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Capital Gains Tax (Rates)

Part of the debate – in the House of Commons at 5:23 pm on 23rd June 2010.

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Photo of Sajid Javid Sajid Javid Conservative, Bromsgrove 5:23 pm, 23rd June 2010

The hon. Lady said that our sovereign debt situation is not as bad as that of Greece. We do not just have to use Greece as an example; other countries have faced drastic situations and austerity measures. It is not reasonable to look at the size of the debt as a proportion of GDP; we also have to look at the amount of debt we have been issuing, borrowing £3 billion a week to help fund it. I am sure the hon. Lady is aware that last year the former Government printed about £200 billion in cash and borrowed about £225 billion on the gilts market. The only other country with a similar policy was probably Zimbabwe, so I am sure she is not advocating that we continue in that way.

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