---

Government Capital Expenditure

I am certainly not keen to be shadow economic spokesman; I cannot imagine anybody doing the job better than my hon. Friend the Member for Twickenham (Dr. Cable). Let me make a point to the hon. Gentleman about the reserve currency issue and see whether he has a response. In fact, economic history tells us the exact opposite of the point that he has just made. Reserve currencies are, in fact, most vulnerable to crises. The great sterling crises in our economic history happened precisely because we were unwinding our reserve currency role. The hon. Gentleman's point is exactly, 180°, wrong.