Unemployment

Lord Reid of Cardowan Excerpts

Thursday 11th June 2020 Lords Chamber

[Lord Agnew of Oulton [V]]

My noble friend raises an important point. Certainly, a great deal of thinking is going on at the moment about how we can turbocharge investment in green energy. Indeed, our Budget for virus lockdown provided a plank for a lot of these initiatives.

[Lord Reid of Cardowan (Lab) [V]]

My Lords, yesterday, the OECD said that the UK had experienced the worst economic impact in the G7 from the Covid-19 pandemic, which is on top of the fact that we are already seeing a surge in job losses. What targeted help can the Minister offer the hardest-hit sectors of the economy, such as hospitality and tourism which, when the furlough scheme comes to an end, will take longer to reopen and recover?

[Lord Agnew of Oulton [V]]

As the noble Lord will know, we have announced an unprecedented level of support across the economy which includes these particularly hard-hit areas. As he will also know, we announced yesterday that shops will be able to reopen next week as part of our gradual and phased reopening of the economy. The Government are meeting regularly with members of the entertainment and leisure sectors to look at all possible solutions to help them get back into business as quickly as possible.