Economy: Productivity

Debate between Lord West of Spithead and Lord O'Neill of Gatley

Monday 5th September 2016 Lords Chamber

[Lord O'Neill of Gatley]

My Lords, I think I heard two questions from the noble Lord. I cannot resist saying that I seem to remember that the era of chronic balance of payments problems as described goes back to the 1960s, which precedes not only Conservative Governments; those of different colours were in town over that time. On the latter question, an important part of understanding the productivity issue in greater detail is that there is some evidence, which I have mentioned in the House before, that you have to be careful about bemoaning everything about our apparently low productivity performance because some of it is almost definitely the flip side of a very strong rate of employment. That is particularly the case in the context of making direct comparisons with France. It is an important point.

[Lord West of Spithead (Lab)]

My Lords, would the Minister agree that our complex warship-building capacity in this country cannot increase productivity unless it has a steady drum beat of orders? I have to say that, afloat on the Solent during the summer, I hardly saw a grey-funnel ship. How will we increase productivity unless we get a steady drum beat of orders so we can make investment?

[Lord O'Neill of Gatley]

Of all the aspects of the productivity challenge I have focused on, this is not one I have given that much attention to. I hope it is not necessary for us to go to war to do something about boosting our productivity performance.

Greece

Debate between Lord West of Spithead and Lord O'Neill of Gatley

Monday 6th July 2015 Lords Chamber

[Lord O’Neill of Gatley]

My Lords, while that may not have been discussed in the other House, it has, as I am sure my noble friend Lord Howell is aware, been suggested by some other members of the eurozone. It is certainly something that we are aware of having been raised and it will be mentioned again in discussions; that is for sure. I reiterate, however, that it is not appropriate for me or my right honourable friend the Chancellor to talk about such matters ahead of the delicate discussions that will take place tonight and tomorrow.

[Lord West of Spithead (Lab)]

My Lords, will the Minister confirm that contingency work has been done on the implications of what is happening in Greece for the eastern Mediterranean flank of NATO? Is he aware of any moves by the Russians to deal with Greece by giving assistance similar to that offered to Cyprus to get access to bases there? Lastly, are we thinking of any way to help the Greeks with the tens of thousands—in fact, more than 100,000—refugees who have poured into Greece as a result of the war in Syria et cetera?