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Clause 2 - Personal allowance for 2013-14 for those born after 5 April 1948

Part of Finance (No. 2) Bill – in a Public Bill Committee at 4:30 pm on 23rd April 2013.

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Photo of David Gauke David Gauke The Exchequer Secretary 4:30 pm, 23rd April 2013

Let me be perfectly clear: the reason why the public finances have not turned out as the Office for Budget Responsibility predicted in 2010 is because economic growth has not been what it predicted. However, if we accept the OBR’s numbers, we have to accept its analysis of why growth has not been what it predicted, which is because of the eurozone crisis, the effect of the financial  crash was much more severe than anticipated at the time and commodity prices. That is not my analysis, but that of the Office for Budget Responsibility. Does the Labour party seriously believe that, if we were borrowing an extra £30 billion, £40 billion or £50 billion a year, the eurozone crisis would not have happened—do they seriously believe that?