Lord Londesborough
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Interest Rates
Lord Londesborough Excerpts(1 day, 7 hours ago)
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Lord Pitt-Watson (Lab)
This was the decision of the independent Bank of England, just as the decision on the Bank rate is an independent decision of the Bank of England. I am not sure I can go beyond that in commenting.
Lord Londesborough (CB)
My Lords, put bluntly, for our debt to decline meaningfully, our GDP growth rates need to exceed the interest rates we pay on our borrowing. Does the Minister agree that this requires an explicit and bold growth strategy? If so, where did this feature in last month’s Budget?
Lord Pitt-Watson (Lab)
I go to the view of Kristalina Georgieva, the managing director of the IMF, and quote her on what she thinks about the UK and its management of its debt:
“The UK is actually one country where action to reduce debt and deficit has been taken decisively and we see the UK in that sense enjoying a bit of a better growth prospect”.