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Public Expenditure: Review of Commitments

My Lords, does the Minister agree that the debate between the two sides on how quickly cuts should be made is largely false? Those of us who have been involved in expenditure cuts know that frequently there is a long time lag between a decision being taken and its having any effect. To the extent that things can be done quickly with regard to the items mentioned today, that is all to the good, but we must recognise that these cuts are bound to be spread over a long period, however quickly we try to do them. On the need for aggregate demand to increase steadily, is he not concerned that, despite quantitative easing, the increase in the money supply has been virtually nil and, in some cases, negative? That will need to be taken carefully into account if we are to have further growth in the economy.