My Lords, I do not agree with the starting proposition. The Government set out their projections for the fiscal numbers for revenues which are to be raised for public expenditure through to the end of the current forecast period. Looking at the May figures, there is a great mistake in taking numbers for just a short period and extrapolating the potential impact pf those. However, if you take the May figures, you should also take into account the April figures, where current government expenditure was below the forecast levels.

I am surprised to be challenged by Conservative Benches on Government debt, where the projected figures in terms of percentage of GDP for the current year are at 35.5 per cent. The series which existed before this Government came into office was at 43.6 per cent, 42.7 per cent and 40.8 per cent. With great respect, I do not believe we have any lessons to learn from Members opposite.