(9 years, 9 months ago)
Lords ChamberCan my noble friend comment on the point made by the noble Lord, Lord Butler, about hypothecation? Is he quite comfortable about slabs of government expenditure being hypothecated so that there is no flexibility at all on behalf of the Treasury?
I am, in fact, comfortable in this position, because I think that we have a particular duty as far as the developing world is concerned. I would not be happy to have hypothecation in every government measure, but here we have a particular responsibility. There is a lack of imagination about what is happening out there in Africa and in the rest of the world. That is the point. If we have a duty, it is a duty in this respect. I am therefore entirely happy with hypothecation in this respect.