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Capital Gains Tax (Rates)

Part of the debate – in the House of Commons at 1:14 pm on 23rd June 2010.

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Photo of Alistair Darling Alistair Darling Shadow Chancellor of the Exchequer 1:14 pm, 23rd June 2010

Since the right hon. Gentleman referred directly to me and to advice and discussions that I may have had, let me say to him that there has never been any argument in the House about the fact that we needed to reduce borrowing. The discussion was always about when the reduction should start-before the election, he and I were on the same side on that-and about the extent to which, and the speed at which, it should take place.

As for Greece and the sovereign debt crisis, I am sure that the right hon. Gentleman will also have been advised that the real problem was that the rest of the eurogroup took far too long to do what was necessary to support the Greek Government. Had they done it in February, when the problems first became apparent, some, although not all, of those problems might have been avoided. As it was, they were allowed to become acute. No one is arguing that we did not need to reduce our borrowing, but we were not in the same position as Greece.

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