Speech in Lords Chamber - Mon 01 Dec 2025 OBR Forecasts
"My Lords, with the leave of the House, I shall repeat a Statement on the OBR forecasting process made in the other place earlier today by my right honourable friend the Chief Secretary to the Treasury. The Statement is as follows:
"I am very grateful to both noble Baronesses for their contributions and questions.
The noble Baroness, Lady Neville-Rolfe, began by paying tribute to Richard Hughes, his actions today and his record of public service. I was very fortunate to work with him while I was a special adviser in the …..." Lord Livermore - View Speech
"I am grateful to the noble Lord for his kind words about me, and I am grateful that I have his full confidence. Do I agree with what he says about the Chancellor? It will not surprise him to hear that, no, I do not. The Chancellor has been completely …..." Lord Livermore - View Speech
"I am grateful to my noble friend for the points and questions he raises. I had the great privilege of working with him in the Treasury at a time when Richard Hughes was working for us, so we both know the commitment that Richard Hughes has to public service.
"I am grateful to the noble Earl for pointing out my message discipline at this Dispatch Box. I am proud to have mentioned that £22 billion black hole over 50 times. The two noble Lords sitting next to each other are the other two Members of this House who have …..." Lord Livermore - View Speech
"I have some sympathy for the premise behind the noble Baroness’s question. That is why it is important that in this Budget we rebuilt headroom. The Chancellor said at the start of this process, in her speech on 4 November, that she wanted to build greater resilience against global shocks …..." Lord Livermore - View Speech
"I am grateful to my noble friend for what he said. Obviously, I cannot comment on any specific market movements or lack thereof, but he is absolutely correct that no one at any point was misled. The Chancellor was honest and consistent with the public in everything that she said. …..." Lord Livermore - View Speech
"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 …..." Lord Livermore - View Speech
"The Chancellor was not going to set out the entire Budget in advance. She set out the Budget on Budget Day. As I have said before, what she did before the Budget and at the time of the Budget were entirely consistent. She set out her priorities and then delivered …..." Lord Livermore - View Speech
"I am grateful for that question. The noble and right reverend Lord quite rightly says that the Chancellor was very clear that the productivity review would mean lower tax receipts, and the OBR confirmed that they are £16 billion lower. The OBR’s productivity review lays bare the economic consequences of …..." Lord Livermore - View Speech