Economy: Bank of England Forecasts

Baroness Kramer Excerpts

Wednesday 13th May 2020 Lords Chamber

[Baroness Kramer (LD)]

My Lords, will the Minister explain how the V-shaped economic recovery contemplated by the OBR and the Bank of England is consistent with the collapse in global trade and growing protectionist sentiment? How do the Government square the UK’s need to grow exports with their calls for favouring British companies, extensive onshoring and shorter supply chains?

[Baroness Penn]

The Bank of England and the OBR have made it clear that what they have produced are scenarios rather than forecasts. The Bank of England’s scenario certainly took into account the effect of this pandemic on levels of global trade.