To ask the Secretary of State for Business, Innovation, Science and Trade, what recent discussions he has had with the Science and Technologies Facilities Council about the impact of [i] increasing energy costs and [ii] changing foreign exchange rates due to the STFC's subscriptions to international projects.

To ask the Secretary of State for Business, Innovation, Science and Trade, what recent discussions he has had with the Science and Technologies Facilities Council about the impact of [i] increasing energy costs and [ii] changing foreign exchange rates due to the STFC's subscriptions to international projects.

Sterling often changes in value relative to other currencies. Find the latest data on exchange rates overall and against the dollar and euro.

Sterling often changes in value relative to other currencies. Find the latest data on exchange rates overall and against the dollar and euro.

Analysis of the latest UK and international economic indicators

Analysis of the latest UK and international economic indicators

To ask His Majesty's Government which projects from the International Climate Finance fund will now receive a loan rather than a grant; and if the loans are not in the recipient country’s own currency, whether they will absorb the currency exchange rate risk for those loans.

To ask His Majesty's Government which projects from the International Climate Finance fund will now receive a loan rather than a grant; and if the loans are not in the recipient country’s own currency, whether they will absorb the currency exchange rate risk for those loans.

Inbound and outbound visits to and from the UK were at their highest recorded level in 2024. 2024 was also the first year since the covid-19 pandemic that visitor numbers exceeded 2019 levels.

Inbound and outbound visits to and from the UK were at their highest recorded level in 2024. 2024 was also the first year since the covid-19 pandemic that visitor numbers exceeded 2019 levels.

To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential impact of trends in the value of the pound since the UK left the EU on the UK economy.

To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential impact of trends in the value of the pound since the UK left the EU on the UK economy.

To ask the Secretary of State for Northern Ireland, what discussions he has had with relevant stakeholders on reports of businesses in Northern Ireland processing card transactions in euros, in the context of currency conversion charges for customers.

To ask the Secretary of State for Northern Ireland, what discussions he has had with relevant stakeholders on reports of businesses in Northern Ireland processing card transactions in euros, in the context of currency conversion charges for customers.

To ask the Chancellor of the Exchequer, whether she plans to require currency exchange services for consumers to display the (a) live exchange rates and (b) commission charged to consumers.

To ask the Chancellor of the Exchequer, whether she plans to require currency exchange services for consumers to display the (a) live exchange rates and (b) commission charged to consumers.

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, if he will make an estimate of the projected financial commitments within the revised agreement with Mauritius on the Chagos Islands including adjustments for (a) inflation and (b) exchange rate fluctuations.

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, if he will make an estimate of the projected financial commitments within the revised agreement with Mauritius on the Chagos Islands including adjustments for (a) inflation and (b) exchange rate fluctuations.

To ask His Majesty's Government what assessment they have made of the continued fall in the value of the pound; and whether they have any plans to prevent further decline.

To ask His Majesty's Government what assessment they have made of the continued fall in the value of the pound; and whether they have any plans to prevent further decline.

To ask His Majesty’s Government what assessment they have made of the impact of the rise in the yields on 30-year gilts to 5.37 per cent, the highest level since 1998, and the effect of this on sterling.

To ask His Majesty’s Government what assessment they have made of the impact of the rise in the yields on 30-year gilts to 5.37 per cent, the highest level since 1998, and the effect of this on sterling.

My Lords, the Government do not comment on specific financial market movements. Gilt yields are determined by a wide range of international and domestic factors and it is normal for the price and yields of gilts to vary when there are wider movements in global financial markets. The Government are committed to economic stability and sound public finances. Meeting the fiscal rules is non-negotiable and growth is our number one mission.

My Lords, the Government do not comment on specific financial market movements. Gilt yields are determined by a wide range of international and domestic factors and it is normal for the price and yields of gilts to vary when there are wider movements in global financial markets. The Government are committed to economic stability and sound public finances. Meeting the fiscal rules is non-negotiable and growth is our number one mission.

My Lords, the annual cost of servicing the national debt is now over £100 billion and is estimated to have grown by £12 billion since the Budget. Gilt yields have leaped up, with the critical 10-year rate now at 4.88%—the highest since 2008. The Government need to grasp the seriousness of the situation and the concern that the OBR report is more than two months away. Their own fiscal rules are in jeopardy. Which of their commitments do they propose to break—not cutting expenditure or not raising taxes? Can the Minister rule out an emergency Budget?

My Lords, the annual cost of servicing the national debt is now over £100 billion and is estimated to have grown by £12 billion since the Budget. Gilt yields have leaped up, with the critical 10-year rate now at 4.88%—the highest since 2008. The Government need to grasp the seriousness of the situation and the concern that the OBR report is more than two months away. Their own fiscal rules are in jeopardy. Which of their commitments do they propose to break—not cutting expenditure or not raising taxes? Can the Minister rule out an emergency Budget?

As the noble Baroness knows, financial markets are always evolving so it is a long-standing convention that the Government do not comment on specific financial market movements. She will also know that the Chancellor has commissioned the Office for Budget Responsibility to carry out an updated economic and fiscal forecast for 26 March,

which will incorporate the latest data. Only the OBR’s forecast can accurately predict the effect on the public finances of any changes in financial markets or the economy, and I will not pre-empt it. However, there should be absolutely no doubt of our commitment to economic stability and sound public finances. That is why meeting the fiscal rules is non-negotiable.

As the noble Baroness knows, financial markets are always evolving so it is a long-standing convention that the Government do not comment on specific financial market movements. She will also know that the Chancellor has commissioned the Office for Budget Responsibility to carry out an updated economic and fiscal forecast for 26 March,

which will incorporate the latest data. Only the OBR’s forecast can accurately predict the effect on the public finances of any changes in financial markets or the economy, and I will not pre-empt it. However, there should be absolutely no doubt of our commitment to economic stability and sound public finances. That is why meeting the fiscal rules is non-negotiable.

