Budget Resolutions

Debate between Baroness Laing of Elderslie and Lord Clarke of Nottingham

1st reading: House of Commons
Tuesday 28th November 2017 Commons Chamber

[Madam Deputy Speaker (Mrs Eleanor Laing)]

Order. This is not a speech.

[Mr Clarke]

In its period of office, the Labour party was so out of control and so wrong in its reaction to events that early on it almost started to repay the national debt at the time of the dotcom boom, which boosted tax revenues to an extraordinary extent. The Labour Government found that their tax revenues had been boosted for reasons that they did not properly analyse, and they just carried on borrowing on top of that. The figures looked quite respectable until suddenly the floor fell away. There was the credit crunch. Down went the tax revenues. They were left exposed, with an accumulation of errors that led to the soaring deficit and the soaring debt that are a burden on us now and will be a burden for our children.