Cost of Living Debate
During an exchange about the concealment of Government debt off balance sheet, Brooks Newmark points out that Government debt would stand at about 110 per cent of GDP if off balance sheet debt were included.
Mr. Brooks Newmark (Braintree) (Con): To clarify the point that my hon. Friend is making, may I add that the figure is, I believe, not 40-odd per cent. of GDP but about 110 per cent., if we include all the debt that this Government have put off balance sheet?
Mr. Hammond: My hon. Friend is right. If we strip out the Enron accounting we will get to some very different figures, which few Labour Members will want to quote back at us.
