My Lords, I start by referring the House to my interests as recorded in the register.

It is a pleasure to speak in this debate secured by the noble Lord, Lord Eatwell. I agree with everything that he said, particularly on the need to build resilience in this country and to...

My Lords, I start by referring the House to my interests as recorded in the register.

It is a pleasure to speak in this debate secured by the noble Lord, Lord Eatwell. I agree with everything that he said, particularly on the need to build resilience in this country and to...

The hon. Member for Forest of Dean (Mr Harper)will forgive me, I hope, if I do not follow him directly in what he has just said. I want to say something about infrastructure in this country, and I want to talk about some of the slightly longer-term issues in relation...

The hon. Member for Forest of Dean (Mr Harper)will forgive me, I hope, if I do not follow him directly in what he has just said. I want to say something about infrastructure in this country, and I want to talk about some of the slightly longer-term issues in relation...

Absolutely, and the argument that has been with us throughout this Parliament has been about how to ensure that we generate growth to pay down the debt. Part of the problem that the Government have at the moment is that the plan that they started out with did not achieve...

Absolutely, and the argument that has been with us throughout this Parliament has been about how to ensure that we generate growth to pay down the debt. Part of the problem that the Government have at the moment is that the plan that they started out with did not achieve...

Having been around at the time, I rather got the impression that it was having an impact on everybody, from communist China to the republican United States and throughout Europe and the whole world. If there is a banking crash, it is not surprising that it has consequences.

To return to...

Having been around at the time, I rather got the impression that it was having an impact on everybody, from communist China to the republican United States and throughout Europe and the whole world. If there is a banking crash, it is not surprising that it has consequences.

To return to...

As it happens, there is a passage in my book about the trend rate of growth. I believe that economists find it terribly difficult to work out what the right trend rate of growth is. On the point raised in the Select Committee this morning, I am surprised that the...

As it happens, there is a passage in my book about the trend rate of growth. I believe that economists find it terribly difficult to work out what the right trend rate of growth is. On the point raised in the Select Committee this morning, I am surprised that the...

I hope that the hon. Member for Skipton and Ripon (Julian Smith) will forgive me for not following him, given the short time I have available. The real problem we face in this country, in Europe and, to a large extent, in America too, is the lack of growth. The...

I hope that the hon. Member for Skipton and Ripon (Julian Smith) will forgive me for not following him, given the short time I have available. The real problem we face in this country, in Europe and, to a large extent, in America too, is the lack of growth. The...

I am, and I shall come on to that in a minute, but I want to make a further point. If the OBR comes out with another downward revision of its figures at the time of the Budget next March, does it mean that we are going to embark on...

I am, and I shall come on to that in a minute, but I want to make a further point. If the OBR comes out with another downward revision of its figures at the time of the Budget next March, does it mean that we are going to embark on...

I would love to, but if think that if I do it counts against me, so I shall carry on speaking for a minute and 22 seconds, if I may. I know we will be represented in the Council at the end of this week. This is a debate that...

I would love to, but if think that if I do it counts against me, so I shall carry on speaking for a minute and 22 seconds, if I may. I know we will be represented in the Council at the end of this week. This is a debate that...

The structural deficit was 0.4%. Throughout the past decade, we were spending money but I must say, as a Minister in that Government, we were greeted with calls from the then Opposition not to spend less but to spend more on just about every occasion. They cannot have it both...

The structural deficit was 0.4%. Throughout the past decade, we were spending money but I must say, as a Minister in that Government, we were greeted with calls from the then Opposition not to spend less but to spend more on just about every occasion. They cannot have it both...

In the short time available, I shall not follow up on any points made by the right hon. Member for Hitchin and Harpenden (Mr Lilley), except to say that when he talks about any element of fairness in the Chancellor's last Budget and this Budget as regards those on the...

In the short time available, I shall not follow up on any points made by the right hon. Member for Hitchin and Harpenden (Mr Lilley), except to say that when he talks about any element of fairness in the Chancellor's last Budget and this Budget as regards those on the...

I think there are many measures in the Budget, such as the reduction in corporation tax, the reform of planning law—if the Government can see that through their Back Benchers and councillors—and some others that will be helpful, but the thing that drives whether companies set up, take on more...

I think there are many measures in the Budget, such as the reduction in corporation tax, the reform of planning law—if the Government can see that through their Back Benchers and councillors—and some others that will be helpful, but the thing that drives whether companies set up, take on more...

That is indeed right, and many people in the construction industry say that an already difficult situation would have become much worse if we had not done what we did in 2008-09. Not many Conservatives or Liberals—we must include the two together—now stand up and say, "Actually, in retrospect, we...

That is indeed right, and many people in the construction industry say that an already difficult situation would have become much worse if we had not done what we did in 2008-09. Not many Conservatives or Liberals—we must include the two together—now stand up and say, "Actually, in retrospect, we...

I will give way, for the last time, to the hon. Lady, whom I last met in a BBC studio. I got the distinct impression that she did not like Scottish accents, so I cannot resist.

I will give way, for the last time, to the hon. Lady, whom I last met in a BBC studio. I got the distinct impression that she did not like Scottish accents, so I cannot resist.

Queens speech debate (sixth day) on economic affairs and work and pensions. Amendment negatived on division (247 to 343). Main question agreed on division (335 to 257).

Queens speech debate (sixth day) on economic affairs and work and pensions. Amendment negatived on division (247 to 343). Main question agreed on division (335 to 257).

What economists call the "automatic stabilisers" are still operating and are still supporting the economy. I have always been clear about this, and I believe that the deficit has to be reduced. One of the reasons why I wanted to halve it within a four-year period was that I wanted...

What economists call the "automatic stabilisers" are still operating and are still supporting the economy. I have always been clear about this, and I believe that the deficit has to be reduced. One of the reasons why I wanted to halve it within a four-year period was that I wanted...

I knew that if I mentioned Europe this would happen, as sure as night follows day.

I knew that if I mentioned Europe this would happen, as sure as night follows day.

I agree with that. If the hon. Lady is worried about spending cuts, she is going to have an interesting time over the next few months. I look forward to the exchanges that she has at future Question Times. As I draw to a close—

I agree with that. If the hon. Lady is worried about spending cuts, she is going to have an interesting time over the next few months. I look forward to the exchanges that she has at future Question Times. As I draw to a close—

No, I am not going to give way. I want to draw attention to one of the biggest problems that I see in the future. I know that Governments in countries right across the world have to get their borrowing down and reduce their deficits. However, I am particularly worried...

No, I am not going to give way. I want to draw attention to one of the biggest problems that I see in the future. I know that Governments in countries right across the world have to get their borrowing down and reduce their deficits. However, I am particularly worried...

I think that the word "savage" was used by the Deputy Prime Minister, of whom the hon. Gentleman now finds himself a great admirer. It was not a word that I used. It is important in the task that confronts the whole country and the Government that we do not...

I think that the word "savage" was used by the Deputy Prime Minister, of whom the hon. Gentleman now finds himself a great admirer. It was not a word that I used. It is important in the task that confronts the whole country and the Government that we do not...

For sheer endeavour, I will give way to the hon. Gentleman.

For sheer endeavour, I will give way to the hon. Gentleman.