The debate was organised by Professor Lord Richard Layard, by kind permission of the Speaker and Lord Speaker (who introduced the debate). It was chaired by Evan Davis. I joined Professor Paul Krugman of Princeton University, and Nobel Laureate in Economics, in arguing that premature fiscal consolidation in the UK had been based two key misconceptions: that in the absence of accelerated deficit reduction, bond markets would panic; and that fiscal consolidation would have little or no negative impact on growth. Bridget Rosewell, of Volterra Partners, and Stephen King, Group Chief Economist of HSBC, argued in contrast that austerity was a necessary corrective to the large debt overhang, both public and private, resulting from a financial bubble in the late 2000s and the resulting crisis.
Here is the full recording (audio only) of the debate (it is about 1 hour 45 minutes).