Nick Clegg last week said the government was wrong to cut capital expenditure – claiming the reduction was in line with plans drawn up by the previous Labour government.
The latest figures from the Office for Budget Responsibility, however, show the coalition has spent £12.8 billion less in capital investment than Labour’s plans – eight per cent less than the plans they inherited.
See Graph 1:
Over the course of this parliament, they are set to have spent £7.3 billion less on capital investment than under Labour’s plans.
Clegg may have been correct in calling the cut in capital expenditure a mistake – but his attempt to play politics and suggest Labour would have done the same undermines that message.