Economic Update

Debate between Lord Singh of Wimbledon and Lord Agnew of Oulton

Tuesday 12th January 2021 Lords Chamber

[Lord Agnew of Oulton (Con) [V]]

It is right that we should always aim to get the help to the most vulnerable areas, but there is a trade-off between speed of policy announcement and execution and the complexity of creating the sort of flexibility my noble friend refers to. I take on board his comments on the return of the rate rebate by supermarkets. I think a continued public programme to call out any of the larger supermarkets that have not done that will put pressure on them, as most of us are their customers.

[Lord Singh of Wimbledon (CB) [V]]

My Lords, the Government are to be commended for their furlough schemes and economic packages to mitigate the devastating effects of the Covid pandemic. The Statement rightly acknowledges that things will probably get worse before they get better. Does the Minister agree that, in light of difficulties being experienced by our supermarkets, this applies also to possible benefits from our new economic independence—benefits taken for granted in the Statement?

Covid-19: Economic Package

Debate between Lord Singh of Wimbledon and Lord Agnew of Oulton

Wednesday 13th May 2020 Lords Chamber

[Lord Agnew of Oulton]

I thank my noble friend for his supportive comments. The self-employment income support scheme opened today at 8 am, and by lunchtime we had had 110,000 applications, worth in aggregate some £360 million. HMRC has undertaken to do everything possible to get payments out within the next six working days.

On my noble friend’s other point about the furlough scheme being too generous, as the Office for Budget Responsibility has said, if we do not take these sorts of measures, the cost to our country and our society will be even greater. However, we will be vigilant to ensure that the scheme is not abused.

[Lord Singh of Wimbledon (CB)]

While the measures announced are welcome, does the Minister agree that more fine-tuning will be needed in the coming months to meet the needs of different parts of the country and different economies, for a fair and balanced recovery?

Will the Minister find ways of adding to the well-deserved clapping of hands for low-paid members of the NHS and staff in care homes with some degree of monetary reward, to emphasise how much their dedication —often at real risk to their own health—means to us all?

[Lord Agnew of Oulton]

I assure the noble Lord that we are aware of the regional differences that will emerge in the aftermath of this crisis. It is worth reminding the House that the furlough scheme, for example, applies across all devolved regions.

On his comments on health sector and social care workers, I add my congratulations on, and respect for, the huge amount that they have done. We cannot at this stage commit to any future payments, because, as I mentioned, we will have an enormous financial hill to climb at the end of this crisis. However, I recognise the great work that they have done.