B

Baroness Kramer (LD)

Speaking in the House of Lords on 10 July 2025

Debate

Tax Increases

Contribution

My Lords, in all our discussions of tax and spend, we very rarely address the third pillar—the state of the gilts market. Was the Minister as taken aback as I was to read in the OBR report that, at the end of June, the UK tenure bond yield had the third-highest borrowing cost of any advanced economy except for New Zealand and Iceland? With the withdrawal of pension funds from demanding treasuries as we come to the end of defined benefit plans, there seems to be no plan in place to expand the investor base. The United States is using stablecoin to increase the appetite to take up US treasuries. This is essential, so are the UK Government pursuing any such strategies?

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