Lord Peston
Main Page: Lord Peston (Labour - Life peer)Department Debates - View all Lord Peston's debates with the HM Treasury
(13 years, 7 months ago)
Lords ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Lord Sassoon
No, it did not and I will not talk about hypothetical situations.
Lord Peston
It is difficult not be cynical about any discussion of this subject. I spent the morning—I probably wasted it—looking at the history of what Governments say about their attitudes to contingencies. In all cases, they say exactly what the Minister has said, except for one thing. When the chips are down and they have what they call a crisis, which they are never short of, they spend all the money that they want to spend.
Lord Sassoon
My Lords, I have been back and looked at the record and it is certainly the case that the previous Government went and topped up the reserve on at least 10 occasions. They increased borrowings when it looked as if expenditure was going to exceed their totals. This Government, when they set a total for managed expenditure, intend that it will not be exceeded.