Budget Resolutions and Economic Situation

This may well be my last speech to the House, although there are a few days left of this Parliament. During my 18 years here I have spoken in a few Budget debates, and without exception the issue that I have always raised has been my concern about the lack of investment in our infrastructure in this country, including the research and development infrastructure. I echo the sentiments expressed by the hon. Member for Esher and Walton (Mr. Taylor), whom I count as an hon. Friend in the House. We served for a while on the Science and Technology Committee. Looking in the Red Book, I note that between the current financial year and the next, there is to be a £10 billion cut in the capital budget, followed by a further £11 billion cut the following year. I have grave doubts about whether that is the right way to go. I accept that there will be pain in the future, but cutting down on investment in assets that will be the engine of our future growth and prosperity is short-sighted. One element of our infrastructure is transport. I cannot see any figures for that, but we recently heard the welcome announcement about high speed rail. I do not know how that is to be financed, and I cannot see in the Red Book what is happening to capital investment in transport.