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Budget Statement - Motion to Take Note

Part of the debate – in the House of Lords at 7:30 pm on 18th March 2020.

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Photo of Lord Desai Lord Desai Labour 7:30 pm, 18th March 2020

There is this obsession with debt levels and the ratio of debt to GDP, which is a mistake because debt is a stock and income is a flow. The thing to do is to compare income with the cost of servicing the debt. If the cost of servicing the debt is reasonable, we should borrow. Everybody who holds a mortgage knows that it is a large proportion of their income, but if you can service the mortgage you are all right.