Economy Update

Lord Bilimoria Excerpts

Tuesday 10th November 2020 Lords Chamber

[Lord Agnew of Oulton (Con)]

I share the noble Lord’s concern for those who have fallen through the cracks. We have issued a number of initiatives over the last few weeks and months to try to close the gap. For example, for the arts sector, there is some £1.5 billion of support, some of which will be available to vulnerable groups which have not been able to be part of the traditional self-employed schemes. We have also made funding available to local authorities, which are able to use discretion in the allocation of some of that money for vulnerable self-employed people.

[Lord Bilimoria (CB) [V]]

[Inaudible]—will be crucial. The news of the Pfizer/BioNTech vaccine is very welcome. Does the Minister agree with the recommendation of the CBI, of which I am president, about the creation of an economic recovery commission, uniting government, business and unions? It would be a vital step, as would the urgent rollout of affordable, regular mass antigen testing—with the Liverpool pilot, thankfully, having been started and now in full swing—along with investment in job-creating projects, with a focus on digital skills and green jobs. To reinforce what the noble Baroness, Lady Kramer, said, what can the Government do to help the 3 million excluded from the huge amount of government support that has been made available so far, for which we are all grateful?

[Lord Agnew of Oulton (Con)]

My Lords, the Government are in constant contact with the business community. They absolutely accept that the wealth creation engine of our economy is vital for us to recover from this pandemic. I share the noble Lord’s optimism about the vaccine. Of course, we need to be careful—we are not through the last hurdle yet—but it is certainly nice to have a little bit of good news occasionally. I have answered the point about the self-employed, raised by several other noble Lords. It is perhaps worth reminding the noble Lord that we have improved the universal credit system to try to provide a little more protection at that end of the system. We have also confirmed that those on mortgage holidays can extend to six months without any impact on their credit file.