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Lord Forsyth of Drumlean (Con)

Speaking in the House of Lords on 12 June 2025

Debate

Spending Review 2025

Contribution

My Lords, I very much welcome the fact that the Chancellor reiterated yesterday, in the other place, a commitment to no unfunded increases in expenditure. Could the Minister reassure me about the other promise which she made in the autumn Budget—I am going to read it so I am not misrepresenting it—that there would be no further tax increases during the current Parliament? She said, “I will not increase your income tax; I will not increase your national insurance; I will not increase your VAT”. Does that promise still stand? How can it possibly stand with the Government’s debt interest bill now being £105 billion and rising and the costs of borrowing, because of the level of debt, actually being higher than they were at the time of the crisis under Liz Truss?
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