LIBOR (FSA Investigation)

Tony Baldry Excerpts

Thursday 28th June 2012 Commons Chamber

[Mr Osborne]

Of course, the credibility of the industry has quite rightly taken a hit because of what happened. However, we have a new pay regime so that we can claw back some of that money from the traders and bank chiefs involved, which is a good thing. Secondly—and we are all rightly concerned about what has happened, and we need to change it—we have to change the financial services industry from one that was part of the age of irresponsibility to an industry that employs many hundreds of thousands of people and which creates jobs and prosperity in this country. It is the largest private sector employer. Knowing the right hon. Gentleman’s constituency, it is almost certainly the largest private sector employer there. Yes, we have to hold those responsible to account, but we must also rebuild the industry, because it is absolutely vital to our economy.

[Sir Tony Baldry (Banbury) (Con)]

The City of London and its integrity are crucial to our country’s welfare. Does my right hon. Friend agree that this rather sorry, sad state of affairs is a wake-up call for every individual and institution in the City of London which, collectively, has to rediscover and reassert that sense of integrity?

[Mr Osborne]

I completely agree with my hon. Friend. As I said, this is an incredibly important industry for our future, despite the problems that the banking sector in particular has caused in our recent past. It is important that we do not taint the entire financial services industry with what went wrong. That industry includes insurance companies and all sorts of other businesses that were not involved, but the banks themselves, as the most prominent institutions in the industry, have a huge responsibility to change their culture and image with the rest of the country.

Oral Answers to Questions

Tony Baldry Excerpts

Tuesday 26th June 2012 Commons Chamber

[Mr George Osborne]

The Institute for Fiscal Studies was very clear that, had we pursued the plan proposed by the previous Government, borrowing would be £200 billion more than it is today. As I have said, it is this Government’s credible fiscal plan that has brought record low interest rates and market credibility. We can see across the English channel what would happen if we did not have that credibility. That is where Labour would have put us.

[Sir Tony Baldry (Banbury) (Con)]

T8. Has my right hon. Friend noticed that the most recent figures from the Office for National Statistics show that employment is up by 311,000, the biggest quarterly increase since the general election, and does not that mean that since the general election two jobs in the private sector have been created for every job lost in the public sector?

[Mr Osborne]

My hon. Friend—a knight of the realm—is absolutely correct. Despite these very difficult and challenging economic times, the private sector is creating jobs. We of course have to help it to create more jobs through the measures I have already outlined—cutting the small companies tax rate, help with credit and the like—but we also need to help those looking for work. That is why we have the Work programme and the youth contract, instruments that are much more effective than the programmes promoted by the previous Government at helping people who are out of work to link up with companies that want to employ people.

Changes to the Budget

Tony Baldry Excerpts

Monday 11th June 2012 Commons Chamber

[Mr Gauke]

We think it right for sports nutrition products to be subject to the standard rate of VAT. VAT should be a broadly based tax, and we believe that our policy addresses an anomaly in the system that needed to be dealt with.

[Tony Baldry (Banbury) (Con)]

We had almost a full day’s debate on these measures, initiated by the Opposition, and the changes made by my hon. Friend are almost exactly the changes for which the Opposition asked. Given that my hon. Friend and his colleagues have listened to Opposition Members, would it not be rather better for them simply to say “Thank you” and sit down—as I say “Thank you” to the Chancellor and his colleagues for the changes in respect of VAT on listed places of worship?

[Mr Gauke]

We could live in hope, but I suppose that that was never going to happen.

Jobs and Growth

Tony Baldry Excerpts

Thursday 17th May 2012 Commons Chamber

[Mr Osborne]

I suspect that the shadow Chancellor did not listen to Lord Turnbull when he was at the Treasury, and he certainly does not listen to him now.

[Tony Baldry (Banbury) (Con)]

May I take this opportunity to ask my right hon. Friend to pick up on something from the Budget? The Chancellor said that he hoped that the VAT on alterations to listed buildings would not have an impact on listed places of worship. The Churches estimate that the tax will cost them £20 million a year. Would my right hon. Friend be kind enough to update the House on what he is proposing to do to assist listed places of worship?

