Lord Myners
Main Page: Lord Myners (Crossbench - Life peer)
Baroness Wilcox
I am afraid that I cannot answer the noble Baroness’s question because it is not my department, but I will come back to her in writing.
Lord Myners
My Lords, setting aside the Minister’s comments that the Government seek to influence interest rates, can she explain how a reduction of the public deficit over the next five years of 6.9 per cent of cyclically adjusted GDP makes sense when private sector debt, which is already at a high level, as the noble Lord, Lord Haskel, pointed out, is due to increase to 9.1 per cent? Where is the logic about unsustainable debt, to which the Minister spoke?
Baroness Wilcox
I am not inclined to be able to answer that question right now, off the cuff. However, I remind the noble Lord, who is sitting on the Labour Benches, that it is his party which got us into this mess in the first place.