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Budget Statement - Motion to Take Note

Part of the debate – in the House of Lords at 4:28 pm on 18th March 2020.

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Photo of Lord Davies of Stamford Lord Davies of Stamford Labour 4:28 pm, 18th March 2020

Is it not the case that what is really alarming here is that the collapse of consumer demand is likely to last for a very long time and that there is going to be a substantial negative-wealth effect, given that people will have been out of jobs while their businesses and indeed the stock market has collapsed? People will require years to build up their savings again to where they were before. That means that for a very long time there is going to be a substantial shortage of demand from the consumer sector.