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Queen’s Speech

He is not in his place—clearly the Conservative policy is to redistribute to the rich. In any recession, government spending goes up. It would be irresponsible for the Government to constrain spending artificially. At the Budget, we forecast growth to return around the turn of the year. That judgment remains unchanged. The majority of City forecasters, including the IMF, the NIESR, the European Commission and, more recently, the OECD, agree with that judgment. The Government will bring forward legislation that requires the budget deficit to be reduced year on year, ensuring that the national debt remains sustainable in the medium term. We will take into consideration the wise words of the noble Lady, Lady Saltoun, about the need to avoid waste, and the observation by the noble Baroness, Lady Valentine, about the need to press for efficiency in the post-Gershon environment. The noble Lord, Lord Ryder of Wensum, made a number of comments, not all of which I agreed with, but it was a very wise and thoughtful contribution to the debate. I shall read it in Hansard with great interest and reflect on it. I do, however, think that he misdirects himself on the immediate risks of quantitative easing. I am at a complete loss to understand how the noble Baroness, Lady Noakes, believes that the withdrawal of quantitative easing will lead to pressure on sterling. Surely economic analysis suggests quite the opposite, but once again perhaps the big picture is being missed. Legislation on fiscal responsibility demonstrates our commitment to the sustainability of public finances and adds focus to our plans. It is important that business investors have certainty about the Government’s fiscal plans, and the Fiscal Responsibility Bill provides for this. I look forward to debating these important measures and many other legislative proposals set out in the gracious Address as they enter the legislative process. I know that I have not been able to answer all the points that have been made in the time available. In particular, I am conscious that I have not responded to the noble Lord, Lord Sanderson of Bowden, on nuclear investment in Scotland, to the noble Lord, Lord Lee of Trafford, on tourism, to the noble Lord, Lord Cope, on regulation and quangos, or to the noble Lord, Lord Addington, on sporting matters and surface water, but I or the relevant departmental Minister will ensure that noble Lords receive replies in writing on those matters. I thank all noble Lords for their valuable contributions to this debate. I apologise that my winding-up speech has slightly overrun, but it has been a long debate and there have been many contributions and a substantial number of questions from noble Lords. I have endeavoured to answer as many as I can. I will ensure that others are covered in writing, as I have said.