Economy: Balance of Payments and Industrial Productivity Debate
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Lord Spicer
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Economy: Balance of Payments and Industrial Productivity
Lord Spicer Excerpts(9 years ago)
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Lord O’Neill of Gatley
My Lords, again there are many questions about the arcane world of economic statistics with which I am very familiar. I suggest that there is no clear correlation between the level of manufacturing and the overall level of productivity. I spent considerable time yesterday discussing this with my many friends in the north of England.
Lord Spicer (Con)
My Lords, there are signs that we may be on the brink of a recession. Is this really the right time to think of putting up interest rates?
Lord O’Neill of Gatley
My Lords, luckily the decision on what happens to interest rates has absolutely nothing to do with me and is the responsibility of the independent Bank of England.