Stephen Doughty

Stephen Doughty

Labour (Co-op) — Cardiff South and Penarth

Speaking in the House of Commons on 20 January 2026

Debate

Diego Garcia Military Base and British Indian Ocean Territory Bill

Contribution

Absolutely, I can confirm that the deal secures the base for us and our allies. It secures the crucial capabilities that benefit ourselves, the United States and, indeed, all our allies. I am happy to further canter through the calculations. The net present value was established by discounting the real value of the sums due to be paid over the duration of the treaty using the social time preference rate, as set out in the Green Book. That adjusts for social time preference, which is a reflection of the value society attaches to present, as opposed to future, consumption. That has been used in the UK by Governments of all flavours since 2003. Members will be aware that my right hon. Friend the Chief Secretary to the Treasury announced a review of the social time preference rate shortly before Christmas. That follows a review of the Green Book last year. I do not know how that review will conclude, but I know that the Government used the correct methodology when the figures were published, and were clear and transparent in doing so, and we will continue to do so whichever way the review comes out.

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