Economy

Debate between Lord Newby and Baroness Seccombe

Tuesday 28th January 2014 Lords Chamber

[Baroness Seccombe]

To ask Her Majesty’s Government what assessment they have made of the latest quarterly survey and economic outlook published by the British Chambers of Commerce.

[Lord Newby (LD)]

My Lords, the quarterly survey published by the British Chambers of Commerce continues to indicate economic growth and improving conditions for business. Over the course of 2013, a range of surveys reported activity strengthening in both the manufacturing and service sectors. Today’s GDP figures show growth in 2013 to have been 1.9%, the highest annual figure since 2007.

[Baroness Seccombe (Con)]

My Lords, that is indeed very encouraging. The expectancy for 2014 is again very positive. StartUp Britain, the campaign for fledgling businesses, revealed yesterday that 16,281 new businesses in Birmingham registered at Companies House in 2013. May I, as a West Midlander, ask my noble friend to join me in congratulating those entrepreneurs who took the plunge and so benefited not only themselves but the wider economy?

[Lord Newby]

My Lords, I am very pleased to do so. The figures quoted by my noble friend are matched by the fact that in the latest quarterly employment figures the biggest fall in unemployment was in the Midlands. Over the course of the past year, a record 526,000 businesses were created—an increase of some 42,000 over the previous year.