[Mr Osborne]

First, I pay tribute to my hon. Friend for his work as Second Church Estates Commissioner. He has been in discussions with me and the Treasury about how to make sure that we live up to the commitment I gave in the Budget that churches and other places of worship would not be impacted by the introduction of VAT on alterations to listed buildings. Of course, it is already charged on repairs to listed buildings. I have been in discussions with my hon. Friend and with the Bishop of London, whom the Churches asked to lead on that work, and I confirm that we have reached agreement. The Government will provide £30 million of grant to the listed places of worship scheme. That will be 100% compensation, exactly as we promised in the Budget, for the additional cost borne by churches for alterations. It should also go a long way towards helping the situation on repairs and maintenance, where in recent years they have not been able to get 100% compensation. We think it will deliver 100% coverage for repairs and maintenance. I thank my hon. Friend and the Churches for working with us on delivering what we promised in the Budget.

Oral Answers to Questions

Tony Baldry Excerpts

Tuesday 24th April 2012 Commons Chamber

[Mr Gauke]

No, the cut from 50p to 45p will have a direct cost in reduced income tax of about £100 million. As it happens, the indirect benefit of additional indirect taxes is likely to exceed that number.

[Tony Baldry (Banbury) (Con)]

It is important to remember, though, that for 12 out of the 13 years that they were in government, the Opposition thought it appropriate to have a top rate of tax at 40p. Is not the important thing the yield that is raised by the top rate of tax, not having a tax rate that is punitive just for the sake of having punitive taxes?

[Mr Gauke]

My hon. Friend is right. The Opposition had the 50p in place for only 36 days of the 13 years that they were in power. If a tax is judged on how much revenue it raised, the 50p rate was a failure.

Women in the Church of England

Tony Baldry Excerpts

Tuesday 28th February 2012 Westminster Hall

[The Second Church Estates Commissioner (Tony Baldry)]

I hope that it will be of some help to the House if I am allowed to make a contribution in my capacity as the Second Church Estates Commissioner. If I read this debate correctly, it will not miss the point. The debate, which was introduced excellently by the hon. Member for Kingston upon Hull North (Diana Johnson), has had contributions from an avowed atheist, the churchwarden of St Margaret’s and a resolute reactionary, and they all supported the Measure to enable women to become bishops in the Church of England and want it passed as soon as possible.

We have a Church of England that is subject to parliamentary statute, and has been ever since the first Act of Supremacy, when we broke with Rome. However, in 1919, Parliament decided that the Church of England should have its own legislature, the Church Assembly then and the General Synod now.

As the hon. Lady pointed out, the General Synod is made up of three houses: the House of Bishops, the House of Clergy and the House of Laity. Resolutions from the General Synod—Measures—have to come to Parliament.

May I say to my hon. Friend the Member for Worthing West (Sir Peter Bottomley) that I hope that the General Synod will agree to adopt this Measure in July? In anticipation of that, I have met Lord Lloyd, the Chair of the Ecclesiastical Committee, which is made up of a number of Members of this House and a number of Members of the House of Lords, to discuss the Committee meeting in October to consider and approve the Measure.

Leaving nothing to chance, I have already had discussions with my right hon. Friend the Leader of the House of Commons. Using the precedent of what happened in respect of the Measures for ordaining women as deacons and priests, it is deemed to be appropriate to consider this Measure on the Floor of the House, rather than upstairs in Committee. The understanding that I have reached with the Leader of the House is that we will set aside half a day—we hope, some time in November—to approve the Measure in this House. It has to be approved separately in the House of Lords, and I hope that it will do similarly. If the Measure is approved by General Synod in July, it is my ambition to do everything possible to have it pass all its legislative stages before the end of this year. We would therefore hope to see the first women bishops appointed as early as 2014. I agree with the comments made by my hon. Friends the Members for Worthing West and for North Thanet (Sir Roger Gale) that that would be significant in terms of the timetable relating to reform of the House of Lords.

The other day, the Queen was at Lambeth palace to meet faith representatives, and at the conclusion of her visit she made a short but very powerful speech. With the leave of the House, I will just quote two paragraphs from that speech. Her Majesty said:

“Our religions provide critical guidance for the way we live our lives and for the way in which we treat each other. Many of the values and ideas we take for granted in this and other countries originate in the ancient wisdom of our traditions. Even the concept of a Jubilee is rooted in the Bible… We should remind ourselves of the significant position of the Church of England in our nation’s life. The concept of our established Church is occasionally misunderstood and, I believe, commonly under-appreciated. Its role is not to defend Anglicanism to the exclusion of other religions. Instead, the Church has a duty to protect the free practice of all faiths in this country.

