Only a few days to go: We’re raising £25,000 to keep TheyWorkForYou running and make sure people across the UK can hold their elected representatives to account.

Donate to our crowdfunder

Brexit: North-East of England - Question

Part of the debate – in the House of Lords at 3:07 pm on 9th May 2018.

Alert me about debates like this

Photo of Lord Davies of Stamford Lord Davies of Stamford Labour 3:07 pm, 9th May 2018

My Lords, whenever the Government attack on the economy, they always cite the employment figures. They seem to have forgotten their elementary economics. Employment is a lagging indicator, reflecting demand for labour in the past. If they looked at current and leading indicators such as growth and investment intentions, they would see a very bleak picture. As the Minister no doubt knows, growth is less than 0.5%, whereas it is 3% on average in the European Union. The most recent CBI Investment Intentions Survey showed that 48% of companies had cut back their investment intentions from two years ago and only 2% had increased them. These are very serious matters. Do the Government not look at these matters and think that they are in some way responsible for the decline in the British economy as a result of their disastrous Brexit policies? If not, what is the cause of this divergence between our economic experience and that of the rest of the European Union?