Amendment of the Law

Part of the debate – in the House of Commons at 5:02 pm on 8th March 2017.

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Photo of Kevin Foster Kevin Foster Conservative, Torbay 5:02 pm, 8th March 2017

It is a great pleasure to follow Ian C. Lucas. I felt as though I were being given a history lesson rather than engaging in a Budget day debate. However, one part of the history was missing: the years between 1997 and 2010, when the hon. Gentleman sat on this side of the House as part of a Labour Government. If certain things were so bad, the Labour Government would surely have rushed to change them, but, of course, they did not.

As for the idea that there are “only three banks”, the hon. Gentleman might want to pay a visit to a branch of the Nationwide Building Society some time soon, or even visit the Coventry Building Society, which is not so well known throughout the country, but which now has customers in virtually every postcode district. It is also proud to say that it was the largest lender not to lose money on the sub-prime market.

However, it was not the history lesson on which I was planning to comment. I was planning to comment on what has been said so far in the Budget debate, and to welcome what we heard from the Chancellor earlier today. In particular, I note the growth projections. Given some of the prophecies of doom that we were hearing from all sides this time last year, when we were being told what might happen if we voted to leave the European Union, the rise in those projections is welcome.