Lords motion to take note of the UK's fiscal outlook. Agreed to on question.

Lords motion to take note of the UK's fiscal outlook. Agreed to on question.

My Lords, one word hovers like a spectre over this debate on the fiscal outlook: debt. Two years ago to this very day, your Lordships’ Economic Affairs Committee, which I then chaired, published a report on our national debt, It’s Time for Tough Decisions. It concluded that the UK’s national...

My Lords, one word hovers like a spectre over this debate on the fiscal outlook: debt. Two years ago to this very day, your Lordships’ Economic Affairs Committee, which I then chaired, published a report on our national debt, It’s Time for Tough Decisions. It concluded that the UK’s national...

My Lords, it is a privilege to follow the noble Lord, Lord Bridges of Headley, and I congratulate him on securing the debate. The challenges facing this country and many others globally because of the current fiscal outlook have been a consistent focus for him, both during his distinguished stint...

My Lords, it is a privilege to follow the noble Lord, Lord Bridges of Headley, and I congratulate him on securing the debate. The challenges facing this country and many others globally because of the current fiscal outlook have been a consistent focus for him, both during his distinguished stint...

My Lords, the noble Lord, Lord Bridges, has outlined the challenges facing fiscal policy very well. I was a member of the Economic Affairs Committee that he chaired so ably, and he has summarised the conclusions of the report of that committee two years ago. Since then, the OBR too...

My Lords, the noble Lord, Lord Bridges, has outlined the challenges facing fiscal policy very well. I was a member of the Economic Affairs Committee that he chaired so ably, and he has summarised the conclusions of the report of that committee two years ago. Since then, the OBR too...

My Lords, it is a great pleasure to speak after the noble Lord, Lord Burns, who brings so much experience and authority to his comments. They were extremely balanced and will be well received by all sides of the House.

My noble friend Lord Bridges set out his case with his...

My Lords, it is a great pleasure to speak after the noble Lord, Lord Burns, who brings so much experience and authority to his comments. They were extremely balanced and will be well received by all sides of the House.

My noble friend Lord Bridges set out his case with his...

My Lords, I also welcome this debate. I thank the noble Lord, Lord Bridges, for bringing it and welcome the noble Lord, Lord Pitt-Watson, to his place. As for the tone of the debate, it is inevitable that the conference season, immediately before the Budget, is a time when all...

My Lords, I also welcome this debate. I thank the noble Lord, Lord Bridges, for bringing it and welcome the noble Lord, Lord Pitt-Watson, to his place. As for the tone of the debate, it is inevitable that the conference season, immediately before the Budget, is a time when all...

My Lords, I congratulate my noble friend Lord Bridges on bringing forward this debate—he probably had to do a bit of pushing and shoving—and for his crystal-clear demonstration, which will be hard to challenge, that with our national debt interest we are on a path to unsustainability and no one...

My Lords, I congratulate my noble friend Lord Bridges on bringing forward this debate—he probably had to do a bit of pushing and shoving—and for his crystal-clear demonstration, which will be hard to challenge, that with our national debt interest we are on a path to unsustainability and no one...

My Lords, I, too, salute the noble Lord, Lord Bridges of Headley, for securing this critical, timely debate and for his compelling opening remarks. It was a pleasure to sit on the Economic Affairs Committee under his astute chairmanship, especially during our inquiry into the sustainability of our national debt....

My Lords, I, too, salute the noble Lord, Lord Bridges of Headley, for securing this critical, timely debate and for his compelling opening remarks. It was a pleasure to sit on the Economic Affairs Committee under his astute chairmanship, especially during our inquiry into the sustainability of our national debt....

My Lords, the Conservative Government were swept from power, first because they did not deliver on immigration control in the way that they promised but, secondly, because they presided over a very major surge in inflation in the early 2020s, which had been brought about by excessive spending, excessive borrowing,...

My Lords, the Conservative Government were swept from power, first because they did not deliver on immigration control in the way that they promised but, secondly, because they presided over a very major surge in inflation in the early 2020s, which had been brought about by excessive spending, excessive borrowing,...

My Lords, I congratulate my noble friend Lord Bridges of Headley on securing this debate. The fiscal outlook, as my noble friend set out in his excellent speech, is pretty awful. The upcoming Budget will be particularly difficult. The small headroom left by the previous Chancellor has probably already disappeared....

My Lords, I congratulate my noble friend Lord Bridges of Headley on securing this debate. The fiscal outlook, as my noble friend set out in his excellent speech, is pretty awful. The upcoming Budget will be particularly difficult. The small headroom left by the previous Chancellor has probably already disappeared....

