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Amendment of the Law

Part of the debate – in the House of Commons at 1:41 pm on 24th March 2011.

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Photo of Jacob Rees-Mogg Jacob Rees-Mogg Conservative, North East Somerset 1:41 pm, 24th March 2011

Thank you. I am grateful for such widespread support.

May I draw the shadow Chancellor’s attention to page 8 of the Red Book? He referred to private sector debt, which rose from 200% of GDP to 450% of GDP when the Labour Government were in office. That fundamental instability led to our troubles. It was great while debt was rising—it led to full Government coffers—but it got out of control and that is the root cause of the problem.