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Amendment of the Law

Part of the debate – in the House of Commons at 4:37 pm on 23rd March 2011.

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Photo of Richard Fuller Richard Fuller Conservative, Bedford 4:37 pm, 23rd March 2011

Perhaps my hon. Friend will be interested to read on page 25 of the debt and reserves management report issued today that the gap in the five-year forward rate on debt borrowing is at its highest point for 10 years. That reflects the fact that the market is buying only short-term debt. One of the few assets of this country that the last Government did not sell down the river was the long-dated debt that we have compared with other countries. If we had carried on with their policies, even that would have been lost as a result of their profligacy and waste.