Covid-19: Economy - Question

Part of the debate – in the House of Lords at 11:07 am on 30th April 2020.

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Photo of Baroness Bull Baroness Bull Crossbench 11:07 am, 30th April 2020

My Lords, after the 2008 global financial crisis, UK productivity fell from an annual average rate of 2% to just 0.3%, with full recovery happening only after 30 quarters. Can the Minister assure the House that the lessons of 2008 are being taken into account in dealing with today’s crisis? In particular, what assessment has been made of the longer-term impact on productivity, and therefore on essential funds for public services, of failing to protect the goods and services sector alongside the understandable employment subsidies to protect jobs?