Economic Affairs and Work and Pensions

Part of Speaker's Statement – in the House of Commons at 3:38 pm on 8th June 2010.

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Photo of Alistair Darling Alistair Darling Shadow Chancellor of the Exchequer 3:38 pm, 8th June 2010

Before I leave this point I should say something further because a number of hon. Members mentioned our spending in the earlier part of our Government. It is not just about what we did during the recession; it is about the fact that over the relevant 10-year period, there was an unprecedented decade of growth such as this country had not seen before, as well as low interest rates, low inflation and falling unemployment. Gross domestic product per capita grew faster in this country than in any other G7 country even after one takes into account the effects of the financial crisis. The economic environment was one that this country had not had for many years. Of course, we had to deal with the effects of the banking crisis and the downturn that followed, which had a very severe effect on our public finances as well as other public finances.