L

Lord Livermore (Lab)

Speaking in the House of Lords on 5 March 2026

Debate

Small Businesses: VAT Threshold

Contribution

Well, that was a most enjoyable question from the noble Earl. I am grateful for the opportunity to talk about the last Government’s 14 years in power. We had austerity, followed by Brexit, followed by Liz Truss. The growth record of the previous Government was an absolute catastrophe. He will know from the forecast presented to Parliament this week that growth has been increased for next year and the year after. That is only possible because of the stability that we have brought about. Borrowing will be £18 billion lower over this Parliament. It will fall every year of the forecast and will be below the G7 average for the first time—something that the previous Government did not achieve in 14 years. It is only because of those decisions that we are seeing the stability and growth of this economy, decisions that the party opposed at every turn.

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