Sterling: Rise in Yields on 30-year Gilts
Debate between Earl Attlee and Lord Livermore(1 day, 11 hours ago)
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Lord Livermore (Lab)
The noble Lord will be aware that financial markets are always evolving. It is a long-standing convention that the Government do not comment on specific financial market movements. He mentioned the Liz Truss mini-Budget, which crashed the economy. Current conditions are very different from then, when long-dated bonds were most significantly impacted due to market dysfunction. That market dysfunction was caused by unfunded tax cuts, unrealistic spending plans and undermining the institutions that are crucial to economic stability: the Treasury, the OBR and the Bank of England. It pushed up mortgage costs by £300 a month, for which working people are still paying the price. Yet there is still no apology from the party opposite, which, instead, tries to defend it.
Earl Attlee (Con)
My Lords, when will the Government’s planning reforms positively affect the UK economy?
Lord Livermore (Lab)
They already are. We have seen many planning projects already unblocked by this Government as a result of changes to planning. As soon as this House passes the planning Bill, we will see even more growth in the UK economy.
Public Spending: Inheritance
Debate between Earl Attlee and Lord Livermore(5 months, 2 weeks ago)
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Lord Livermore (Lab)
As my noble friend perhaps did not acknowledge, this is not an easy decision and I understand why there is disappointment about it, but it is the right decision in the circumstances. The level of overspend we inherited is simply not sustainable. Left unaddressed, it would have meant a 25% increase in the Government’s financing needs this year, so it falls on this Government to take the difficult decisions to make the necessary in-year savings.
Earl Attlee (Con)
My Lords, the noble Lord, Lord Boateng, correctly drew attention to our productivity problems. How much scope does the Minister think there is for improving our productivity? There are, obviously, the welcome planning reforms but how far does he think he can improve our productivity in percentage terms, and to what timescale?