Lords motion to take note of the Spring Forecast Statement. Agreed to on question.

Lords motion to take note of the Spring Forecast Statement. Agreed to on question.

My Lords, it is a privilege to open this debate on the spring forecast and the Second Reading of the finance Bill. I very much look forward to the valedictory speech from the noble Lord, Lord St John of Bletso.

On taking office, this Government inherited three major crises: a crisis...

My Lords, it is a privilege to open this debate on the spring forecast and the Second Reading of the finance Bill. I very much look forward to the valedictory speech from the noble Lord, Lord St John of Bletso.

On taking office, this Government inherited three major crises: a crisis...

My Lords, my first point is that the world economic situation now is very different from that existing at the time of the Spring Statement, let alone that in place when the finance Bill was introduced—different and significantly worse. The Middle East war has overturned economic expectations, especially optimistic ones.

A...

My Lords, my first point is that the world economic situation now is very different from that existing at the time of the Spring Statement, let alone that in place when the finance Bill was introduced—different and significantly worse. The Middle East war has overturned economic expectations, especially optimistic ones.

A...

What an excellent speech by the noble Lord, Lord St John of Bletso, the 22nd Baron St John of Bletso—a title that has existed for 460 years. I declare my interest: in the nearly 20 years that I have been privileged to be a Member here, my noble friend Lord...

What an excellent speech by the noble Lord, Lord St John of Bletso, the 22nd Baron St John of Bletso—a title that has existed for 460 years. I declare my interest: in the nearly 20 years that I have been privileged to be a Member here, my noble friend Lord...

Hear, hear!

Hear, hear!

The Statement on 3 March focused primarily on presenting the latest OBR forecasts, rather than announcing new policy measures. It forecast growth of about 1.1%, which is very low. It forecast inflation to fall from 3.4% to 2.3% this year. It forecast unemployment to rise to 5.3%, and net migration—which...

The Statement on 3 March focused primarily on presenting the latest OBR forecasts, rather than announcing new policy measures. It forecast growth of about 1.1%, which is very low. It forecast inflation to fall from 3.4% to 2.3% this year. It forecast unemployment to rise to 5.3%, and net migration—which...

My Lords, I echo the tribute from the noble Lord, Lord Bilimoria, to the noble Lord, Lord St John of Bletso, and pay tribute to his wonderful public service to this House over many years.

This year, I had the great privilege of chairing a Select Committee for the first time,...

My Lords, I echo the tribute from the noble Lord, Lord Bilimoria, to the noble Lord, Lord St John of Bletso, and pay tribute to his wonderful public service to this House over many years.

This year, I had the great privilege of chairing a Select Committee for the first time,...

My Lords, I join with others in saying how sad it is to say goodbye to the noble Lord, Lord St John of Bletso. He will be much missed, particularly for his contributions on Africa and the global south, and for his contributions to debate, as his powerful speech showed...

My Lords, I join with others in saying how sad it is to say goodbye to the noble Lord, Lord St John of Bletso. He will be much missed, particularly for his contributions on Africa and the global south, and for his contributions to debate, as his powerful speech showed...

My Lords, following a distinguished former Chancellor of the Exchequer and a brilliant speech from the noble Lord, St John of Bletso, I rise with some anxiety to make a speech on the economy. Nevertheless, I want to try to bring a note of optimism into our deliberations, because optimism...

My Lords, following a distinguished former Chancellor of the Exchequer and a brilliant speech from the noble Lord, St John of Bletso, I rise with some anxiety to make a speech on the economy. Nevertheless, I want to try to bring a note of optimism into our deliberations, because optimism...

My Lords, I shall certainly miss the noble Lord, Lord St John of Bletso, around the place. With his economic and business acuity, he will be sorely missed—a real person in every sense.

Today I shall address only the so-called spring forecast Statement. With respect, I cannot ever recall such an...

My Lords, I shall certainly miss the noble Lord, Lord St John of Bletso, around the place. With his economic and business acuity, he will be sorely missed—a real person in every sense.

Today I shall address only the so-called spring forecast Statement. With respect, I cannot ever recall such an...

My Lords, as many noble Lords have pointed out, we have been living in uncertain times, made considerably more uncertain in the last three weeks by the Iran war. Against that, the Spring Statement is creditable. Growth is returning, and that is the Government’s central mission. Inflation and borrowing are...

My Lords, as many noble Lords have pointed out, we have been living in uncertain times, made considerably more uncertain in the last three weeks by the Iran war. Against that, the Spring Statement is creditable. Growth is returning, and that is the Government’s central mission. Inflation and borrowing are...

