Pre-Budget Report

Surely the hon. Gentleman is not asserting that there is no risk in borrowing on this scale against the background of the accumulated debt that is having to be tackled? Does he not accept that if we find it impossible to fund this debt, we will be in appalling trouble? The chances are that interest rates will be driven up by the Government's need to raise them in order to pass on their bonds, and we will face a serious risk to the value of sterling with further problems arising from that. Surely he is not saying there is not a very considerable risk. There must be a balanced judgment at least. The idea that we have to spend this money is utterly reckless, which is rather out of character for the hon. Gentleman.