Economy — Question

Part of the debate – in the House of Lords at 2:52 pm on 21 April 2009.

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Photo of Lord Newby Lord Newby Spokesperson for the Treasury 2:52, 21 April 2009

My Lords, I am sure that everyone in the House accepts that there is a global recession. Does the Minister accept that a number of contributory factors are home-grown, such as the lax regulation of banks and building societies over a number of years, the ratcheting up of budget deficits during the boom and the Government extolling ever higher and excessive pay levels for top corporate executives? Does he further accept that if the Government were to accept even a small proportion of the responsibility for some of these things, they might be in a better position to argue convincingly for recovery?