Devolved Administrations: Financial Flexibility

Lord Myners Excerpts

Tuesday 8th November 2011 Lords Chamber

[Lord Sassoon]

My Lords, what I said was that there was no consensus. Of course there is plenty of research but there is no consensus, and that is what is needed in this area.

[Lord Myners]

My Lords, the Minister brings considerable private sector expertise to his role, including at Union Bank of Switzerland. Can the noble Lord tell the House whether in his private sector experience he has ever come across a situation where companies say that if you do not spend the money, it will be taken away from you? What prudence does that encourage?

[Lord Sassoon]

My Lords, I believe that it was under the previous Government in 2006—the noble Lord will remember this better than me—that the health service overspent its budget and reserve by £182 million, and the previous Government stopped the EYF system. So I really do not think that we need lectures about me and my experience; it was the noble Lord’s Government who stopped it.