Finance Bill

Adrian Bailey Excerpts

Tuesday 6th July 2010 Commons Chamber

[Jacob Rees-Mogg]

The hon. Gentleman is absolutely right about the problem of unemployment in the 1930s, although the situation began to recover in the United Kingdom considerably earlier than in the United States. I accept that in the United States, rearmament led to recovery, but I suggest that in the United Kingdom the recovery resulted from coming off the gold standard and the boost to trade that that provided.

[Mr Adrian Bailey (West Bromwich West) (Lab/Co-op)]

Will the right hon. Gentleman give way?

[Jacob Rees-Mogg]

The hon. Gentleman has promoted me, but I will give way for the flattery.

[Mr Bailey]

I am sure it is only a matter of time.

Does the hon. Gentleman acknowledge that the diminution in unemployment that took place in the 1930s was largely a result of Government public spending, particularly on public sector housing?

[Jacob Rees-Mogg]

I think that Neville Chamberlain managed to balance the budget, so we had a Chancellor who was a Conservative doing quite a good deal of work in the 1930s. However, we may be getting a little abstruse and far away from the 2010 Finance Bill.