Government Performance against Fiscal Rules

Viscount Hailsham Excerpts

Tuesday 8th July 2025 Lords Chamber

[Lord Livermore (Lab)]

I normally try to agree with the noble Baroness, but that is one of the most extraordinary questions I have heard in these debates. She says that we should protect the NHS and then says that we should not have the main measure that is funding the NHS. If she wants the investment in the NHS, she has to stand up for the taxes that fund the NHS.

[Viscount Hailsham (Con)]

My Lords, on the fiscal rules, may I suggest the following? First, the welfare budget is far too high and must be substantially reduced. Secondly, economic growth is the only way out of our present mess. Thirdly, heaping taxes on primary wealth producers is highly counterproductive. Fourthly, if additional taxes must be imposed, they are best imposed generally, so that most people can understand the consequences of the policies they support.

[Lord Livermore (Lab)]

I may have agreed with the first half of the noble Viscount’s question; I am not sure I agreed with the second half of it. But, absolutely, the best way to repair the public finances is through economic growth. That is why it is our number one mission.