The national debt, as I understand it, has more than doubled under this Government, so we take no lessons from them. Surely it is important to borrow to invest in order to grow our economy. It is, essentially, a different attitude to economics.
Let us hope the Minister goes further and corrects one major omission from the Budget on the issue of spending. On the Labour Benches, we welcomed last week’s guarantee that the increase in nurses’ pay would be funded through additional money from the Treasury with no cuts elsewhere to the NHS budget. We will hold the Government to that guarantee. Can we have the same assurances over the much needed and long-overdue increases in paying for our armed forces? It would be entirely wrong and self-defeating if those increases were to be paid for by further cuts in personnel, equipment or living conditions, so I hope the City Minister will be able to give us an assurance on that.