It certainly provides an identity and spiritual dimension for its own many adherents. But also, gently and assuredly, the Church of England has created an environment for other faith communities and indeed people of no faith to live freely. Woven into the fabric of this country, the Church has helped to build a better society—more and more in active co-operation for the common good with those of other faiths.”

It is always important to remember that the Church of England is, as Her Majesty pointed out, the established Church and as such it has very specific responsibilities to be a national Church. This year, we celebrate the 350th anniversary of the Book of Common Prayer, but it is worth recalling that the Book of Common Prayer is itself an annexe to the Act of Uniformity. Indeed, later this year, the Parliamentary Archives will display the original Act of Uniformity, with the original Book of Common Prayer, which, as I say, was attached to the Act as an annexe. So Parliament has always had an important role in the life of the Church of England and the Church of England has had a responsibility in our nation’s life to be a national Church.

Regarding the concerns that the hon. Member for Kingston upon Hull North expressed about the Equality Act 2010, it is important to recognise that any Measure from the General Synod must come to both Houses of Parliament to be approved. I am grateful to the hon. Lady for quoting my comments at the General Synod shortly after I was appointed as the Second Church Estates Commissioner in July 2010, when I made it very clear to the General Synod that I did not think there was any prospect of getting through Parliament any Measure that gave the impression that women bishops were second-class bishops. I have made it very clear that if the Church of England is to have bishops, women bishops must be just like male bishops, regarded and respected as male bishops are, and with the same roles, responsibilities and rights.

It is also important to remember that we are dealing with a Church and that, as is set out in the Preface to the Declaration of Assent:

“The Church of England is part of the One, Holy, Catholic, and Apostolic Church, worshipping the one true God, Father, Son, and Holy Spirit. It professes the faith uniquely revealed in the Holy Scriptures and set forth in the catholic creeds, which faith the Church is called upon to proclaim afresh in each generation. Led by the Holy Spirit, it has borne witness to Christian truth in its historic formularies, the Thirty-nine Articles of Religion, The Book of Common Prayer, and the Ordering of Bishops, Priests, and Deacons.”

Therefore, the General Synod and the whole Church have been grappling with issues that are of genuine concern—indeed, heartfelt concern—for large numbers of individuals, and the General Synod and the whole Church are absolutely right to have taken time to ensure that those issues are thoroughly debated and resolved. It is a fact that every deanery in every diocese in England has had the opportunity to debate them at length and, as the hon. Lady pointed out in her opening comments, 42 out of 44 of the dioceses have voted firmly in support of the Measure to enable women to become bishops.

I very much hope that, when the House of Bishops considers the resolution from the February Synod, it gives it careful consideration. However, given that a majority of the members of the February Synod voted in favour of women becoming bishops—in other words, they supported those resolutions that enable that prospect to move forward—I would be extremely surprised if the House of Bishops did anything other than to enable the Measure to move forward, and I have every confidence in the good sense and good judgment of the House of Bishops.

When we come to the Church of England’s General Synod in July, I very much hope that even those who have been opposed to women becoming bishops will recognise the overwhelming support within the Church of England for the Measure to go forward. In fact, if 42 out of 44 dioceses have voted in favour of women becoming bishops, it would look very perverse—indeed, it would look ridiculous—if the General Synod in July was to use its convoluted voting mechanisms not to allow that Measure to move forward. Between now and July, I hope that everyone will search their soul and I also hope that, if people are opposed to the Measure, they will recognise that there comes a point when it is necessary to acknowledge that, in the interests and well-being of the Church of England, the Measure must make progress.

We have always wished to continue to be a broad Church, maintaining space for all those who wish to remain within the Church of England. However, there must be a recognition that this issue has been deliberated for a long time and that it has been considered carefully, with everyone in the Church of England having had the opportunity to make a thoughtful and deliberative contribution to the debate, and that—as demonstrated by the votes in the dioceses during the last year—the views of the members of the Church of England are very clear.

I hope, therefore, that by the end of this year Parliament will have passed a Measure that will enable women to become bishops. Of course, although that parliamentary business would be dealt with in Government time, it would not be capable of being whipped business. Consequently, I will look to all those who have urged and exhorted me on this issue during Church Commissioners questions and elsewhere to be in the main Chamber to support the Measure when it comes to the Floor of the House. Wherever that support comes from—whether from atheists or resolved reactionaries—it is very important that the House of Commons demonstrates its support for women bishops. In due course, I hope that I and others here will be able to be at Westminster abbey or St Paul’s cathedral when the archbishops consecrate the first woman bishop.

