Spending Review 2025

Lord Lemos Excerpts

Thursday 12th June 2025 Lords Chamber

[Lord Livermore (Lab)]

The noble Baroness and I, along with many others in this House, have discussed these issues many times before. I think she knows that what she wants and what I want and what the Government want are pretty much the same thing. She says she wants to see greater levels of investment by pension funds into UK assets, and that is exactly what we want to see as well. The Chancellor set out some proposals on that in her Mansion House speech last year. We have seen substantial pension fund reform announced by this Government, which should bring an additional £50 billion of investment into the UK. We have seen the Mansion House compact announced just last week—a voluntary scheme by pension fund providers to get more investment into the UK. The Chancellor will make her next Mansion House speech on 1 July. I hope this will include more interesting announcements on this regard. It will also include the financial services growth and competitiveness strategy, which I hope will achieve many of the things that the noble Baroness is talking about.

[Lord Lemos (Lab)]

My Lords, I declare my interest: from 2018 to 2025 I was the lead non-executive director of His Majesty’s Prison and Probation Service. Can my noble friend the Minister tell us how much the Government are having to spend to rectify the appalling failure of the last Government to address the prison capacity crisis and all its consequences?

[Lord Livermore (Lab)]

My noble friend is absolutely right, and I pay tribute to the expertise that he brings to this question. In the summer of 2024, at the time of the election, prisons were operating at over 99% capacity. Clearly, the previous Government, as I was saying before, did not believe in investment spending, because they kept cutting it. Our social fabric was in a terrible state when we took over. We are having to do a lot of investment spending now to make up for the damage done over 14 years. The Government in this spending review are providing £7 billion to deliver 14,000 new prison places by 2031.

Spring Statement

Lord Lemos Excerpts

Thursday 27th March 2025 Lords Chamber

[Lord Lemos (Lab)]

My Lords, the OBR forecasts that the Labour Government will meet two of the fiscal rules earlier and will be within touching distance of their new homes pledge. Can the Minister comment of those areas of progress on delivering growth, particularly the new homes pledge?

[Lord Livermore (Lab)]

I am grateful to my noble friend. Yesterday, the OBR said, as I have just outlined to the noble Lord, Lord Forsyth, that the Government’s planning reforms will increase our economic growth and, most importantly, will put us within touching distance of meeting our 1.5 million homes pledge. The OBR said that we will get to 1.3 million homes purely on the reforms we have introduced in the first nine months of this Government. Clearly, those additional homes are incredibly important. At the same time, we announced a major programme of construction skills works, so that we have the skilled workers necessary to build the homes we need.