Economy

Lord Lea of Crondall Excerpts

Tuesday 28th January 2014 Lords Chamber

[Lord Newby]

My Lords, the Government are very appreciative of the work that the British Chambers of Commerce has done. Of course, the Heseltine review, No Stone Unturned in Pursuit of Growth, made the point that a strengthened British Chambers of Commerce was much to be welcomed. However, the tradition in Germany of chambers of commerce, of which membership is virtually compulsory for organisations, is very different from here. While the Government are encouraging the chambers of commerce to strengthen, it would be misleading to think that one could have a simple write-across from the German example in the foreseeable future.

[Lord Lea of Crondall (Lab)]

My Lords, we all welcome increases in output, but we notice that people are not conscious of a growth in their living standards. Can the Minister remind us how far output as a percentage is still below the peak?

[Lord Newby]

My Lords, the important thing about output is that it is rapidly approaching the previous peak. With every passing set of statistics, we find that output is growing more quickly than we thought. It is interesting to note that the figure today of 1.9% growth in output for the past year is significantly higher than the figure that the ONS thought even in December, when it suggested 1.4%. The message from today's figures is that growth is accelerating quicker than most forecasters thought, and all forward indicators suggest that that trend will continue.