Fiscal Responsibility Bill

No. It is important that the right hon. Gentleman recognises that the Bill requires the Government, in line with the proposals I set out in the Budget and the pre-Budget report, to halve our borrowing over a four-year period, which I believe is absolutely essential. The measures I have set out will enable us to do that, but it is important that we do it in way that supports and does not damage the economy. Indeed, this is one of the differences between the Government and the Opposition. One reason why we should not go further at the moment is that going further and faster, and bringing forward that deficit reduction, would be damaging to the economy. We are supporting the economy now because we are not yet out of recession. We need to ensure that we have the support of public expenditure, which is keeping the economy going, and supporting the public, businesses and families.