It is a privilege to take part in this debate. I enjoyed the typically powerful speech from the noble Lord, Lord Bridges of Headley. What I think he got right was his comment that this debate is really about political choices and political beliefs. It will come as no surprise...

It is a privilege to take part in this debate. I enjoyed the typically powerful speech from the noble Lord, Lord Bridges of Headley. What I think he got right was his comment that this debate is really about political choices and political beliefs. It will come as no surprise...

My Lords, I too thank the noble Lord, Lord Bridges, for securing this debate and for his masterful opening. I will be more modest than him in my remarks and direct my comments to just one number: that pesky 1%. As we have heard, that number is roughly the rate...

My Lords, I too thank the noble Lord, Lord Bridges, for securing this debate and for his masterful opening. I will be more modest than him in my remarks and direct my comments to just one number: that pesky 1%. As we have heard, that number is roughly the rate...

My Lords, I congratulate my noble friend Lord Bridges on securing this important debate and on his excellent opening speech.

The Prime Minister wants to “bring back hope”, but he blames Thatcherism and Blairite economics—which he once supported—for Britain’s problems. What is his solution? More state control and more regulation. He...

My Lords, I congratulate my noble friend Lord Bridges on securing this important debate and on his excellent opening speech.

The Prime Minister wants to “bring back hope”, but he blames Thatcherism and Blairite economics—which he once supported—for Britain’s problems. What is his solution? More state control and more regulation. He...

My Lords, I am obviously not alone in enjoying the period I spent on the Economic Affairs Committee under the chairmanship of the noble Lord. I really enjoyed it—and most of his speech. It was one of the most interesting committees I have served on, but I have to say...

My Lords, I am obviously not alone in enjoying the period I spent on the Economic Affairs Committee under the chairmanship of the noble Lord. I really enjoyed it—and most of his speech. It was one of the most interesting committees I have served on, but I have to say...

My Lords, over the course of this three-hour debate, the national debt will have grown by £45 million. That might not seem like a lot of money compared with some of the figures we discuss in this Chamber, but that is 65p of additional debt for everyone in the nation....

My Lords, over the course of this three-hour debate, the national debt will have grown by £45 million. That might not seem like a lot of money compared with some of the figures we discuss in this Chamber, but that is 65p of additional debt for everyone in the nation....

My Lords, there are two pillars to the Government’s financial framework: monetary policy and fiscal policy. Monetary targets were introduced in the late 1970s, being replaced by inflation targets in 1992. Since 1998, the MPC has been given responsibility to adjust interest rates when the inflation rate target is not...

My Lords, there are two pillars to the Government’s financial framework: monetary policy and fiscal policy. Monetary targets were introduced in the late 1970s, being replaced by inflation targets in 1992. Since 1998, the MPC has been given responsibility to adjust interest rates when the inflation rate target is not...

My Lords, it is an honour to follow many interesting and thoughtful contributions to this timely debate. I thank the noble Lord, Lord Bridges of Headley.

I bring a distinct perspective as a former bond fund manager. For 15 years, I managed both UK gilt and global government bond funds totalling...

My Lords, it is an honour to follow many interesting and thoughtful contributions to this timely debate. I thank the noble Lord, Lord Bridges of Headley.

I bring a distinct perspective as a former bond fund manager. For 15 years, I managed both UK gilt and global government bond funds totalling...

My Lords, this has been an outstanding debate, and I join others in congratulating the noble Lord, Lord Bridges, on obtaining it and opening with a powerful speech. I did not agree with all of it, but it was definitely powerful.

I want to slightly change the tone of this debate....

My Lords, this has been an outstanding debate, and I join others in congratulating the noble Lord, Lord Bridges, on obtaining it and opening with a powerful speech. I did not agree with all of it, but it was definitely powerful.

I want to slightly change the tone of this debate....

My Lords, I am grateful for the opportunity to contribute to what I agree has been an outstanding debate, and I thank my noble friend Lord Bridges of Headley for setting out the scale of the challenge facing the country in his usual persuasive style. He rightly drew attention to...

My Lords, I am grateful for the opportunity to contribute to what I agree has been an outstanding debate, and I thank my noble friend Lord Bridges of Headley for setting out the scale of the challenge facing the country in his usual persuasive style. He rightly drew attention to...

My Lords, I thank the noble Lord, Lord Bridges, for securing this debate, and congratulate him on his opening speech. I also thank all noble Lords for their contributions today. It is a pleasure to respond to this debate. In doing so, I must say that I absolutely cannot do...

My Lords, I thank the noble Lord, Lord Bridges, for securing this debate, and congratulate him on his opening speech. I also thank all noble Lords for their contributions today. It is a pleasure to respond to this debate. In doing so, I must say that I absolutely cannot do...