amendment of the law
Debate between Ronnie Campbell and Kwasi Kwarteng(10 years, 8 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Ronnie Campbell (Blyth Valley) (Lab)
Sometimes I get a bit sick of hearing about the mess that the last Labour Government supposedly left. [Interruption.] Wait a minute. Perhaps it is America that should apologise to my right hon. Friend the Member for Kirkcaldy and Cowdenbeath (Mr Brown), because when Lehman Brothers crashed, it brought down the American economy. Northern Rock and all the other banks were investing in the sub-prime market to get a fast buck, and that brought down the banks here. I looked the other day at how much that cost the British taxpayer. It cost our economy £70 billion. When Members talk about the last Labour Government—
Mr Campbell
No, we did not. When Members talk about the last Labour Government bringing down the economy, they are wrong. Let us have some truth and honesty about what happened to the economy at that time.