Deficit Reduction

Lord Brooke of Alverthorpe Excerpts

Tuesday 18th January 2011 Lords Chamber

[Lord Sassoon]

My Lords, as my noble friend says, there are liabilities as well as assets on the Government’s balance sheet as a result of the bailout of the banks. It will be a long process, in which the management of those banks is taking the leadership, to restore them to health, both for the benefit of the shareholders, including the nation, but also to ensure that they can continue to lend money to the businesses of this country.

[Lord Brooke of Alverthorpe]

Will the Minister give a straight answer to the supplementary question of the noble Lord, Lord Barnett? Will he also give a commitment that the Government will set out how the proceeds will be used?

[Lord Sassoon]

My Lords, as and when there are proceeds they will be fully accounted for. That is the position.