Mr Peter Hain (Neath) (Lab): Why does the Chancellor think he is so right, and Keynes wrong?
Mr Osborne: We have drawn on the best economic evidence that the recovery from a banking crisis of the severity that we went through is long and protracted, but we have to de-lever as an economy and try to fix our banking system. That is what I set out at the Mansion House. We also have to have a credible fiscal policy in order to allow monetary policy to be loose. I think that is the best economic approach.