UK Economy: Capital Gains Tax

Lord Harris of Haringey Excerpts

Wednesday 9th October 2024 Lords Chamber

[Lord Livermore (Lab)]

The £22 billion black hole that was concealed by the previous Government. That will involve difficult decisions on spending, welfare and tax.

[Lord Harris of Haringey (Lab)]

My Lords, there seems to be hilarity on the Benches opposite every time my noble friend refers to the £22 billion black hole. Could he perhaps remind the House of the grotesque irresponsibility of the way in which the previous Government made spending announcements without making sure that the funding was there? What will the Government do about it?

[Lord Livermore (Lab)]

I am grateful to my noble friend for reminding the House of that fact. Members of the party opposite appear to have forgotten who was in power for the past 14 years. They appear to have forgotten who created the mess that this Government now need to clear up. They appear to have forgotten who created the £22 billion black hole in the public finances in the first place. They appear to have forgotten about the £6 billion overspend on the asylum system, the £3 billion of uncosted commitments on road and rail projects, and the fact that they overspent the reserve three times over just three months into the financial year.