Economy: Bank of England Forecasts Debate

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Economy: Bank of England Forecasts

Lord Lilley Excerpts
Wednesday 13th May 2020

(4 years, 7 months ago)

Lords Chamber
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Baroness Penn Portrait Baroness Penn
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The Bank of England and the OBR have made it clear that what they have produced are scenarios rather than forecasts. The Bank of England’s scenario certainly took into account the effect of this pandemic on levels of global trade.

Lord Lilley Portrait Lord Lilley (Con)
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My Lords, the Bank’s report makes it clear that the construction sector has been hard-hit by the lockdown. It is vital to revive it, since it generates activity across the economy. Given that we have learned that regulators can, under public pressure to respond to the crisis, greatly accelerate their normal decision-making processes without sacrificing standards, will the Government urge all planning authorities to speed up decision-making on planning applications immediately so that we can get Britain building again?

Baroness Penn Portrait Baroness Penn
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We are keen that all planning decisions are made in a timely way. Construction is one of the sectors where we have provided Covid-secure guidance to allow people to get back to work, safe in the knowledge that they will be returning to safe workplaces.