Reducing Government Spending

Lord Kennedy of Southwark Excerpts

Tuesday 24th March 2026 Lords Chamber

[Captain of the Honourable Corps of Gentlemen-at-Arms and Chief Whip (Lord Kennedy of Southwark) (Lab Co-op)]

We will hear from my noble friend Lord Eatwell.

[Lord Eatwell (Lab)]

My Lords, does my noble friend agree that the Question asked by the noble Lord, Lord Leigh, and the reaction of the Opposition Front Bench illustrate three things—first, the folly of criticising a medium-term policy of stability on the basis of one month’s figures; secondly, a failure to understand that the gilt rate is determined in international markets and that, for example, the rate on US treasuries has risen rather more in percentage terms than the rate on UK gilts; and, thirdly, the persistent addiction of the Conservative Party to the economics of austerity?