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Lord Livermore (Lab)

Speaking in the House of Lords on 14 January 2025

Debate

Sterling: Rise in Yields on 30-year Gilts

Contribution

If I may, I will correct the noble Baroness: UK gilt markets continue to function in an orderly way. Underlying demand for the UK’s debt remains strong, with a generally well-diversified investor base. The Debt Management Office’s gilt sales operations continue to see strong demand, with the latest auction, held earlier today, receiving three times as many bids as the amount on offer. The noble Baroness mentioned what we inherited, so she will be very aware that we inherited a £22 billion black hole in the public finances. We have taken very difficult decisions to deal with that, every single one of which has been opposed by her party.

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