Pension Fund Reliefs

Debate between Lord Hamilton of Epsom and Lord Livermore

Tuesday 4th February 2025 Lords Chamber

[Lord Livermore (Lab)]

The noble Baroness talks of a sense of urgency, but, of course, she had 14 years to do something about this and did not. The previous Government never legislated for the reforms they brought forward. We are legislating for them. As I said, we are absolutely concerned that UK pension funds are investing less in the domestic economy, which is exactly why the pensions review is looking at the issue.

[Lord Hamilton of Epsom (Con)]

My Lords, one of the obligations on the trustees of pension funds is to get the best return for pensioners. Is the Minister resigned to the fact that, if we invest in British infrastructure, pensioners will be worse off as a result?

[Lord Livermore (Lab)]

I am not sure that the noble Lord should talk down the British economy in quite that way.

Growing the UK Economy

Debate between Lord Hamilton of Epsom and Lord Livermore

Monday 3rd February 2025 Lords Chamber

[Lord Livermore (Lab)]

I was lucky enough to be in the House for the noble Lord’s question to my noble friend the Transport Minister, and I obviously agree with what my noble friend said to him. In terms of timescales, the Government have asked Heathrow to come forward with its proposal by the summer of this year, and we have said that we want to confirm planning consent by 2028. That is obviously an accelerated process, but we are determined to do everything it takes to accelerate it. I am confident that there will be spades in the ground at Heathrow within this Parliament. The third runway is part of a wider programme of expansion of Heathrow, including various terminal expansions, so without question there will be spades in the ground at Heathrow. However, we also want to see spades in the ground for the runway within this Parliament.

[Lord Hamilton of Epsom (Con)]

My Lords, as is predictable, the Minister trotted out the usual thing about the black hole of £22 billion. On the other hand, the Government are looking at departmental budgets, which by most people’s reckoning are completely bloated, and looking for savings. What are the chances of those savings well exceeding £22 billion?

[Lord Livermore (Lab)]

I am very grateful to the noble Lord for raising the £22 billion—he knows it is one of my favourite topics, and I am always very happy to talk about it. It was obviously one of the most shocking features of our inheritance from the previous Government that they had £22 billion of commitments that they did not fund and sought to conceal from various government bodies. That is deeply shocking and should not be taken lightly. The noble Lord has said to me previously that the Government’s budgets are bloated; most government departments would dispute that, after decades of austerity under the party opposite. We know that public services are stretched extremely thin. I have asked him before for his examples of that bloating, and what savings he would propose. I would be more than happy to discuss any potential savings that he has in mind, but I think they are unlikely to reach the level that he describes.

United Kingdom Declining Birth Rate

Debate between Lord Hamilton of Epsom and Lord Livermore

Wednesday 6th November 2024 Lords Chamber

[Lord Livermore (Lab)]

It is a very important point and one that we should retain as we make policy.

[Lord Hamilton of Epsom (Con)]

My Lords, was the Minister not moved by reports in the press that AI is going to account for 6 million jobs in this country? If that happens, will we not be quite grateful for a low birth rate?

[Lord Livermore (Lab)]

We have to ensure that changing technology works to the benefit of all in society and contributes to our key objective of economic growth.

Fiscal Rules

Debate between Lord Hamilton of Epsom and Lord Livermore

Tuesday 29th October 2024 Lords Chamber

[Lord Livermore (Lab)]

I hear what the noble Baroness says. As I have said already, the Chancellor will set out the Government’s full fiscal plan, including the precise details of our fiscal rules, in tomorrow’s Budget.

[Lord Hamilton of Epsom (Con)]

My Lords, when the Minister was first talking about the so-called black hole, it was £21 billion. Does he accept that this is actually less than 2% of total government spending? It is almost inconceivable that anybody with their head screwed on properly in the Treasury could not find savings to that amount.

[Lord Livermore (Lab)]

I am very grateful to the noble Lord for allowing me to talk about the £22 billion black hole in the public finances that was covered up from the British people, from this House and from the OBR, which has confirmed it by establishing its independent review. It was always £22 billion, contrary to what the noble Lord says. If he would like to come up with £22 billion of savings, I would more than like to hear them.