Fiscal Rules
Debate between Lord Livermore and Lord Davies of Brixton(1 month, 3 weeks ago)
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Lord Davies of Brixton (Lab)
I thank my noble friend for this Statement; the real meat will come tomorrow. I also thank noble Lords opposite for reminding us of their gross irresponsibility and refusal to accept any responsibility for this situation. When you have fiscal rules that distinguish general expenditure and investment in one way or another, you need a clear definition of investment. The problem is that pinning down such a definition is difficult in practice. When we on the Economic Affairs Committee took evidence from Joseph Stiglitz, he drew attention to this, instancing the possibility that spending more money on nurses would count as investment towards the sort of growth we need in the economy.
Lord Livermore (Lab)
My noble friend makes an extremely interesting point. I am grateful for his support for what I have set out and will take away his point to give it further consideration.
European Investment Bank
Debate between Lord Livermore and Lord Davies of Brixton(4 months, 4 weeks ago)
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Lord Livermore (Lab)
The national wealth fund will work on the same basis as the UK Infrastructure Bank in terms of allocating investment. I think that is the answer to the noble Lord’s question.
Lord Davies of Brixton (Lab)
In a similar vein to the question from the noble Lord, Lord Fox, I had a question in the debate on Monday about the first phase of the pensions review, looking at the investment of pension scheme monies in productive economy. I am sure my noble friend will agree that in such discussions the voice of the trade unions that represent scheme members and pensioners through their organisation should be an important part of the debate.
Lord Livermore (Lab)
I thank my noble friend for his question. I did not address his question in the debate, because I hoped he knew that I would agree with him, which I do. As part of the pensions review, we will consult all interested bodies.