Economy

Lord Cormack Excerpts

Monday 28th September 2020 Lords Chamber

[Lord Agnew of Oulton (Con)]

My Lords, the Chancellor has consistently said that his interventions have to be macroeconomic. However, we have tried to create safety nets to protect as many people as we can in the economy. I share the noble Lord’s concern for the music industry. My own father read music at Cambridge before the war, and I completely agree with the noble Lord that it is a very important part of our culture.

[Lord Cormack (Con) [V]]

My Lords, my noble friend says that he is anxious to protect jobs that are viable and has just talked about some jobs in the music industry. Does he accept that the heritage sector would be given a boost and that many skilled craftsmen would be able to retain their jobs if VAT, which is not charged on new buildings, were removed from the charge on repairs to listed buildings of historic importance?

[Lord Agnew of Oulton (Con)]

My Lords, I should probably disclose that I live in a listed building and that what my noble friend suggests would therefore greatly benefit me personally. However, the reality is that in this crisis we have to look at a higher level. I am encouraged to see that the construction industry is coming back at full throttle and that the large number of construction workers who were furloughed in March and April have largely been reintroduced into the sector. We are also about to announce the green energy scheme, which is a £2 billion to £3 billion investment in energy improvements for public buildings that will also be available to the public.