Lord Myners, the former City minister, has called on the Chancellor to prove his claim Britain was "on the brink of bankruptcy" before the coalition government took over in May.
George Osborne used the phrase in a television interview last month to defend the government's deep cuts to public spending, announced in the Comprehensive Spending Review.
He told the Andrew Marr show: "People in this country know we were on the brink of bankruptcy and if we're going to have growth and jobs in the future, we have got to move this country into a place where people can invest with confidence."
According to House of Lords' official records for 23 November, Myners asked how the Chancellor formed the opinion the country was on the brink of bankruptcy in the second quarter of 2010.
He also wanted to know what assessment the government has made of the "closeness and consequences of such a bankruptcy".
In another question Myners probed whether the government will mandate the Office for Budget Responsibility (OBR) to produce a report on whether the UK economy was on the brink of bankruptcy.
Hansard states Myners asked the government "whether at any time this year they were in, or close to, a position where the United Kingdom could not repay its debts".
Commercial secretary to the Treasury, Lord Sassoon, replied saying: "The OBR will make independent assessments of the economy, public finances and fiscal sustainability", which it will publish on 29 November.
Last month at a Treasury select committee meeting, former civil service chief Lord Turnbull, said he always thought Britain was "capable of producing a financial settlement that wouldn't take us into Irish and Greek problems".
When asked if he thought it was accurate to describe the UK as being on the brink of bankruptcy, Turnbull said: "No, I don't."
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