Government: Economic Policies — Question

Part of the debate – in the House of Lords at 3:07 pm on 30th January 2013.

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Photo of Lord Deighton Lord Deighton The Commercial Secretary to the Treasury 3:07 pm, 30th January 2013

I thank my noble friend for that excellent contribution. I will not comment on the timing of selling the gold. Hitting a market high is tough to do. I will refer to what I would call the "scissors of doom", which is the graph I was first shown when I entered the Treasury, which shows that between 2008 and 2010 spending was heading north at a rapid rate while receipts were heading south at an equally rapid rate, a situation that we are now trying to recover through this period of fiscal consolidation.