Public Spending: Borrowing Increase

Baroness Hayman Excerpts

Thursday 13th October 2022 Lords Chamber

[Viscount Younger of Leckie (Con)]

On the mortgage market, I am very aware of the pain that many people are suffering at the moment. Interest rates have been going up—this is not just a matter for the UK; it is a global issue, particularly among the developed countries—and interest rates link into mortgage rates. We very much hope that they will come down. This is very much a matter that the Bank of England is taking decisions on, and we are all aware of the announcements that have been made to stabilise the markets.

[Baroness Hayman (CB)]

May I take the Minister back to his response on the issue of public service expenditure? In response to the noble Baroness, Lady Kramer, he said that he was very well aware of what the Prime Minister said. I think many of us would like to know what the Prime Minister said actually means. Does it take into account the effects of inflation?

[Viscount Younger of Leckie (Con)]

We will obviously have to wait for the fiscal statement that is coming on 31 October. We, and she, expect departments to continuously be identifying opportunities to bring down the cost of delivering public services through better use of technology and by reducing bureaucracy. It is also important to praise the level of service and the hard work that public services and the public sector undertake.