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Lord Livermore (Lab)

Speaking in the House of Lords on 25 November 2025

Debate

Forthcoming Fiscal Changes

Contribution

The noble Baroness talks about stability and chaos; let us talk about 14 years of chaos. First, there was austerity, which took demand out of the economy at exactly the wrong moment, cutting investment and undermining the economy’s ability to grow. Then we saw a disastrous and tragically misjudged Brexit deal, which imposed new trade barriers equivalent to a 13% increase in tariffs for manufacturing and a 20% increase in tariffs for services, reducing total trade intensity by 15% and permanently reducing GDP by 4 percentage points. Finally, the Liz Truss mini- Budget crashed the economy and sent mortgages soaring by £300 a month. We on this side will take no lessons from the party opposite on how to manage the economy.

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