Economy: Purchasing Managers’ Index

Lord Cormack Excerpts

Thursday 11th April 2019 Lords Chamber

[Lord Bates]

It is absolutely true that there are challenges in the services sector, which is crucially important to us. That is why a lot of the uncertainty that I referred to earlier, in my answer to the noble Baroness, Lady Kramer, needs to be resolved. We believe that there is sufficient capacity and demand within the economy to build that up. We know that people are sitting on a lot of cash at the moment and that there are a lot of vacancies out there at the moment—850,000 of them—which shows that there is a lot of demand waiting to go once we have resolved this matter.

[Lord Cormack (Con)]

Would my noble friend agree that there is nothing more debilitating and corroding than uncertainty? Would he agree that a deal needs to be reached, but both Houses of Parliament have a deal before them—which is being resisted by the extremes who, in their desire for a Brexit that would ignore the 48%, may lose Brexit altogether?

[Lord Bates]

I agree that the uncertainty needs to end. However, the message from the numbers, which my noble friend Lord Borwick began by mentioning, is that whatever the difficulties we have as politicians in resolving the matters before us, men and women out there who are setting up and running businesses, and workers in those businesses, are doing an incredible job at building exports to almost record levels. We have a great deal of confidence in them to continue what they are doing; we must do what we should do.