On 31 March 1992, Conservative Chancellor of the Exchequer Norman Lamont clashed with Labour shadow chancellor John Smith in a live studio debate on Channel 4 News. Moderated by Jon Snow, the debate focused on a report released that day by accountancy firm Coopers & Lybrand Deloitte suggesting that neither Labour nor the Conservatives would have the means to carry out their plans after the forthcoming general election. John Smith accused Norman Lamont of doing nothing to get the country out of recession and argued that the tax cuts pledged by Prime Minister John Major would further harm the UK's public services. Norman Lamont responded by accusing John Smith of exploiting a global recession and showing a disregard for controlling public expenditure.

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