GDP Per Capita
Debate between Lord Livermore and Baroness Curran(6 days, 3 hours ago)
Lords ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Baroness Curran (Lab)
My Lords, can my noble friend the Minister explain to the House the role of record levels of public investment and how they contribute to economic growth? In his answer, lest we forget, can he remind the House of the financial legacy that we inherited from the last Government—particularly the amount of the financial black hole?
Lord Livermore (Lab)
My noble friend is very generous in inviting me to mention the £22 billion black hole. She is correct that capital spending is a significant driver of growth in our economy. The OBR estimates that the increases in capital spending that we have seen have increased growth by 0.14% over five years, 0.43% over 10 years and 1.4% in the long term. It is very regrettable that the party opposite opposes those capital spending plans.