Economic Update

Debate between Lord Agnew of Oulton and Lord Bishop of Birmingham

Tuesday 12th January 2021 Lords Chamber

[Lord Agnew of Oulton (Con) [V]]

I would remind the noble Lord of the large number of interventions we have made which will substantially support the most vulnerable in society: support to renters to reduce the ability to force evictions; the mortgage holiday, which has been granted to 2.7 million people since last March; the support in the many individual programmes we have announced. All these are applicable to some of the poorest in our society. We are very aware of their vulnerability. I would gently remonstrate with the noble Lord that it was not a statement of self-congratulation when I was answering the noble Lord, Lord Tunnicliffe; it was merely a statement of what we have done over the last 10 months.

[The Lord Bishop of Birmingham [V]]

I am grateful for the much-appreciated provisions made by the Chancellor so far in this extreme crisis and for his honesty in outlining the significant harm already caused to the economy by the pandemic. Will the Minister reassure the House that, following these emergency measures, many of which have been outlined just now, there are plans and policies already being formed for a recovery? Would he indicate some of the economic and social principles that the Government will be applying in leading the recovery? In addition to the question from the noble Lord, Lord Balfe, will the inevitable need to rebalance the public finances not unfairly burden the poorest?

I have another question. Will the Minister draw on the wisdom of the Institute for Fiscal Studies Deaton review, which is seeking to understand the UK’s complex mix of unacceptable inequalities and how to alleviate them? It takes into account the hollowed-out jobs market and the need for more crucial investment in education, skills and vocational training, as our willing, talented and diverse population competes with dignity and enterprise in the global market.

[Lord Agnew of Oulton (Con) [V]]

The right reverend Prelate asks important questions. I can assure him that very active thinking is going on about how to come out of this awful event as quickly as possible. I will mention one or two examples. The Kickstart scheme is designed to support hundreds of thousands of newly and fully subsidised jobs for young people. By the end of December, 50,000 Kickstart jobs had already been created. Additionally, £2,000 is being paid for each new apprentice taken on. I mentioned in answer to an earlier question our levelling-up commitment and the funds behind that. Those again will go to the regions where some of the most vulnerable people in this country live.