Lord Liddle
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Economic Update
Lord Liddle Excerpts(2 years, 1 month ago)
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Lord True (Con)
My Lords, I am not answering for my right honourable friend the former Chancellor of the Exchequer. I am stating to the House that, given the circumstances we are in and the position I have outlined, the Government, with the intention of ensuring the UK’s economic stability in response to events, have published a way forward. We have published proposals on the fiscal side and will shortly publish proposals on the spending side.
Lord Liddle (Lab)
My Lords, if this crisis is all a global crisis, as the noble Lord, Lord Forsyth, claims, why was the gilt market’s immediate reaction to Chancellor Kwarteng’s Statement to increase long-term interest rates in this country to higher levels than they are for Italy and Greece?
Lord True (Con)
My Lords, the noble Lord is pretty well informed about the economic position in other European countries. He will know well that there are grave inflationary problems and problems with interest rates across Europe. There has already been a successful gilt sale this week; I have no doubt that it will continue.