"There's no money left."

Liam Byrne, the former Chief Secretary to the Treasury, last week wrote a letter for his successor - the Liberal Democrat David Laws - stating: "I’m afraid to tell you there’s no money left.”

Speaking at a press conference yesterday, Mr Laws said: "When I arrived at my desk on the very first day as Chief Secretary, I found a letter from the previous chief secretary to give me some advice, I assumed, on how I conduct myself over the months ahead.

"Unfortunately, when I opened it, it was a one-sentence letter which simply said ’Dear Chief Secretary, I’m afraid to tell you there’s no money left’, which was honest but slightly less helpful advice than I had been expecting."

Read the rest here.