The real problem is that now no politician wants to tackle it. The Barnett Formula saves people trouble. It saves prime ministers worrying. That’s th… - Joel Barnett, Baron Barnett

As chief secretary, I was having a terrible time doing what I didn’t go into politics to do — cutting public expenditure. And I was having meetings with every departmental minister about their budget. They all wanted more money — Tony Benn and Barbara Castle more than most. I decided that I could get rid of three Cabinet ministers — the secretaries of state for Scotland, Wales and Northern Ireland — if I could settle on a formula for their budgets. So I set up this method for allocating public expenditure that the Cabinet then agreed to.

Your arguments are overwhelming. You’re obviously right — and the answer is No.

We know that you have a very arduous duty ahead of you. We hope you enjoy the best of health; if you go on looking as attractive as you do tonight, it will be very beneficial.