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Government Capital Expenditure

Yes, I do agree with the hon. Lady, and if the Liberal Democrats' policy is simply to identify wasteful spending, I am certainly with her. We welcome the Liberal Democrats to that cause. In the debate on 10 November, the hon. Member for Twickenham made a thoughtful and interesting speech, as always, and, to be fair, he addressed the greater need to free up local authorities to expand their social housing. However, he argued against a large fiscal stimulus, initially in the context of tax cuts, saying:"““There are dangers in doing what I believe the Government propose, which is to have an unfunded tax cut, which I understand would be financed by Government borrowing. However, Government borrowing ultimately has to be paid for—it is deferred taxation or inflation, and that is not a satisfactory way forward either.””" We would certainly agree with that. The hon. Gentleman concluded by saying:"““We need a stimulus that will be funded””.—[Official Report, 10 November 2008; Vol. 482, c. 499.]" The hon. Gentleman's colleague, the hon. Member for Taunton (Mr. Browne), taunted the Conservatives for being a high-spending party, saying:"““You do not have to remain trapped in the high-tax, wasteful spending box into which your shadow Chancellor has locked you””.—[Official Report, 10 November 2008; Vol. 482, c. 543.]" However, only a few weeks later, the Liberal Democrats are calling for higher spending, and are not calling for any tax cuts.