Lord Sikka
Main Page: Lord Sikka (Labour - Life peer)Department Debates - View all Lord Sikka's debates with the HM Treasury
(2 days ago)
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Lord Livermore (Lab)
As I have said before, the Government do not comment on specific financial market movements.
Lord Sikka (Lab)
My Lords, can the Minister confirm that the yield rise does not affect the cost of servicing the debt already in place, including £2.71 trillion of debt inherited from the previous Government?
Lord Livermore (Lab)
I am not sure I entirely follow my noble friend’s question. What I will say is that current global market volatility underlines the centrality of our fiscal rules. We have fiscal rules specifically to give markets confidence that we have a clear path to get borrowing down, and there should be no doubt about the Government’s commitment to economic stability and sound public finances, which is why meeting the fiscal rules is non-negotiable.