I will not give way, because I am concluding.
As my right hon. Friend the Member for Chichester pointed out, dark clouds are blowing in over China and Greece. The parallels between China and Wall Street in 1929 are incredibly scary. In Greece, the oxi to austerity has already triggered a bond rout, to which Britain—with only 1%—is not overexposed. On the other hand, our much larger exposure to other economies on the periphery in relation to our banks’ capital buffers is hugely more
worrying. Above all, the UK must continue to manage the economy prudently, and this Budget is a vital step in that direction.
3.35 pm