Economic Situation

Lord Campbell-Savours Excerpts

Thursday 13th October 2022 Lords Chamber

[The Lord Speaker (Lord McFall of Alcluith)]

My Lords, we have a remote contribution from the noble Lord, Lord Campbell-Savours.

[Lord Campbell-Savours (Lab) [V]]

My Lords, the Government assured us that co-ordinated international action would undermine Russia’s economy and protect ours. Why then is today’s rouble stronger than in any almost any recent period? On 15 April, at the beginning of the immediate crisis, there were 105 roubles to the pound; today there are 70 to the pound. Currencies do not normally strengthen when economies are under pressure or under attack. What is the explanation?

[Viscount Younger of Leckie (Con)]

I wish I could give the noble Lord a full explanation for that. I have no information on the Russian rouble in my file. I just take this opportunity to say, as I think I said earlier, that there is strong resilience in the UK economy. The fundamentals of the economy remain sound in this country. I mentioned that unemployment is close to its lowest level for 50 years. I just finish by saying that the latest forecast for UK growth, over 2021, 2022 and 2023, is 11.7%.