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Welsh Affairs

Actually, it will take a little longer, as it is a very worthy document. It proposes a""new system of financial regulation, with the Bank of England back in charge of controlling the overall level of debt in the economy"," and a""new fiscal policy framework, with an independent Office for Budget Responsibility"." The document also makes it clear that phase 1 of our approach will be the independent OBR, and phase 2 an emergency Budget within 50 days. On phase 3, it says that""over the Summer we will work flat out to conduct the detailed departmental Spending Review for the years after 2011"." I recommend the lecture for the hon. Gentleman's reading.