Lord Lawson of Blaby
Main Page: Lord Lawson of Blaby (Conservative - Life peer)Department Debates - View all Lord Lawson of Blaby's debates with the Leader of the House
(14 years, 2 months ago)
Lords ChamberMy Lords, I pay tribute to the noble Lord, Lord Barnett, not only for producing his eponymous formula at the end of the 1970s, when he was a much respected Chief Secretary to the Treasury, but also for his powerful arguments in recent years for change. He of course knows more than I will ever know about the Barnett formula, and he makes a valid point; and the coalition understands his concerns very clearly. However, I am sure that he will be among the first to acknowledge that, in the light of the grave financial situation that the country faces, it would be wrong for a new Government to rush to a decision on this complicated matter.
My Lords, perhaps I may assist my noble friend. I entirely agree that the number one objective—the Government are right—must be to reduce the appalling size of the deficit. If he re-reads the unanimous report of the Select Committee to which he referred, he will discover that its recommendations would assist that task, not fly in the face of it. I hope he will embrace it.