L

Lord Waldegrave of North Hill (Con)

Speaking in the House of Lords on 29 October 2024

Debate

Fiscal Rules

Contribution

My Lords, when I was Chief Secretary, working with the former Chancellor, the noble Lord, Lord Clarke, every single spending department that presented its plans to me described them as “investment”. There is often a very good case for saying that spending more on nurses or teachers is going to help productivity more than building new hospitals or schools is. Does the Minister agree with me, and indeed with the noble Lord opposite, that without a really tough definition of what investment means, this will turn out to be just an increase in public spending?

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