Pensions Bill

In yesterday’s debate, the hon. Member for Tatton (Mr. Osborne)—he is sitting right next to the hon. Member for Runnymede and Weybridge (Mr. Hammond), so he can consult the shadow Chancellor right now—said that the test of the Conservatives’ credibility was whether they could resist making such pledges on pensions. The hon. Member for Runnymede and Weybridge is pledging to increase public borrowing by £600 million to fund his proposal, but he has no idea how to fund that. Will he tell us what else he is cutting, given that the Conservatives’ third fiscal rule means reducing the proportion of public spending in gross domestic product? How will he fund the proposal?