[Sir Peter Bottomley]

We know precisely what my hon. Friend means by that, but it is worth spelling out for the record that there are women bishops in other parts of the Anglican communion.

[Tony Baldry]

There are of course women bishops elsewhere in the Anglican communion. I am glad to say that some of them were present at the February Synod, and I was very glad to be able to entertain two of them, the Bishop of Rhode Island and the Bishop of Nova Scotia, here in the House while they were at General Synod in February. It was interesting to hear them talk about their experiences as women bishops and how quickly they had become fully recognised in their leadership role as bishops within their own provinces, countries and communities. And why not?

As has been said, we now have women in leadership roles throughout the Church of England in every position other than as bishops. There are now as many women as there are men coming forward to be ordained as priests. I am sure that it will be the same in other hon. Members’ constituencies. In my own constituency, the vicar of Banbury is a woman. The vicar of Bicester is a woman. The vicar in my own parish, from whom I take communion each Sunday, is a woman. They are all excellent examples of leadership within the Church, but my hon. Friend the Member for Worthing West makes a good and important point. I hope that I will be present when the archbishops consecrate the first woman bishop within the Church of England.

[Diana Johnson]

When does the hon. Gentleman think that might be? In light of the timetable that he thinks we might complete this year in Parliament, when does he think we might see the first woman bishop?

[Tony Baldry]

Sorry, I hoped that I had made that clear. If General Synod approves the Measure in July, with God’s good grace and the help of Members of Parliament, I hope that we can get it through by the end of this year and that we will see the first women consecrated as bishops in 2014. Obviously, that depends on a whole number of variables, including the work of the Crown Nominations Commission and so forth, but I hope that we will see such a timetable.

At the consecration service, the archbishop addresses the ordinands. I will conclude with a piece of text, because it is a beautiful piece, but it is also worth reminding ourselves what function the bishops actually perform. If one considers this text, there is absolutely no reason why women should not perform any of these responsibilities just as well as men:

“Bishops are called to serve and care for the flock of Christ. Mindful of the Good Shepherd, who laid down his life for his sheep, they are to love and pray for those committed to their charge, knowing their people and being known by them. As principal ministers of word and sacrament, stewards of the mysteries of God, they are to preside at the Lord’s table and to lead the offering of prayer and praise. They are to feed God’s pilgrim people, and so build up the Body of Christ. They are to baptize and confirm, nurturing God’s people in the life of the Spirit and leading them in the way of holiness. They are to discern and foster the gifts of the Spirit in all who follow Christ, commissioning them to minister in his name. They are to preside over the ordination of deacons and priests, and join together in the ordination of bishops. As chief pastors, it is their duty to share with their fellow presbyters the oversight of the Church, speaking in the name of God and expounding the gospel of salvation. With the Shepherd’s love, they are to be merciful, but with firmness; to minister discipline, but with compassion. They are to have a special care for the poor, the outcast, and those who are in need. They are to seek out those who are lost and lead them home with rejoicing, declaring the absolution and forgiveness of sins to those who turn to Christ. Following the example of the prophets and the teaching of the apostles, they are to proclaim the gospel boldly, confront injustice, and work for righteousness and peace in all the world.”

--- Later in debate ---

[Chris Bryant]

Several articles need a little bit of reform. When I was a curate, my cassock had 28 buttons, and I did not do them all up for that very reason, but I have always been a little heterodox. I feel a bit disturbed when the hon. Gentleman refers to me as reverend; I think that is over.

The Church of England surely offers something different. Plenty of other Churches do not have women bishops or allow women to perform a full ministry, but I believe that the Church of England developed not just because of Henry VIII’s licentiousness, but because it had something genuine to offer—a middle ground between Protestantism and Catholicism, and a belief that the rational can inform the spiritual and that disciplinary autonomy in this country was important if there was to be a mission to everyone in this country, regardless of whatever the Pope might say, do or insist upon from over the seas. That was an important mission, and I think it survives today. I have a terrible fear that some people want the Church of England to become a sect and not be a Church at all, and I hope that that will be put behind us.

