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Volume 470: debated on Thursday 24 January 2008

To ask the Chancellor of the Exchequer what assessment he has made of the trends in the availability of credit to householders in the last 12 months. (181410)

The UK economy remains strong and stable and is enjoying its longest period of macro-economic stability on record. The disruption in global financial markets has meant economic prospects have become more uncertain, with the pre-Budget report forecast incorporating some feed-through from financial market disruption to tighter credit conditions. But the UK economy has proved resilient to a number of shocks over the past decade, demonstrating the success of the Government’s macro-economic framework and promotion of open and flexible labour, product and capital markets.