amendment of the Law

Part of Ways and Means — Budget Resolutions and Economic Situation – in the House of Commons at 11:34 am on 22nd March 2013.

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Photo of Kevan Jones Kevan Jones Shadow Minister (Defence) 11:34 am, 22nd March 2013

Is it not a fact that when the Labour Government came into office in 1997, debt stood at 42% of GDP? When the banking crisis hit in 2008, it was down to 35%. The reason for its increasing was the fact that we had to bail out the banks and carry out the economic stimulus, which made the economy grow—all that, including the spending targets, was supported by the hon. Gentleman’s party when in opposition.