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Lord Livermore (Lab)

Speaking in the House of Lords on 12 June 2025

Debate

Spending Review 2025

Contribution

I am grateful to the noble Lord for his question. On the specific question that he asked about whether the manifesto commitments that we have given to working people still stand, yes, they still stand. The manifesto very clearly says there will be no increase in working people’s income tax, national insurance or VAT. That commitment continues to stand. In terms of future decisions on tax and spending, as I have said already, I am not going to write now—it is not in my gift to write now—four years-worth of Budgets. As he knows, the OBR will produce a new forecast in the autumn for the Budget, and the Chancellor will take decisions at that point, based on that forecast. He can be assured, though, that, at all times, we will meet the fiscal rules, but I am not going to prejudge those decisions now. I am not sure whether he was defending at that point the Liz Truss mini-Budget or not. He shakes his head vociferously. I do not blame him: I would not want to defend it either.

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