Economy Update

Debate between Lord Agnew of Oulton and Lord Robathan

Tuesday 10th November 2020 Lords Chamber

[Lord Robathan (Con)]

My Lords, last week a Cabinet Minister said that there had been no impact analysis done on the effect on the economy of the various rate restrictions, the previous lockdown and the current lockdown, which is a pity, because I would have thought that was rather important. I will not ask the Minister to give me an impact analysis today, because that would be rather unfair, but can he tell me whether the Government have worked out how long it will take for our children to repay the humungous debt that we are running up? Will it be one decade, two decades, three decades or longer?

[Lord Agnew of Oulton (Con)]

I share my noble friend’s concern about the huge impact of indebtedness that has gone on to the country’s balance sheets over the last few months. He is entirely right that the burden of this will be borne by the next generation, not by those of us sitting in this Chamber. That is why we are so anxious to do everything possible to avoid these national lockdowns, which have the huge costs of supporting people and which throttle economic growth. We are seeing the largest fall in economic activity in my lifetime certainly—and maybe even longer. We must come together to regrow the economy as quickly as possible, because only growth will pay down this debt.