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Government Capital Expenditure

I do not think that the hon. Gentleman will find any of those siren voices on the Liberal Democrat Benches. We have very carefully stated our position; our leader wrote an excellent article in another broadsheet last week explaining precisely how the joining the euro now should be opposed. We remain in favour of the principle, because we think it would be good for the British economy, but the worst possible time to make such a move is in the middle of a major financial crisis, in an environment of panic. We think it quite likely that after two or three years in which the weaknesses of the British economy have been brutally exposed, people in this country will consider the matter in a fresh and more positive way, but that debate remains to be had. We have a very serious recession, much worse than we believed we were likely to have and almost certainly much worse than in other developed countries, and the Government will have to play a major role in countering it. Public investment has a key role, and we have set out a series of proposals on social housing, transport and environmental projects to fulfil it. The public need to be given hope that we are getting through this recession, and such investment is one of the best ways in which the Government can do that. We are seriously concerned that because of drift, difficulties with PFI and other problems, that is simply not happening.