Earl of Clancarty
Main Page: Earl of Clancarty (Crossbench - Excepted Hereditary)Department Debates - View all Earl of Clancarty's debates with the HM Treasury
(3 weeks, 1 day ago)
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Lord Livermore (Lab)
I am grateful to the noble Lord for that. As he knows, I am not going to comment on specific measures or any speculation ahead of the Budget. I have set out clearly what our priorities are for tomorrow’s Budget; he will just have to wait a few more hours until he finds out for himself.
The Earl of Clancarty (CB)
My Lords, how much do the Government now blame Brexit for the black hole?
Lord Livermore (Lab)
As the noble Earl knows, alongside the Budget tomorrow, the Office for Budget Responsibility will set out the conclusions of its review of the supply side of the UK economy. I will not pre-empt those conclusions, but it is likely that the OBR will downgrade its historic assessment of the UK’s productivity and find that the productivity performance we inherited from the last Government is weaker than previously thought. The causes of this economic under- performance are well understood: austerity, Brexit and the Liz Truss mini-Budget have left deep scars on the British economy that are still felt today.