Forthcoming Fiscal Changes

Baroness Altmann Excerpts

Tuesday 25th November 2025 Lords Chamber

Asked by

[Baroness Altmann]

To ask His Majesty’s Government what assessment they have made of the impact on the economy, businesses and individuals of Ministerial comments which have been interpreted as suggesting forthcoming fiscal changes.

[The Financial Secretary to the Treasury (Lord Livermore) (Lab)]

My Lords, the Chancellor will deliver the Budget tomorrow. She has rightly been clear with the country about the challenges we face and the need to deliver stability in the public finances. The Budget will build more resilient public finances to withstand global turbulence. It will reduce inflationary pressure in the economy and get the cost of living down. It will protect the NHS and public services from a return to austerity, and it will support growth and innovation. I will not comment on individual measures ahead of the Budget.

[Baroness Altmann (Non-Afl)]

My Lords, I thank the Minister for his Answer. I have the upmost respect for him and believe he has acted commendably ahead of this Budget. He has been left in the position of having to issue constant denials by an approach from his colleagues which has damaged the economy, businesses and individuals. The Government are supposedly pro-business, pro-wealth creation and pro-growth. Other Ministers should not have been speculating and could have issued the kinds of robust denials the Minister has issued—much to the frustration of this House, I understand, and difficulty for himself. I would like to put on record that the communications have been shambolic and unnecessary.

Does the Minister agree with his right honourable friend the Secretary of State Peter Kyle, who said that we are in a “growth emergency”? If so, does he believe the policy change pitch rolling, constant kite flying, and policies that are withdrawn, brought back and then changed, help business or individuals planning their lives? Businesses have put investment on hold. Individuals have rushed to take money out of their pensions. I urge the Minister to urge his department in future not to engage in the same kind of speculation and kite flying ahead of Budgets that we have seen now.

[Lord Livermore (Lab)]

I am most grateful to the noble Baroness for her question. As she knows, I am not going to comment on the ongoing Budget process, which will conclude tomorrow when the Chancellor delivers her Budget. She asked about growth. Growing the economy, and supporting businesses to create jobs and innovate, will be absolutely central to tomorrow’s Budget alongside protecting our NHS and public services from a return to austerity, improving the cost of living, doing what is necessary to protect families from high inflation and interest rates, and keeping debt under control.