Finance Bill

It is quite possible that house prices will be higher in 2010 than they are today, but I would not call the present economic conditions a boom. That illustrates the fantasy world in which some Labour Members live. They really must accept that an inflation rate of 4.8 per cent. is a disgrace. It is far higher than that of all our leading competitor nations. We must compare ourselves with the world as it is, not with the world as it was 15 years ago when everyone was performing rather less well than they are today. That inflation rate is too high. Our interest rates have been consistently higher than those of Japan, the United States of America and euroland throughout this Chancellor’s watch, and they are still at the high end worldwide. When companies think about where to borrow, Britain is not the best place to go, by quite a long way.