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Lord Livermore (Lab)

Speaking in the House of Lords on 24 March 2026

Debate

Reducing Government Spending

Contribution

We do. As I said already, and as we know, the full economic impact of the conflict will depend on its severity and duration, but this year borrowing falls by almost one percentage point to its lowest level for six years, 4.3%. This is the largest fall in the deficit since 2016. For the first time since 2004, we will be borrowing less than the rest of the G7 on average, something the previous Government did not achieve in their 14 years in power. I should point out that these falls in borrowing are as a result of some tough decisions that we have taken on the public finances. The noble Baroness and the party opposite have opposed every single one of those decisions we have taken to get the public finances under control.

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