Economic Update

Viscount Waverley Excerpts

Tuesday 12th January 2021 Lords Chamber

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

My Lords, I do not have those figures to hand, but there will be ongoing economic Statements and my right honourable friend the Chancellor will address this in his Budget in a few weeks’ time. It is perhaps worth pointing out international comparisons; the way the ONS uses data here has had a detrimental impact on how it has reported on the shrinkage of our economy, because it considers outputs instead of inputs on things such as the salaries of teachers and other civil servants, who were not necessarily working because of the crisis but were still being paid. There will be more information on this, particularly in the Budget.

[Viscount Waverley (CB)]

My Lords, noting the expected but regrettable economic downturn, is it not excellent economic news that Unite has suspended strike action at Rolls-Royce at Barnoldswick, saving 350 jobs? Hurrah to that. But how will the Government address the challenge, talking more in UK terms rather than taking a four-separate-nations approach, of how we will unite the four kingdoms to speak with one voice on economic priorities and an implementation strategy?

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

I share the noble Viscount’s view that we need to talk more of a single nation. I fear we will hear more of this up to the devolved elections over the next few months, but I hope that, after that, we can get back to speaking more as a single country.