My Lords, the issue is one of confidence in the British economy. Today, Shevaun Haviland, director-general of the British Chambers of Commerce, called again for quick action to speed up the business rates review, green-light infrastructure projects and build trade, especially with the EU. Do the Government recognise that that kind of leadership and tangible near-term action, rather than long-grass proposals, will give confidence back to the UK economy? Will they take up that challenge for near-term action?

My Lords, the issue is one of confidence in the British economy. Today, Shevaun Haviland, director-general of the British Chambers of Commerce, called again for quick action to speed up the business rates review, green-light infrastructure projects and build trade, especially with the EU. Do the Government recognise that that kind of leadership and tangible near-term action, rather than long-grass proposals, will give confidence back to the UK economy? Will they take up that challenge for near-term action?

We absolutely will. I completely agree with the noble Baroness. I met Shevaun Haviland last Thursday and we had a very constructive conversation about the measures that the British Chambers of Commerce wants to see to grow the UK economy, which are exactly the same measures that we want to see. The noble Baroness is absolutely right that growth was one of the biggest failures of the previous Government. We are determined to turn that around, which is why we are going further and faster. We are reforming planning, pensions and skills, all of which will significantly boost growth in the UK economy.

We absolutely will. I completely agree with the noble Baroness. I met Shevaun Haviland last Thursday and we had a very constructive conversation about the measures that the British Chambers of Commerce wants to see to grow the UK economy, which are exactly the same measures that we want to see. The noble Baroness is absolutely right that growth was one of the biggest failures of the previous Government. We are determined to turn that around, which is why we are going further and faster. We are reforming planning, pensions and skills, all of which will significantly boost growth in the UK economy.

My Lords, the House will be aware that this country has an outstanding Chancellor of the Exchequer at the moment. However, will the Minister enlighten me as to what influence she really has on the US treasury bill market, which has shown the same spike as in the UK, or on the market for the euro, which has fallen against the dollar to the same extent as has the pound? Is it not the case that questions from the Opposition Front Bench might have more economic relevance if they reflected some understanding of how global markets actually work?

My Lords, the House will be aware that this country has an outstanding Chancellor of the Exchequer at the moment. However, will the Minister enlighten me as to what influence she really has on the US treasury bill market, which has shown the same spike as in the UK, or on the market for the euro, which has fallen against the dollar to the same extent as has the pound? Is it not the case that questions from the Opposition Front Bench might have more economic relevance if they reflected some understanding of how global markets actually work?

My noble friend is absolutely right and I echo his comments about the Chancellor of the Exchequer. There are limits to what she can do, but she is absolutely able to focus on the priorities of this Government. As noble Lords will know, this Government inherited a £22 billion black hole in the public finances left by the previous Government. She has taken very difficult decisions to deal with it, every single one of which has been opposed by the party opposite. However, they were the right decisions because we had to repair the public finances and ensure fiscal responsibility. She has set extremely tough fiscal rules—tougher than those of previous Governments—again, opposed by the party opposite. Meeting those fiscal rules is non-negotiable because we will not compromise on economic stability.

My noble friend is absolutely right and I echo his comments about the Chancellor of the Exchequer. There are limits to what she can do, but she is absolutely able to focus on the priorities of this Government. As noble Lords will know, this Government inherited a £22 billion black hole in the public finances left by the previous Government. She has taken very difficult decisions to deal with it, every single one of which has been opposed by the party opposite. However, they were the right decisions because we had to repair the public finances and ensure fiscal responsibility. She has set extremely tough fiscal rules—tougher than those of previous Governments—again, opposed by the party opposite. Meeting those fiscal rules is non-negotiable because we will not compromise on economic stability.

My Lords, does the Minister recognise that the current rise in gilt prices, viewed alongside the market reaction to Liz Truss’s mini-Budget,

shows that current market confidence in the UK can be fairly described as fragile? Does he also agree that any Government, of whatever political stripe, is likely to sow the wind and reap the whirlwind if they implement policies that ignore business confidence and stability?

My Lords, does the Minister recognise that the current rise in gilt prices, viewed alongside the market reaction to Liz Truss’s mini-Budget,

shows that current market confidence in the UK can be fairly described as fragile? Does he also agree that any Government, of whatever political stripe, is likely to sow the wind and reap the whirlwind if they implement policies that ignore business confidence and stability?

The noble Lord will be aware that financial markets are always evolving. It is a long-standing convention that the Government do not comment on specific financial market movements. He mentioned the Liz Truss mini-Budget, which crashed the economy. Current conditions are very different from then, when long-dated bonds were most significantly impacted due to market dysfunction. That market dysfunction was caused by unfunded tax cuts, unrealistic spending plans and undermining the institutions that are crucial to economic stability: the Treasury, the OBR and the Bank of England. It pushed up mortgage costs by £300 a month, for which working people are still paying the price. Yet there is still no apology from the party opposite, which, instead, tries to defend it.

The noble Lord will be aware that financial markets are always evolving. It is a long-standing convention that the Government do not comment on specific financial market movements. He mentioned the Liz Truss mini-Budget, which crashed the economy. Current conditions are very different from then, when long-dated bonds were most significantly impacted due to market dysfunction. That market dysfunction was caused by unfunded tax cuts, unrealistic spending plans and undermining the institutions that are crucial to economic stability: the Treasury, the OBR and the Bank of England. It pushed up mortgage costs by £300 a month, for which working people are still paying the price. Yet there is still no apology from the party opposite, which, instead, tries to defend it.