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Amendment of the Law

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

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

Yes, indeed. There is clearly a close link between the level of the budget deficit and interest rates, both long-term interest rates in the markets and short-term interest rates set by the Bank of England. That is why maintaining a monetary policy that is supportive of growth—which is what we are doing—requires fiscal discipline.

Let me now deal with how we can achieve sustainable, balanced growth, and what “sustainable, balanced growth” actually means.