Members of the Lords, including a member of the advisory board of the Institute of Economic Affairs and a member of the council of the Royal Economic Society, debated the UK economy in the light of the Budget Statement, on Thursday 27 March
Lords began by speaking about the current state of the economy, they spoke about the government’s focus on deficit reduction and how that could be balanced with a strategy for growth. Peers considered the various reasons for the financial crisis, including public expenditure, UK exports and the price of commodities.
Members also spoke about the measures outlined in the Budget Statement, particularly focusing on the changes to the savings and pensions regime. They also looked at the possible impact of the Budget on energy and the environment, and ways in which the UK can place a greater focus on trade and export.