Economy
House of Lords
Lord Myners (Labour)
To ask Her Majesty's Government what progress they have made on rebalancing the United Kingdom economy.
Lord Sassoon (Commercial Secretary, HM Treasury; Conservative)
The Government are working to build a stronger and more balanced economy in the medium term.
As set out in the Autumn Statement, rebalancing of expenditure in the UK economy away from government and consumer spending towards net trade and investment has been progressing, although the global backdrop is acting as a significant headwind.
The Office for Budget Responsibility (OBR) forecasts the economy to rebalance in the coming years. As global conditions normalise, private sector investment is forecast to grow strongly. Net trade, which made a negative contribution to growth on average in the pre-crisis decade, is forecast to make a positive contribution to growth over the forecast period.
The OBR will publish a fully updated forecast alongside the Budget on