Government Performance against Fiscal Rules

Lord Hannan of Kingsclere Excerpts

Tuesday 8th July 2025 Lords Chamber

[Lord Livermore (Lab)]

Yes.

[Lord Hannan of Kingsclere (Con)]

My Lords, in his first answer, the Minister used the phrase, “lost control of the economy”, which is familiar from the election. It is a very telling phrase. Which bits of the economy would he like to control that are not currently controlled? Is not the reality that the problem is losing control not of the economy but of the deficit? I have to ask: in what areas will the Government slow the increase in welfare spending? If they are not going to do PIP or child benefit, where is he going to find the savings?

[Lord Livermore (Lab)]

My Lords, I will tell the noble Lord what matters in terms of controlling the public finances: economic growth, which his Government singularly failed on. Whether it was the Liz Truss mini-Budget, the Brexit deal that he supported and championed, or austerity at exactly the wrong moment for the economy, the previous Government’s record on economic growth was woeful.