Lord Rosenfield (Non-Afl)

My Lords, as has been highlighted, the core fiscal judgment of the Chancellor is that the policy measures announced yesterday will maintain the fiscal headroom of £9.9 billion. If that is a balanced judgment, the risk of that headroom growing or shrinking in the near future should be broadly equal. However, in the light of the significant downside risks—tariffs, weak growth, policy risk—does the Minister agree that the risks are weighted to the downside? Although spending cuts and tax rises might not be inevitable, the implication is that it is more likely than not that further tax increases or spending cuts will be required to maintain that headroom.