I noticed that when the hon. Gentleman was talking about the science budget, he used the word "hope." I can use more than the word "hope" about the future science budget.

It is completely unfeasible for an Opposition party that has no access to the Government books to determine what the budget will be this side of an election. I cannot do that because, as I said, it is above my pay grade to do so. If he is asking me whether I would like the science budget to be maintained at the current level, the answer is that I would, of course, like that to happen. Would I like the budget to increase? Of course. However, given that the Government have virtually bankrupted the country, the question is whether it is possible even to maintain the budget that they have. Of course, I will fight tooth and nail to try to do that, but as I say, it would be entirely incorrect for an Opposition party to make a budget before they have succeeded to power.

I am glad that the hon. Gentleman has raised these questions, because there is a duty on politicians-particularly those in the Government, who have access to the books- to be as direct and straightforward as they can about future funding levels. The Government have had the opportunity to carry out a comprehensive spending review, and they have refused to do so. Their arguments are incredibly feeble: that somehow there is uncertainty about the future and therefore they have to create more uncertainty by not having a comprehensive spending review to set, at least, the minimum benchmark for science. That has a disproportionate impact on science because, if the STFC-among other research councils-does not know what the 2011-12 budget is, it cannot allocate the research grants this year. The Government have added to the uncertainty around physics in particular, and they need to deal with that matter as soon as possible.

There are questions about the merger of the Particle Physics and Astronomy Council and the Central Laboratory of the Research Councils, which formed the STFC. I remember being opposite the then Science Minister, Ian Pearson, when he took great pleasure in boasting about how the STFC budget would rise by 13.6 per cent. However, we and the science community knew that its near cash budget-the cash available to spend-was completely flat for that three-year period, as can be seen from the figures published by the Government.

If that was not bad enough, the financial outlook today is much bleaker than in 1997. At the very least, we owe it to the science community to be clear and honest about the challenges ahead. Major physics cuts have already been made. STFC grants are down by 10 per cent., and studentships and fellowships have been cut by 25 per cent. That is largely a result of the uncertainty created by the fact that the Government have not had the comprehensive spending review and allocated the budgets for future years.

Twenty-seven significant STFC projects have been abandoned, £5 million has been cut from the National Physical Laboratory and £573 million has been cut from universities this year. Capital cuts have hit physics particularly hard. As I think the Minister acknowledged when we last debated the matter in the House, further cuts of £600 million will be made by 2013. That is an overall Labour science cut of about £1 billion. We need to acknowledge that if we are to have a coherent and honest debate about physics.

Adding insult to injury, the Government have stubbornly refused to hold a comprehensive spending review, which I can only assume is based on cynical political reasoning and the black art of propaganda-the desire not to tell people what the Government's reckless spending means for the future. That, again, adds to future uncertainty. The result is that the STFC has held back its commitments.

In fact, if the Government had been straightforward and produced the comprehensive spending review and the science settlement for the following three years-even if it were at a lower level-there would be at least some certainty within the science community, and the STFC would not have had to pull back the number of grants that it was allocating. A big question needs to be answered about why the comprehensive spending review was not held. Does the Minister acknowledge his or the Government's-I know the matter is not his particular hat-contribution to the uncertainty that is being felt?

The falling value of sterling has already precipitated funding cuts, which has forced other research councils-not just the STFC and those related to physics-to put their hands in their pockets, take away their own research money and give it to the STFC, so that it can cover the exchange rate fluctuations that have been caused by international agreements entered into by Governments. I welcome the review of those arrangements, but we need more certainty around the direction that the Government are taking.

If the Government refuse to tackle the debt crisis, the STFC's costs could rise even higher because the pound will probably plummet further. Ultimately, currency is a sign of the world's confidence in a particular economy. If the pound plummets further, the STFC's costs will increase because of the exchange rate differences. Put simply, Labour's debt crisis is the single biggest threat to the future of physics and science funding in the years ahead. We need clarity going forward, rather than a Government in denial. I hope there will be no denial today. I know that the Minister is a straightforward chap, and I am sure he will not be in denial this afternoon.

We must take action to play down the deficit and restore confidence in the public finances. That is why if there is a Conservative Government, we will hold a Budget within 50 days, and deal with the matters of the multi-year ring fence. We will allocate a multi-year science budget that will be ring-fenced. That will help us provide a stable investment climate for research councils in the long term.