Professor Michael McMahon:

I was going to make a similar point to the one just made by Mr. Barnes. The Chair's question is a very good one. It is complex and I do not want to sound like a broken record, but this is where the detail matters a lot. An example that Mr. Barnes alluded to is social housing spending versus having the houses and the links with health. It is difficult without the detail to be able to say anything. For example, some investment plans have large ongoing maintenance associated with them whereas others do not, so it is not just about thinking about the benefits of not investing; it is also the fiscal costs of investing and not investing. The point is well made but, without detail, it is almost impossible to even guess at what the interaction between these complex things are.