"My Lords, I shall now repeat as a Statement the Answer to an Urgent Question made by the Chancellor in the other place.
“Mr Speaker, I have always sought to level with the British people about the economic challenges we now face, but to mix that realism with reassurance that …..." Lord O'Neill of Gatley - View Speech
"My Lords, in the interests of time, I shall try to be brief. In the framework that has existed over the past six years there has been a well-identified escape clause in the event that GDP is foreseen to go below 1% for four consecutive quarters. That is the circumstance …..." Lord O'Neill of Gatley - View Speech
"My Lords, in repeating the Chancellor’s Statement I clearly said that tomorrow the Financial Policy Committee will report on its recommendations and the Treasury remains in a position to act on whatever advice is given with respect to support for whatever area of business—small, large or otherwise—that may or may …..." Lord O'Neill of Gatley - View Speech
"My Lords, in response to my noble friend’s question, let me repeat that the fiscal charter, including all its rules, allowed specifically that if an external shock—in this case one that we essentially brought upon ourselves—would result in a four-quarter basis GDP forecast of less than 1% the framework could …..." Lord O'Neill of Gatley - View Speech
"My Lords, I notice to my right some noble Lords with strong views on and experience of these kinds of events. Let me just reflect on my own judgments, including some from my past life. Let me also quickly state that in the last week our long-term borrowing costs have …..." Lord O'Neill of Gatley - View Speech
"My Lords, forecasts are forecasts and I have spent a considerable part of my life having that dubious challenge. We are dealing with an outcome as opposed to a forecast. From what I remember of the specifics, I do not remember a statement that interest rates “will” rise, I thought …..." Lord O'Neill of Gatley - View Speech
"My Lords, I could give a very brief answer and say, “No, I can’t tell you what is going to happen in the autumn”. It is pretty hard these days to tell people what is going to happen next week...." Lord O'Neill of Gatley - View Speech
"Or tomorrow even. The process by which the Government’s fiscal position is influenced by the forecasts of the independent OBR is one of the few things that do not appear to have changed in the past week or so. That will set out the circumstances in which fiscal policy choices …..." Lord O'Neill of Gatley - View Speech
"My Lords, I was very pleased to hear the Chancellor refer to that. We will indeed endeavour to put even more effort into rebalancing the economy of this country, including in the north, in the Midlands and possibly in other parts of the country as well...." Lord O'Neill of Gatley - View Speech
"My Lords, it is a privilege to open this debate following Her Majesty’s gracious Speech last week. I thank in advance my noble friend Lord Ahmad of Wimbledon, who will be wrapping up the debate later today.