During the debate on the Budget, Charles Walker calls on the Chancellor to take some responsibility for the fact that the stock market has been one of the worst performing stock markets of any major industrialised nation in the western world.

Mr. Charles Walker (Broxbourne) (Con): Is the right hon. Gentleman aware that since 1997, our stock market has been one of the worst performing stock markets of any major industrialised nation in the western world? Does he think that the Chancellor should take some responsibility for that?

Mr. McFall: Only in the past week or two, I had the opportunity to have meetings with people from the London stock exchange and such comments never passed their lips. In fact, they said that they are on a high, that equities are good and that they are looking forward to keeping themselves independent and not having NASDAQ or Macquarie coming in. The vibrations from the City are very good. I suggest that the hon. Gentleman follows my example, goes to the City, speaks to people and gets an understanding of what the City is about.

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