Fiscal Responsibility Bill

No, I want to make some progress. I want the deficit cut, which is why my party has consistently made bold and eye-catching contributions to our national debate on that subject. That is why in the past months we have called for pay restraint, which protects those on low incomes but would make significant savings of billions of pounds over two years. As I have just said, Britain is almost 5 per cent. poorer than it was a year ago and we cannot afford a national wage bill that pretends nothing has happened. We have led the way in saying that some major capital spending proposals are unaffordable. We have said that households with incomes that would be the envy of the majority of people should not also be topped up with unaffordable extra tax credits. We have identified specific projects that we believe can no longer be financially justified. That is why in a Statutory Instrument Committee in February—less than a year ago—I argued against both Labour and Conservative Front Benchers that the so-called baby bonds were no longer affordable. There was great unity among the Front Benchers of the two old parties; they were committed to the old policies, as though the deficit had never happened, but later in 2009 the Conservative shadow Chancellor, to his credit, belatedly caught up, telling his conference that baby bonds are""a luxury we can no longer afford."" Where the Liberal Democrats lead, others in the House follow. [Hon. Members: "Hear, hear."] It is true. I am constantly looking for new savings. I realise the enormous challenge that a deficit of £500 million extra every day poses. I was looking through Hansard a couple of weeks ago and I found a question from the Member who is known to the Conservative shadow Business Secretary as Philip Holland, but is better known to the rest of us as the hon. Member for Runnymede and Weybridge (Mr. Hammond). Anyone anxious about the Conservatives' plans for deficit reduction needs to understand how seriously they are taking the task. I shall read out that brief question to give the House a flavour of the magnitude of the Conservative approach to the task. The question is headed "Christmas":""Mr. Philip Hammond: To ask the Secretary of State for Wales how much his Department has spent on Christmas (a) cards, (b) parties and (c) decorations in the last 12 months.""Mr. Hain: In the last 12 months, my Department spent £385 on Christmas cards and £1,054 on receptions. We did not purchase any Christmas decorations."—[Official Report, 10 November 2009; Vol. 499, c. 178W.]" The shadow Chief Secretary's job is not just to clear up the mess left by his leader; he is also asking the brave deficit reduction questions that can transform our country's prospects. I have done the calculations, and the savings identified by the hon. Member for Runnymede and Weybridge equate to 0.26 seconds of national debt—the gap between Usain Bolt and the man who finished second, with the Conservatives left on the starting blocks.