Autumn Statement

Debate between Lord Crickhowell and Lord Deighton

Thursday 5th December 2013 Lords Chamber

[Lord Deighton]

I thank the noble Lord for that question. I will have to write back to him. I am not sure what the long-term budgetary arrangement is. The usual thing is that it is not specifically in the book. It is expected to be absorbed when we come to do the specific budgets in those years. I am sure the expectation is that it will continue, and that the money will be found for it when we do the budget for that year.

[Lord Crickhowell (Con)]

My Lords, I particularly welcome the measures taken to reduce the tax on employing young people, which will be welcome all around the country. But will the Minister say a little more about the £25 billion that is supposed to be coming in for infrastructure from the insurance companies? I do not think this has been referred to at all in the exchange that has taken place so far on infrastructure. How far does he think it can help in speeding up the infrastructure work? That seems to me, as the years go by, to take longer and longer, partly because the projects are very big. What we really need is not just a large amount of infrastructure work propped with finance but that it takes effect quickly rather than slowly.