Baroness Bousted
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Economic Growth
Baroness Bousted Excerpts(1 week ago)
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Lord Livermore (Lab)
I do not think the noble Lord’s comments about the planning Bill would stand up to a moment’s scrutiny in the outside world. In answer to his specific question, GDP per capita is forecast by the OBR to rise by 5.6% over the course of this Parliament.
Baroness Bousted (Lab)
Will my noble friend the Minister note that since the election interest rates have been cut five times? Will he also agree that this Government are not going to be lectured by an Opposition who, when in government, presided over the longest period of wage stagnation since the Napoleonic Wars, with real wages not returning to pre-2008 levels until 2025?
Lord Livermore (Lab)
My noble friend is absolutely right. The last Conservative Government saw historic mistakes made over austerity, the Brexit deal and the Liz Truss mini-Budget. The consequences of those for working people were very real. Living standards are forecast to grow, as I have said, over four times faster during this Parliament than they did in the previous Parliament.