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Chamber and committees

Official Report: search what was said in Parliament

The Official Report is a written record of public meetings of the Parliament and committees.  

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Dates of parliamentary sessions
  1. Session 1: 12 May 1999 to 31 March 2003
  2. Session 2: 7 May 2003 to 2 April 2007
  3. Session 3: 9 May 2007 to 22 March 2011
  4. Session 4: 11 May 2011 to 23 March 2016
  5. Session 5: 12 May 2016 to 4 May 2021
  6. Current session: 13 May 2021 to 11 September 2025
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Displaying 1812 contributions

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Finance and Public Administration Committee

Budget Scrutiny 2023-24 (United Kingdom Context)

Meeting date: 13 December 2022

Douglas Lumsden

Right, okay—that explains a lot. Thank you.

Finance and Public Administration Committee

Budget Scrutiny 2023-24 (United Kingdom Context)

Meeting date: 13 December 2022

Douglas Lumsden

I have a question about negative inflation, which we are due to have by the middle of the decade. Should that be universally welcomed, or does it provide any risks to the Scottish economy?

Finance and Public Administration Committee

Budget Scrutiny 2023-24 (United Kingdom Context)

Meeting date: 13 December 2022

Douglas Lumsden

So most of that £40 billion is due to inflation, which is really a global factor anyway. Is that correct?

Finance and Public Administration Committee

Budget Scrutiny 2023-24 (United Kingdom Context)

Meeting date: 13 December 2022

Douglas Lumsden

Would you expect interest rates to come back down as quickly as that?

Finance and Public Administration Committee

Budget Scrutiny 2023-24 (United Kingdom Context)

Meeting date: 13 December 2022

Douglas Lumsden

We would also expect wage inflation to come down to almost zero, which might well have an impact on the forecast for income tax take.

Finance and Public Administration Committee

Budget Scrutiny 2023-24 (United Kingdom Context)

Meeting date: 13 December 2022

Douglas Lumsden

Thank you.

Richard Hughes, you said that fiscal policy changes over the past six months will have added £40 billion of borrowing by 2027-28. Will you give us a breakdown of what has caused that? Is it due to the Bank of England having to step in on the bond market? Is it because of policy decisions such as the energy price guarantee? What is behind that rise?

Finance and Public Administration Committee

Budget Scrutiny 2023-24 (United Kingdom Context)

Meeting date: 6 December 2022

Douglas Lumsden

My second question is about the energy price cap, which is quite an expensive scheme for the Government to run. Are there equivalent schemes in other parts of the world?

Finance and Public Administration Committee

Budget Scrutiny 2023-24 (United Kingdom Context)

Meeting date: 6 December 2022

Douglas Lumsden

Yes, that would be helpful.

Finance and Public Administration Committee

Budget Scrutiny 2023-24 (United Kingdom Context)

Meeting date: 6 December 2022

Douglas Lumsden

House prices are starting to fall. What impact will that have on the UK economy and the Scottish budget? Will there just be a reduction in land and buildings transaction tax revenue, or will there be a block grant adjustment around that? Where do you see things going?

Finance and Public Administration Committee

Budget Scrutiny 2023-24 (United Kingdom Context)

Meeting date: 6 December 2022

Douglas Lumsden

If you can provide them offline, that would be great.