Lord Blunkett
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(2 days ago)
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Lord Livermore (Lab)
Well, no. The OBR has been very clear that the number of people in employment will increase by 1.2 million over the course of this Parliament. As I said before, we had to take some very difficult decisions to clear up the mess that we inherited. I would simply ask the noble Lord and other noble Lords what their alternative is to the course of action that we took? Are they seriously saying that we should not have repaired the public finances? Are they seriously saying that we should not have restored economic stability? Quite frankly, that is the path that the Liz Truss mini-Budget took. We saw what happened then: she crashed the economy and working people are still paying the price today.
Lord Blunkett (Lab)
My Lords, can my noble friend the Minister confirm that, in the 12 months leading up to the general election, the previous Government, in reducing national insurance on employees by 4p, actually gave away £20 billion and that there has been no discernible improvement in economic activity as a result? Is not this entirely their fault and not ours?
Lord Livermore (Lab)
My noble friend is absolutely right that the actions taken by the previous Government were consistent with the actions of a Government who had a total lack of regard to the stability of the public finances—which is exactly why we ended up with a £22 billion hole in those public finances because, although they willed the ends, they never willed the means.