If that is the reason why the noble Lord does not agree with the eurozone, I would say that over recent months Angela Merkel and her friends over there have been ready to put their hands in their pockets to do what it takes. It is all to do with the single market and having a single currency. I think that this could be a diversion; I am just drawing attention to the fact that the United Kingdom is in the same position. The transfer payments that we need now are becoming a huge challenge, given the rates of return—unless you count what might be called the external economies such as HS2, which I strongly support.
I strongly support the infrastructure proposals for our roads, but I would say to the noble Baroness, Lady Kramer, that she should note that the graph detailing major road expenditures over both Governments has gone up and down even more dramatically than the Blackpool Pleasure Beach attraction to which the noble Lord, Lord McNally, earlier referred with such nostalgia. We cannot have sudden switches on and off for road expenditure—I was going to say something unparliamentary—with not much in other periods.
What are the policy consequences? Someone who sits in this House but is not with us today said something about getting on your bike. Getting on your bike is fine, of course, if you want to go and work in London. But we know that there is a terrible dilemma around the green belt, town and country planning, and more growth in London relative to anywhere else. I strongly support what the Government have said about HS2 tying up with the Northern Hub. Infrastructure plans, as well as other subventions in terms of training, the labour market and so on, have to be somewhat disproportionately higher than for what might be called a private rate of return. If you were a private enterprise running education in Bolton, you would have to deal with this on a broader basis. I would ask the Government to consider whether they appreciate the scale of transfers which have to be made, which must also come with a challenge to enterprise to respond.
One nation is receding from us—hence the malaise, insecurity, lack of full-time jobs and so on. Mr Miliband has been mentioned and I will refer to him. Only Mr Miliband has the analysis that will lead to the policy with which the next Labour Government will be able to make a significant improvement to these structural problems.
3.07 pm