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Lord Tebbit asks the question we would all like an answer to

From Lords Hansard:


"To ask Her Majesty's Government how they define “spending” and “investment” in relation to public expenditure".

And this is what Lord Myners had to say:

"Public sector current expenditure: is the sum of the current expenditure of general government and certain distributive transactions (interest and rent) paid by public corporations to the private sector and abroad" etc

Whereas

"Public sector net investment is all public sector capital expenditure less an amount representing all public sector depreciation".

I would like to see someone attempting to trip up the PM with that one, as by Treasury definition, non-capital expenditure is not investment, is it? I am not holding my breath.

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Blogger patently said... 2:02 pm

I've always liked Norman.

Spitting Image depicted him perfectly, and did wonders for my estimation of him.  



Blogger Croydonian said... 2:21 pm

Me too. I've got a signed copy of his memoirs.  



Blogger Tachybaptus said... 10:57 pm

I was the publisher's copy-editor for his memoirs, back in the seventies. Particularly liked the bit where he flew a Meteor through a hangar, removing the wings in the process.  



Blogger will said... 10:05 am

This comment has been removed by a blog administrator.  



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