Middle East: Economic Update
Debate between Lord Redwood and Lord Livermore(1 day, 11 hours ago)
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Lord Livermore (Lab)
I do not have a crystal ball and I cannot look ahead to everything the Government will be doing, but I can tell the noble Lord, as I said to his noble friend, that we are reforming the welfare system.
Lord Redwood (Con)
In Washington, the Chancellor pledged to avoid unnecessary trade restrictions. Can we look forward to the Government cancelling the bad idea of introducing a large carbon border tax or tariff, which would be a penalty on British consumers and a further boost to costs, making British industry less competitive?
Lord Livermore (Lab)
No, and I disagree with the noble Lord, as I am sure I do on many issues. He talks about trade restrictions. He obviously championed a Brexit which put up massive trade restrictions with our nearest trading partners—
Lord Livermore (Lab)
It was estimated at the time to be costing us some 4%, subsequently estimated to be 8%, of GDP, so he has put up massive tariff barriers with our biggest partner, which is not something that is in favour of free trade. He talks about it being tariff free, but he knows that the trade barriers in place are equivalent to some 20% in terms of tariff.
Middle East: Economic Update
Debate between Lord Redwood and Lord Livermore(1 month ago)
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Lord Livermore (Lab)
I am grateful to the right reverend Prelate for his question and I agree with him and the noble Baroness, Lady Kramer, on the importance of small businesses to our economy. As the Chancellor said, we do not yet know what the full impact of this conflict will be, so we must be agile in responding appropriately at each moment. It remains the case that the best way to protect families and businesses, large and small, and charities, which the right reverend Prelate mentioned, is by the rapid de-escalation of this conflict.
He mentioned transport costs and we have already taken action: we have extended the fuel duty cut of 5p and have pushed out the cheaper fuel finder, empowering people to avoid rip-off prices. We are chasing down the last few filling stations, so that we can reach 100% compliance with that. He will also know that, when wholesale kerosene prices more than doubled overnight, we stepped in within a matter of days with £53 million of support for those who needed it most. From next week, households will benefit from £150 off their energy bills, thanks to the action that we took in the Budget. Also, the price cap is giving households certainty on their bills until July, ahead of the winter months when people use 78% of their gas.
Lord Redwood (Con)
My Lords, the Government say that they will directly reduce food bills by joining the EU SPS. Can the Minister give us a forecast of how much cheaper food is going to be? It certainly never worked when we were in the EU and it is a very complicated and expensive scheme.
Lord Livermore (Lab)
No, but I am certain that it will lead to lower food prices, just as I am certain that the Brexit that the noble Lord championed has led to all manner of difficulties for consumers, households and businesses. I am sorry that he is still unable to concede that very important point. As I have said before, at a time of global instability, getting closer to and building a deeper economic relationship with our closest partners is in our national, security and economic interest.