Brexit: Economic Impact Debate

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Brexit: Economic Impact

Baroness Kramer Excerpts
Tuesday 18th October 2016

(7 years, 7 months ago)

Lords Chamber
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Lord Young of Cookham Portrait Lord Young of Cookham
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I had hoped to get through this exchange without saying the Government do not provide a running commentary on negotiations. However, the noble Lord has not just asked for a running commentary but asked me to predict the result. The answer is no, I cannot give any of those commitments, apart from the one he asked about at the end. We will of course use our best endeavours to secure access for goods and services from the UK into the European Union.

Baroness Kramer Portrait Baroness Kramer (LD)
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My Lords, in the 2015 Budget, the Government froze in cash terms most working-age tax credits and benefits. With the rise in inflation that has occurred so far, as reported today, and the very significant rise that is anticipated thanks to the collapse in sterling, will the Government be unfreezing them, so that benefits can increase on the basis of inflation, or are the low-paid to be the first victims of the Brexit decision?

Lord Young of Cookham Portrait Lord Young of Cookham
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I understand the concern that the noble Baroness has expressed about the impact of inflation of those on low incomes, but she would not expect me to say anything that might anticipate what is in the Autumn Statement.