Spending Review

Part of the debate – in the House of Lords at 5:04 pm on 15th July 2002.

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Photo of Lord McIntosh of Haringey Lord McIntosh of Haringey Deputy Chief Whip (House of Lords), HM Household, Captain of the Queen's Bodyguard of the Yeomen of the Guard (HM Household) (Deputy Chief Whip, House of Lords) 5:04 pm, 15th July 2002

My Lords, the noble Baroness does herself an injustice, but the answer is that borrowing will still be in within the limits that we have always set. We have always said that there will be no net borrowing for revenue purposes over the course of the economic cycle. At the same time, we have said that borrowing for investment—in other words, for capital—which is now properly distinguished from revenue under the resource accounting being introduced this year, will be increased. I hope that the noble Baroness agrees that that is necessary.