Budget Debate
Philip Dunne criticises the Chancellor for failing to mention Northern Rock in his Budget speech - particularly as he could have used the opportunity to explain how it would be treated in the public accounts.
Mr. Philip Dunne (Ludlow) (Con): Does the Chairman of the Treasury Committee share my disappointment that the Chancellor did not have the courage to refer to Northern Rock on a single occasion in his Budget speech? Given that he has just taken on a potential £100 billion of public debt, surely the Budget provided him with an opportunity to explain how it would be treated in the public accounts.
John McFall: The hon. Gentleman is a very good member of the Treasury Committee, so he knows that we have been studying the matter in depth for six months and made reports to the House. I can only quote a wise old central banker from the City who said to me, "John, there have been no casualties in this. Nobody has lost any money, and the system has been stabilised." The public's response shows that they share that sentiment. I am not surprised that the Chancellor did not mention Northern Rock, because it has been the focus for six months, and arrangements have been put in place.
