Oral question asked in the House of Lords, by Lord Rotherwick (Conservative). It was answered on Monday, 26 October 2009.

Economy

Question: My Lords, in 1997 we were told that we were the fourth largest economy. Just this week we have been told that our economy has slipped way down the tables, below even Italy. Are we really doing so well?

Answer: My Lords, no one is suggesting that the economy is doing well during this crisis; far from it. We all know that our fellow citizens are paying the price of an economy that is in great difficulty—a difficulty that is a product of the enormous onslaught that has been sustained against Britain’s financial sector, and of the great reduction in investment over the past 18 months. That is why that the Government are intent on generating the necessary investment and ensuring that the economy recovers. That is absolutely critical. The noble Lord will recognise that the strategy that we are pursuing is being pursued by all enlightened Administrations in the world.

Secondary information