My Lords, I enjoyed the speech from the noble Lord, Lord St John, and I regret that I arrived in this place too late to hear more of his Lordship’s wisdom. I wish him every success with his new ventures.

The OBR is set up to fail. The Treasury asks it...

My Lords, I enjoyed the speech from the noble Lord, Lord St John, and I regret that I arrived in this place too late to hear more of his Lordship’s wisdom. I wish him every success with his new ventures.

The OBR is set up to fail. The Treasury asks it...

My Lords, the Economist magazine got it right about the Chancellor’s speech on the spring forecast. It said that the Chancellor

“did not announce a single major policy decision that will help Britain break out of its malaise”.

The malaise is the OBR’s bleak forecasts for economic growth over the coming years—...

My Lords, the Economist magazine got it right about the Chancellor’s speech on the spring forecast. It said that the Chancellor

“did not announce a single major policy decision that will help Britain break out of its malaise”.

The malaise is the OBR’s bleak forecasts for economic growth over the coming years—...

My Lords, I am very grateful to my noble friend the Minister for his characteristically clear and cogent introduction to today’s debate on the Spring Statement and the finance Bill, timed also to allow us to take into account the Chancellor’s Mais Lecture, delivered early this afternoon. I very much...

My Lords, I am very grateful to my noble friend the Minister for his characteristically clear and cogent introduction to today’s debate on the Spring Statement and the finance Bill, timed also to allow us to take into account the Chancellor’s Mais Lecture, delivered early this afternoon. I very much...

My Lords, I too congratulate the noble Lord, Lord St John of Bletso, on his long, stylish and meaningful service to this House. I wish him well in the future, be he in Africa or anywhere else in the world.

I stand before your Lordships as a member of the Finance...

My Lords, I too congratulate the noble Lord, Lord St John of Bletso, on his long, stylish and meaningful service to this House. I wish him well in the future, be he in Africa or anywhere else in the world.

I stand before your Lordships as a member of the Finance...

My Lords, it is an honour to follow the noble Baroness, Lady Fairhead. I also speak as a member of the Finance Bill Sub-Committee of the Economic Affairs Committee—a lot of words on a business card. It was a delight to serve on it again, and I congratulate our chairman,...

My Lords, it is an honour to follow the noble Baroness, Lady Fairhead. I also speak as a member of the Finance Bill Sub-Committee of the Economic Affairs Committee—a lot of words on a business card. It was a delight to serve on it again, and I congratulate our chairman,...

My Lords, I begin by sharing my tribute to the noble Lord, Lord St John of Bletso. I am a newcomer, so I have not had the benefit of his expertise on southern Africa. I am sorry about that

because it is a region I am very optimistic about. I...

My Lords, I begin by sharing my tribute to the noble Lord, Lord St John of Bletso. I am a newcomer, so I have not had the benefit of his expertise on southern Africa. I am sorry about that

because it is a region I am very optimistic about. I...

My Lords, the Spring Statement has been overshadowed by the escalating conflict in the Middle East. There is

“significant chance that the new forecast is already out of date before the ink has dried”,

warned Andrew Wishart of Berenberg Bank. However, even before this, the UK economic forecasts were looking grim. Growth...

My Lords, the Spring Statement has been overshadowed by the escalating conflict in the Middle East. There is

“significant chance that the new forecast is already out of date before the ink has dried”,

warned Andrew Wishart of Berenberg Bank. However, even before this, the UK economic forecasts were looking grim. Growth...

My Lords, I shall focus on the choice we face as a country between investing in economic inactivity versus investing in work, a theme my noble friend Lord Northbrook spoke about. The Work and Pensions Secretary announced yesterday a £1 billion investment to incentivise employers to hire young people from...

My Lords, I shall focus on the choice we face as a country between investing in economic inactivity versus investing in work, a theme my noble friend Lord Northbrook spoke about. The Work and Pensions Secretary announced yesterday a £1 billion investment to incentivise employers to hire young people from...

I start by paying tribute to the noble Lord, Lord St John of Bletso. I do not know whether he will mind me mentioning that we recently discovered that we share one thing in common—there may be others—which is that we are both stammerers. He is wonderful testimony to the...

I start by paying tribute to the noble Lord, Lord St John of Bletso. I do not know whether he will mind me mentioning that we recently discovered that we share one thing in common—there may be others—which is that we are both stammerers. He is wonderful testimony to the...