Economy: Bank of England Forecasts

Baroness Sheehan Excerpts

Wednesday 13th May 2020 Lords Chamber

[Baroness Penn]

The Government have already improved the generosity of universal credit by £20 a week and raised the value of the local housing allowance. The best thing that we can do in getting people back to work is to get the virus under control and allow the economy to be open. We will of course continue to keep under review any further measures that we need to support people who have, sadly, lost their job during this crisis.

[Baroness Sheehan (LD)]

My Lords, once the lockdown has been eased, the trillions of pounds invested globally in economic recovery packages will have a significant impact on the Paris climate goals. A very recent study in the Oxford Review of Economic Policy on choices for this investment shows categorically that what is good for the economy is also good for lower emissions. Will the Government give thought to making green economic stimulus a central plank of the UK-led COP 26?

[Baroness Penn]

We are very keen to have a green recovery which uses the Government’s policies in working towards economic growth but which also supports our commitment to net zero by 2050.