L

Lord Livermore (Lab)

Speaking in the House of Lords on 2 September 2025

Debate

Gilt Yields

Contribution

I am grateful to the noble Lord for his question. I am happy to reconfirm that; our commitment to the fiscal rules is non-negotiable. The Government have a clear plan in place to put the public finances on a sustainable path and prioritise investment to support long-term growth. At the Spring Statement, the OBR forecast that borrowing would fall in every single year of the forecast, from 4.8% of GDP to 2.1% of GDP in 2029-30. The noble Lord also said it is important that our economic policy does not stand out from our peers. One area in which we did stand out when this Government came to office was in historically low levels of investment in our economy, which constrained growth. We had the lowest levels of investment in the G7, which is something that our fiscal rules seek to rectify.

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