Balancing the Public Finances — [Joan Ryan in the Chair]

Part of the debate – in Westminster Hall at 9:30 am on 11 July 2017.

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Photo of Julian Knight Julian Knight Conservative, Solihull 9:30, 11 July 2017

I congratulate my right hon. Friend on securing this incredibly important debate. The impact is not simply one of taxes and of borrowing and spending, but of Government spending on personal finances, which has a massive impact because of interest rates and personal interest rates. If we let borrowing get out of control, interest rates in the real economy would rise. That is when we have repossessions, and that then is when we have a depression.