Clause 3 — Rate of value added tax

Part of Bill Presented — Shared Parenting Orders Bill – in the House of Commons at 6:45 pm on 13th July 2010.

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Photo of Alec Shelbrooke Alec Shelbrooke Conservative, Elmet and Rothwell 6:45 pm, 13th July 2010

The hon. Gentleman mentions the banks, and there is no doubt that they had problems, but the fact is that this country was borrowing beyond its GDP during the boom years. Countries such as Sweden put 2% of their GDP aside and Australia paid off its national debt, leaving those countries in a far stronger position to tackle the recession when it came. Everybody accepts that the banking crisis caused problems, but they were exacerbated by the actions of the previous Government.