Sterling: Rise in Yields on 30-year Gilts
Debate between Lord Livermore and Baroness Lister of Burtersett(1 week, 2 days ago)
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Lord Livermore (Lab)
The Government support the Bank of England in the actions that it takes.
Baroness Lister of Burtersett (Lab)
My Lords, there has been worrying talk about cuts to the social security budget. Following my noble friend Lord Sikka, I ask: will the Government consider the fact that previous Governments, over the last decade, cut £50 billion a year from the social security budget, according to the Child Poverty Action Group, and that poverty is much deeper as a result? Please will this be taken into account before any consideration is given to further cuts to social security?
Lord Livermore (Lab)
I completely agree with my noble friend that poverty is an absolute priority for this Government, as it should be, but so too is getting people back to work, and welfare reform is necessary to do that.