Enterprise and Regulatory Reform Bill
Debate between Lord Marland and Lord Skidelsky
Lord Marland
I do not think that it is a question of being supine. This is a government decision that has been made by the coalition of which the noble Lord is a member. There are many things that people do not understand. The noble Lord, Lord Skidelsky, does not understand or agree with some of the policies of this Government, but that is government policy.
Lord Marland
I apologise. It is good that my noble friend understands it, because then he will not disagree with it. That is the way that the Government have set out their stall. We have inherited a very substantial national debt, but not in the same way in which the Germans have inherited the same problems. We have inherited a grave financial situation and, quite rightly, the Treasury decided that it will not enhance that by further borrowing against our balance sheet. The evidence produced by the noble Lord, Lord Smith of Kelvin, would suggest that he does not feel under any pressure in terms of funds at this point. Of course, we must set out our stall, as I have said. We intend to seek European Commission approval for borrowing and we intend to follow that process as soon as possible. I think that is a very good sign and I am delighted that there is some agreement in the room that we are doing that. I invite the noble Lord to withdraw his amendment.