Strategic Priorities Statement: Defence

Debate between Lord Livermore and Baroness McIntosh of Pickering

Tuesday 25th March 2025 Lords Chamber

[Lord Livermore (Lab)]

I am very happy to say that, as the noble Lord knows, this Government plan increase defence expenditure to 2.5% by the end of the Parliament. However, it is not for me to set out today exactly how that will be spent.

[Baroness McIntosh of Pickering (Con)]

The Minister referred in his first Answer to the role of Great British Energy in delivering clean energy. How will the Government achieve that if the budget for GB Energy is reduced in the forthcoming spending review?

[Lord Livermore (Lab)]

The noble Baroness said “if”, and I do not in any way accept that. She should wait for the spending review to see what will happen.

Closed-Ended Investment Companies: Cost Disclosure

Debate between Lord Livermore and Baroness McIntosh of Pickering

Monday 24th March 2025 Lords Chamber

[Baroness McIntosh of Pickering (Con)]

Does the Minister share my concern about what has happened to investment trusts over the past six to 12 months? What is the Government’s policy regarding saving?

[Lord Livermore (Lab)]

Yes, I do share the noble Baroness’s concern, which is exactly why we have done all the things that I have set out so far in this Answer. The Government’s policy regarding saving is that we think it is a good thing and we want to encourage more of it.

Capital Investment and Share Ownership

Debate between Lord Livermore and Baroness McIntosh of Pickering

Thursday 13th March 2025 Lords Chamber

[Lord Livermore (Lab)]

As the noble Lord says, many of the private finance initiative contracts are coming to an end within the next decade. It is important to prepare early for a seamless transition to the public sector to protect taxpayers’ money. The Infrastructure and Projects Authority is responsible on the Treasury’s behalf, providing oversight and support to the portfolio of operational PFIs. It carries out regular health checks and, to date, around 215 expiry health checks have already taken place.

[Baroness McIntosh of Pickering (Con)]

My Lords, a variety of Governments have tried to introduce private sector investment into water sector projects. The Pickering Slow the Flow pilot scheme that I was involved in at a later stage was hugely successful in factoring in a number of public partnerships. Can the Minister look at this to open up, for example, supermarket involvement and farmers contributing to flood resilience in catchment areas?

[Lord Livermore (Lab)]

I am very interested in what the noble Baroness says, and I will look at that further. As I say, the 10-year infrastructure strategy will be the point at which we set out the Government’s approach to private investment in infrastructure. I cannot say more than that at this point.

Agricultural and Business Property Reliefs: OBR Costing

Debate between Lord Livermore and Baroness McIntosh of Pickering

Monday 27th January 2025 Lords Chamber

[Lord Livermore (Lab)]

The Government set out their modelling at the Budget and, more recently, the Chancellor provided very extensive additional details to the Treasury Select Committee on exactly that point, including in her follow-up letter. That modelling was backed up by the OBR, as shown in the publication last week.

[Baroness McIntosh of Pickering (Con)]

My Lords, can the Minister say how much the Government expect to raise from the abolition of APR and its consequential impact on inheritance tax relief? The Office for Budget Responsibility, in its Supplementary Forecast Information Release of 22 January, stated very clearly, in paragraph 1.11 on page four:

“The central estimate for the costing is an increase in revenue of £0.5 billion by 2029-30”.


Is that really all that the Government expect to raise from this very cruel measure?

[Lord Livermore (Lab)]

Yes, it is—and it will go a very long way to help our public services after years of neglect. I completely disagree with the noble Baroness’s characterisation of this policy.