Government Debt
Debate between Lord Pitt-Watson and Lord Redwood(2Â weeks ago)
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Lord Pitt-Watson (Lab)
I have read that document. I point out that, in 2025-26, our borrowing will be the lowest for six years and for the first time since 2004 we are projected to borrow less than the OECD average. As regards external evaluation of the fiscal rules, I will read from the IMF’s 2025 Article IV report, which said that
“the plans that have been put forward by the UK Treasury strike a good balance between providing favorable conditions for growth, and the emphasis on public investment is welcome in that regard and safeguarding fiscal sustainability”.
Lord Redwood (Con)
My Lords, since September 2022, there has been a big sales programme of longer-dated bonds by the Bank of England to drive up longer-term interest rates. Can the Minister tell us how much, over the past two years, the Government and Treasury have had to send the Bank of England to cover the enormous losses they have heaped up by selling these bonds at low prices needlessly?