Economy: Growth

Baroness Farrington of Ribbleton Excerpts

Tuesday 22nd June 2010 Lords Chamber

[Lord Sassoon]

My Lords, I thank my noble friend for drawing attention to the regional growth package in today’s Budget announcement. It is intended that the regional growth fund will pump prime investments into projects with significant growth potential. There will be a consultation later in the summer about how we plan for sub-national growth, which will include local economic partnerships. A White Paper will follow.

[Baroness Farrington of Ribbleton]

My Lords, will the Minister please tell the House how many jobs in the public sector, particularly in local government, the Government anticipate will be lost as a result of the cuts in public expenditure? How many jobs in the private sector will be lost because those private sector companies offer services to local authorities and to the public sector?

[Lord Sassoon]

My Lords, I have given the total employment numbers, which will rise in every year of the forecast period. The issue of jobs in the public sector, and indeed in the private sector, has to be put in the context of the enormous deficit-reduction programme that we have. For example, by the end of this period, on the new projections resulting from my right honourable friend’s Budget today, there will be an annual saving of £4 billion in interest payments alone by the end of the period, so you can see how that will translate into increased jobs in the public and private sectors.