MP's 'foolish' no money note

The infamous letter written by outgoing Chief Secretary to the Treasury Liam Byrne to his successor David Laws, telling him "I'm afraid there is no money," has been shown for the first time to ITV News.

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Liam Byrne says his 'no money' note was 'foolish'

Liam Byrne has admitted to ITV News West Country that his note to his successor David Laws that said "I'm afraid there is no money" was "foolish":

Of course it was a very foolish thing to do.

I left something else at the Treasury, which was a Budget I'd drawn up with Alistair Darling that would have halved our deficit over four years.

That was a good plan, it was a plan that would have worked and I'm afraid it was a much better plan that we've ended up with now.

– Former Chief Secretary to the Treasury Liam Byrne
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MP did not expect reaction to 'there's no money' note

David Laws has spoken exclusively to ITV News West Country about the now infamous note he received on his first day at the Treasury from his Labour predecessor saying "there is no money."

See the note here.

The former Chief Secretary to the Treasury said: "I really didn't regard it as a big thing and I only mentioned it almost by accident at a press conference that we held a few days in to the government, not expecting rather naively, the huge reaction that it got."

Watch ITV West Country political correspondent Bob Constantine's report

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