Public Spending: Inheritance - Statement

Part of the debate – in the House of Lords am 12:54 pm ar 30 Gorffennaf 2024.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Lord Livermore Lord Livermore The Financial Secretary to the Treasury 12:54, 30 Gorffennaf 2024

I am grateful to the noble Earl for his question. He is absolutely right that the origins of many of the shocks that the British economy experienced were global; however, the UK suffered worse and for longer than many comparative countries. Inflation stayed higher for longer in this country than I think in any other comparative country. The reason for that is the decisions taken by the previous Government, and there were three in particular: austerity, which choked off investment; a badly handled Brexit deal; and the Liz Truss Budget, which crashed the economy and sent mortgage rates spiralling.