At a time when we have a Serious World Economic Crisis, and at a time when public authorities are being told to cut back public expenditure, we are embarking on the creation of two massive spending authorities, although they will not have any extra money to spend.

We might be entering into a Serious World Economic Crisis that could lead to serious economic dislocation and, indeed, make the standard of living worse in this country and in many others.

When my noble friend Lord Luce secured a debate on higher education in June 2008, it was before the collapse of Lehman Brothers and the onset of the Serious World Economic Crisis, which is obviously still with us.