Economic Situation

Lord McFall of Alcluith Excerpts

Thursday 13th October 2022 Lords Chamber

[Viscount Younger of Leckie (Con)]

I agree with my noble friend. We have already said that the announcement of the medium-term fiscal plan on 31 October will be accompanied by the independent OBR assessment of the economic and fiscal outlook. Much work is going on. My noble friend need not be reminded that this was originally going to be on 23 November; it has been deliberately brought forward to 31 October to provide further stability about what we are looking to do.

[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?