Public Finances: Borrowing Costs

Debate between Lord Livermore and Baroness Foster of Aghadrumsee

Thursday 9th January 2025 Lords Chamber

[Lord Livermore (Lab)]

I agree with a lot of what the noble Lord says. He and I are both strong supporters of an industrial strategy. The Government’s new modern industrial strategy is a core component of what the noble Lord is asking for. We are introducing a new industrial strategy that will give the private sector the guidance it requires about the sectors that we would like to see investment coming into. We are doing planning reform, which is one of the biggest reforms that we can possibly do to unlock new levels of private sector investment in the economy. We are doing pension reform, which the Chancellor set out in her Mansion House speech. We are doing skills reform—another key component of unlocking investment in our economy. All those things will significantly boost growth in our economy, but none of them is yet included in the OBR’s forecast.

[Baroness Foster of Aghadrumsee (Non-Afl)]

My Lords, how concerned are the Minister and His Majesty’s Treasury that £9.6 billion of cash was withdrawn last year from the London Stock Exchange—the highest amount on record?

[Lord Livermore (Lab)]

Clearly, ensuring that UK businesses have access to finance is crucial to this Government’s economic policy.

Wales: Public Services

Debate between Lord Livermore and Baroness Foster of Aghadrumsee

Tuesday 5th November 2024 Lords Chamber

[Lord Livermore (Lab)]

As always, my noble friend says it far better than I could. I nearly always agree with him, and I do so on this point in particular.

[Baroness Foster of Aghadrumsee (Non-Afl)]

My Lords, the Barnett formula was introduced for Scotland by a Labour Government in 1978; then it was applied to Wales and then to Northern Ireland. That is nearly 50 years ago. Surely it is time to look at a new mechanism that will reflect the modern devolved Administrations.

[Lord Livermore (Lab)]

I give the noble Baroness the same answer that I have given already: I do not think the Government have any such plans. The Northern Ireland Executive settlement for 2025-26 is the largest in real terms of any Northern Ireland Executive settlement since devolution. The Northern Ireland Executive will receive £18.2 billion in 2025-26.

Independent School Fees: VAT

Debate between Lord Livermore and Baroness Foster of Aghadrumsee

Monday 21st October 2024 Lords Chamber

[Baroness Foster of Aghadrumsee (Non-Afl)]

My Lords, I am grateful to the noble Lord. Is the Minister aware of the disproportionate impact that this tax will have on Christian schools in Northern Ireland given the structure of the education system there? Given that, will a specific impact assessment be carried out?

[Lord Livermore (Lab)]

The impact assessment will cover the full range of expected impacts.