Economy: Bank of England Forecasts Debate

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Lord Livermore

Main Page: Lord Livermore (Labour - Life peer)

Economy: Bank of England Forecasts

Lord Livermore Excerpts
Wednesday 13th May 2020

(4 years, 6 months ago)

Lords Chamber
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Baroness Penn Portrait Baroness Penn
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The Government are clear that “test, track, trace, isolate” will be a core part of the next phase of our response. We will seek to do this in different ways, and to learn lessons from previous pandemics and approaches in other countries. For example, we are using asymptomatic testing in health and care home settings to help reduce the spread of this disease.

Lord Livermore Portrait Lord Livermore (Lab)
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My Lords, both the Bank of England and the OBR have forecast that unemployment will double to 2 million, highlighting the severe impact this crisis is having on those not covered by the Government’s job retention schemes. Will the Minister therefore commit to improving the generosity of universal credit and consider introducing the active labour market policies seen in other countries, including job search support and job guarantees for the young?

Baroness Penn Portrait Baroness Penn
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The Government have already improved the generosity of universal credit by £20 a week and raised the value of the local housing allowance. The best thing that we can do in getting people back to work is to get the virus under control and allow the economy to be open. We will of course continue to keep under review any further measures that we need to support people who have, sadly, lost their job during this crisis.