Luke Pollard

I am grateful to the Father of the House for helping me to get back on track with my speech, because that is the topic of my next section. I will answer the right hon. Gentleman’s question in my remarks, but if a bit is missing, he may ask to intervene on me again. We have heard some outrageous claims artificially boosting the costs of this deal. It will cost an average of £101 million per year in today’s money. That is an investment in today’s money of £3.4 billion over 99 years. That has been rigorously calculated, based on net present value, the methodology endorsed by the Government Actuary’s Department and the Office for Budget Responsibility. All the associated costings have been laid previously before the House and were explained in full at the time of signature. Crucially, the exaggerated numbers that have been cited ignore inflation, the OBR deflation mechanisms and the Green Book. The Government have secured a strong deal. I remind those who criticise it that the previous Government knew full well that the status quo was dangerous and unsustainable—that is why they entered into negotiations in the first place, why they held 11 rounds of negotiations under successive Prime Ministers, Foreign Secretaries and Attorneys General, and why the Conservatives have never been able to provide serious alternatives to this deal.