L

Lord Wood of Anfield (Lab)

Speaking in the House of Lords on 5 June 2025

Debate

Regional Growth

Contribution

My Lords, one way you can tell that I am a Treasury nerd is that I am really looking forward to the Green Book review being announced next week, and I welcome what my noble friend has said about that today. There are many problems with the way the Treasury has, historically, allocated money for long-term investment. One is the regional bias that we have discussed today, but another is that capital budgets are allocated for short periods with an incentive to spend them by the end of a three-year cycle, whether it is appropriate or not for the project. Does the Treasury still intend to move towards longer-term capital budgeting, and will we hear something about that next week in the spending review?

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