Economy

Lord Lea of Crondall Excerpts

Monday 28th September 2020 Lords Chamber

[Lord Agnew of Oulton (Con)]

My Lords, I think the noble Baroness is looking too narrowly at the comparison. If we summarise the total fiscal interventions of the various economies over the last few months, the UK contribution has been somewhere just under 11%, those of Canada and France under 10%, Germany’s about the same, and Italy’s is about eight and three-quarters. My point is that you should not look at any one of these individual interventions as the single solution; we have tried to aggregate them.

[Lord Lea of Crondall (Non-Afl)]

My Lords, as has been said by the noble Lord, Lord Monks, and the noble Baroness, Lady Kramer, there is a need to integrate policy that arises from Covid and policy that arises from Brexit. Does the Minister agree? This is described as a plan for the winter, and there is the danger of a Brexit without even a framework agreement with the European Union, as is the case with Switzerland.

[Lord Agnew of Oulton (Con)]

My Lords, I agree with the noble Lord that there needs to be integration. The overriding priority is to crank up the economy again; that is why we have created a group in Downing Street called Project Speed, which is designed to take hold of any opportunity that is being blocked in any way, to shake it and make it happen quicker. I remain optimistic, as I said in response to an earlier question, that we will resolve our difficulties with the European Union and will have some form of workable deal by the end of the year.