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Lord Livermore (Lab)

Speaking in the House of Lords on 1 December 2025

Debate

OBR Forecasts

Contribution

I definitely agree with the middle part of the noble Lord’s question on the importance of fiscal responsibility to securing the objectives that we want to see. The best way to provide more money for public services is to reduce the amount we are paying on debt interest; fiscal responsibility is vital to that. As I have said, we are cutting borrowing in every year of this forecast. We are cutting borrowing faster than any other G7 country and we have doubled the amount of headroom. That all helps to support the amount that we pay on debt interest coming down. That gives us more money to spend on the priorities that we all want to see: improving living standards, cutting NHS waiting lists and having more money to fund the public services. Fiscal responsibility is completely consistent with the objectives of this party in funding public services and improving living standards.

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