A bishop has to be the centre of unity in the diocese. That is why all the proposals, including those from the two archbishops, have completely misunderstood the theology of episcopacy. If someone is not the centre of unity, surely they cannot be the bishop. Any proposal that parishes should be able to opt out of a bishop because the bishop is a woman is not only fundamentally offensive and demeaning to the ministry of women—we should either do it or not do it—but will simply create a new style of wholly inappropriate schism in the Church. We were wrong to have flying bishops, and we would be wrong to advance similar proposals.

I hope that when the bishops meet, soon, they do not make any changes at all—certainly no changes of substance. I also hope that the Government will not shilly-shally about providing time for us to get on with it. The Ecclesiastical Committee should not have to wait until October. I am sure that it will take just one day. Why can it not meet in July, during the Olympics, or whenever?

[Tony Baldry]

We will make all speed, but the reason is simply that various pieces of legislative drafting have to be done. General Synod does not meet until mid-July, and the House rises quite early this year because of the Olympics, but I assure the hon. Gentleman that the work will be done with all possible speed.

[Chris Bryant]

It did not sound like it. I have enormous respect for the hon. Gentleman—he has said some sensible things on the matter and I know that he is on the side of the angels—but please do not use all that language; just get on with it.

In the end, the only words on the issue that matter to me are in Galatians 3:28, which I am sure all the people down the other end of the Chamber could repeat verbatim with me, but we might be using different translations of the Bible, so let us not try:

“There is neither Jew nor Greek, slave nor free, male nor female, for you are all one in Christ Jesus.”

--- Later in debate ---

[James Duddridge]

We are in Lent, and my hon. Friend has his own self-imposed rule. I am rather glad he broke it again; that was a good intervention. He also talked about history. If we look back at the decision-making process, it will seem even more ridiculous than it does now.

I would like to pay tribute to all the men and women in the Church who have been involved in invaluable work. The Church of England and those who serve in it have a special place in this country and in this Parliament, particularly through the representation in Parliament of the 26 senior bishops and archbishops. My hon. Friend the Member for Worthing West (Sir Peter Bottomley) worried me a bit by turning up with a book on the period 1295-1340. That is not something the Minister for Equalities had familiarised me with in my briefing. I will speak to her about that on her return from New York.

As a consequence of the special relationship between the Church and the state, all our citizens, whether members of the Church or not, have a legitimate interest in what the Church says and does. Therefore, it is very appropriate for us to debate such issues here in this Parliament. It is good that my right hon. Friend the Member for Carshalton and Wallington (Tom Brake) has contributed to the debate, because that demonstrates the issue is not only about the Church of England and Christianity; it is about people of all faiths, and people of no faith or no defined faith.

One of the key issues surrounding the place of women in the Church today is the question of women bishops, which we have discussed significantly. Although I want to say something on that specific question, I would like to point out that just because we have a special place for the Church within the state, it does not mean that the state should on a daily basis be quick or eager to involve itself in every single internal debate of the Church—or, indeed, that it should comment on its doctrines and practices. That very much applies to the question of who should or should not be bishops, and the associated questions of pastoral care for those who take a contrary view to that the Synod appears to be taking.

As we have heard, the direction of travel seems to be one way. The hon. Member for Rhondda (Chris Bryant) said that we will get there in the end. The debate is about the timing of that travel, not the direction. As we have heard, the Church of England is moving forward and away from a position whereby only men can be appointed bishops. I understand and appreciate that the Church wants to consider the feelings of those who disagree strongly with that move, including those who consider it is not possible as a matter of doctrine for a woman to be made a bishop.

That question—how best to provide the appropriate support and pastoral care for those in the Church who cannot accept or are having problems accepting this change—is vital. I recognise that dealing with it is a difficult and sensitive task, but it is not one on which it is beneficial for the Government to intervene. It is for the Church itself to decide whether it will appoint women bishops. We have been given examples by various hon. Members of women bishops elsewhere—Nova Scotia, Rhode Island and, indeed, Cuba. We need to consider what arrangements should be put in place to support those who cannot accept the change.

As has been explained, once the General Synod has finished its work, the matter will come before the Ecclesiastical Committee and then the House. I am grateful to my hon. Friend the Member for Banbury for explaining the conversations he has had with the Leader of the House about providing time when necessary on the Floor of the House to deal with the matter appropriately. I will do anything I can to facilitate that process, both from the Leader of the House’s perspective, the Whips’ perspective and the perspective of the Government Equalities Office. We will provide any assistance we can to ensure that things are not unnecessarily delayed.

