Amendment of the Law

Part of the debate – in the House of Commons at 2:27 pm on 24 March 2011.

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Photo of Vincent Cable Vincent Cable The Secretary of State for Business, Innovation and Skills 2:27, 24 March 2011

I do not know when the right hon. Gentleman last opened a financial newspaper. If he had done so recently, he would know that all the countries on the periphery of Europe that have been hit by the rising cost of capital are in very acute financial crisis, which we have avoided. We have German interest rates, and at the same time we are carrying a deficit on the scale of the most debt-ridden economies such as Ireland and Portugal.