Amendment of the Law

Part of the debate – in the House of Commons at 6:50 pm on 24th March 2014.

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Photo of Peter Hain Peter Hain Labour, Neath 6:50 pm, 24th March 2014

It is interesting how those on the Government Benches do not like to hear the truth, Madam Deputy Speaker. The level of debt under the Labour Government before the banking crisis was lower than we inherited from the Conservatives in 1997. We brought borrowing down and we brought the deficit down compared with what we inherited, and yes we invested in repairing the desperate state of our public services—people dying on trolleys in hospitals, schools crumbling, the railways decaying. We repaired all of that and then the banking crisis came along and blew it out of the water, and there was a failure by every Government right across the world to recognise the seeds of that banking crisis, but it was not caused by Labour overspending, and not caused by Labour high borrowing or high debt, because none of those things was going on prior to the banking crisis, and if we had not dealt with the banking crisis in the way that we did, the whole of the economic and banking system in Britain would have collapsed. We need the decency and honesty from the Government Benches to acknowledge that central fact.