Part of the debate – in the House of Lords at 6:01 pm on 3rd November 2008.

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Photo of Lord Lawson of Blaby Lord Lawson of Blaby Conservative 6:01 pm, 3rd November 2008

My Lords, I said that it has to happen because consumers' balance sheets need to be rebuilt. It may have an undesirable consequence but the savings ratio will go up simply by people not borrowing or getting into debt any further. Surely he agrees that that is going to happen.