§ 15. Mr. Canavanasked the Chancellor of the Exchequer what steps he is taking to monitor the effects of the economic measures he announced to the House on Monday 24 November.
§ Sir Geoffrey HoweI shall continue to watch the relevant economic indicators closely and to review other evidence about developments in the economy.
§ Mr. CanavanDoes the right hon. and learned Gentleman admit that the increased national insurance contributions will cut the living standards of those in work end, with the cuts in public expenditure, will increase the number of people out of work? In view of forecasts that unemployment may reach 3 million some time next year 1066 and that the financial cost of unemployment will be bigger than the total public sector borrowing requirement, how much worse are things to get before the Chancellor changes course and invests more money to provide more real jobs?
§ Sir Geoffrey HoweThe increase in national insurance contributions is a fair and sensible way to secure revenue to maintain social benefits and social services upon which the nation insists.