Spending Review and Autumn Statement

Debate between Lord O'Neill of Gatley and Baroness Hollis of Heigham

Wednesday 25th November 2015 Lords Chamber

[Baroness Hollis of Heigham]

My question, if the noble Lord, Lord Tebbit, will give me the courtesy of allowing me to speak, is: why do we need these cuts if public finances show that the tax credit cuts are not necessary, and where precisely will they fall? I have to say that the answers are not there.

[Lord O’Neill of Gatley]

My Lords, if I understand the noble Baroness’s questions correctly and specifically—I am not entirely sure that I do—it has been made clear in the Chancellor’s speech that there will be a series of measures over the term of the Parliament and the period covered by the spending review and Autumn Statement. By the end of the Parliament we will have achieved the £12 billion of savings that was set out, and the migration to universal credit will play the role that it was intended to play.