[Tony Baldry]

It would be very helpful if, immediately after the business relating to the Measure, the Government could schedule a piece of Government business that necessitates a three-line Whip.

[James Duddridge]

I will pass that request to the Chief Whip, who I am sure will take full account of it.

Banking Commission Report

Tony Baldry Excerpts

Monday 19th December 2011 Commons Chamber

[Mr Osborne]

We want to see more competition, which is why we proceeded with the sale of Northern Rock and why we are pleased to see Lloyds seeking to sell its branches to the Co-operative bank. It is also why we want to see other challenger banks out there. We are also considering a de minimis exemption for some of the smallest banks; we will report back on that when we publish the White Paper.

[Tony Baldry (Banbury) (Con)]

Small businesses in Banbury, Bicester and elsewhere will welcome the enhancement of competition in high-street banking and the fact that it will be easier for them to move accounts. Will my right hon. Friend explain, however, why it is going to take until September 2013 for these changes to be implemented? If the banks had the will, surely they could implement those changes much more speedily.

[Mr Osborne]

I believe this is quite a complex operation. We have looked at this, as has John Vickers—and he thought 2013 was the appropriate timetable. We are trying to create a seamless service through which people can indicate that they want to change their current account; that happens within seven days without any charges and all the direct debits and the like will follow people to the new bank. It is, as I say, quite complex to achieve and we want the service to be seamless for the customers, so I would rather spend a few months to get it right rather than try to rush its introduction.

Royal Bank of Scotland (FSA Report)

Tony Baldry Excerpts

Monday 12th December 2011 Commons Chamber

[Mr Deputy Speaker (Mr Lindsay Hoyle)]

We have quite a few Members to get in, so please could we have brief questions and answers?

[Tony Baldry (Banbury) (Con)]

The shadow Minister said that the regulation did not work and the regulator did not do anything sufficiently. Surely the reason for that was because the regulator was put under sustained and unacceptable political pressure by two former Prime Ministers and by the current shadow Chancellor. Will my hon. Friend confirm to the House that this Government, and the Treasury under the stewardship of this Chancellor, would not put such pressure on regulators and that the constitutional convention as to how a Government should work with regulators will be properly observed?

[Mr Hoban]

My hon. Friend makes an important point. We have made it clear that we want to give the new regulatory organisations that independence, power, authority, discretion and judgment to get on with their job, so that we ensure that we tackle issues that need to be tackled and ensure that there is tough regulation where that is needed. For example, we are going to introduce powers for the Financial Conduct Authority to ban particular products—a power that has not been available so far. We are prepared to take those tough decisions and let the regulators get on with their job.

Eurozone Crisis

Tony Baldry Excerpts

Thursday 3rd November 2011 Commons Chamber

[Tony Baldry (Banbury) (Con)]

Standard & Poor’s has recently reconfirmed the UK’s triple-A credit rating, but has made it clear that there will be downward pressure on that if the Government falter on fiscal consolidation. Yet is that not exactly what the Opposition are exhorting the Government to do: to falter on fiscal consolidation?

[Mr Hoban]

That is absolutely right: that is what Standard & Poor’s said in its report last month. When we came into office, the country’s credit rating was on negative outlook; now it is on stable outlook. That is a consequence of the action this Government have taken to tackle the mess left by the Labour party.

Jobs and Growth

Tony Baldry Excerpts

Wednesday 12th October 2011 Commons Chamber

[Mr Osborne]

We are sorting out the mess that we inherited from the Labour party. Much as I wish that that could be done overnight, it cannot. So great was the hole into which they put the British economy that it takes time and effort to come out of it.

[Tony Baldry (Banbury) (Con)]

Before my right hon. Friend was distracted, he quoted the previous Chancellor, who writes in his memoirs of his last pre-Budget report. He says that any coherent strategy would have been better than none, but that the previous Government simply did not have one. Are not the facts of the matter that the Labour party did not have a coherent economic strategy before the last general election, and that it still does not have one, as we all clearly heard this afternoon in the knockabout speech by the shadow Chancellor?

[Mr Osborne]

My hon. Friend is absolutely right. The previous Chancellor’s memoirs reveal the very divisive role that the shadow Chancellor played in stopping the previous Labour Government coming up with a coherent economic policy and a credible economic plan, and even in stopping Nos. 10 and 11 talking to each other.