L

Lord Livermore (Lab)

Speaking in the House of Lords on 25 November 2025

Debate

Forthcoming Fiscal Changes

Contribution

As the noble Earl knows, alongside the Budget tomorrow, the Office for Budget Responsibility will set out the conclusions of its review of the supply side of the UK economy. I will not pre-empt those conclusions, but it is likely that the OBR will downgrade its historic assessment of the UK’s productivity and find that the productivity performance we inherited from the last Government is weaker than previously thought. The causes of this economic under- performance are well understood: austerity, Brexit and the Liz Truss mini-Budget have left deep scars on the British economy that are still felt today.

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