The Economy

Part of the debate – in the House of Commons at 3:22 pm on 8th July 2020.

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Photo of Steve Barclay Steve Barclay The Chief Secretary to the Treasury 3:22 pm, 8th July 2020

I will make a little progress, and then I will happily give way to the hon. Lady.

These interventions have come at a considerable cost to the public finances, but I have no doubt that they were the right thing to do. The Bank of England, the OBR and other external forecasters have all highlighted that the cost to the economy would have been significantly higher were it not for the swift and decisive action that the Government have taken. Nevertheless, the pandemic has caused a profound shock to both the national and the global economy, the consequences of which will be felt by businesses and individuals for some time to come. Even as we step out of lockdown, a great deal of disruption and uncertainty remains. Many businesses have yet to reopen their doors. Up and down the country, people are worried about whether their jobs will be secure when they return to work.