Interview with Vicky Pryce, economist at CBR, on Philip Hammond's statement to the Commons and Brexit
Pryce discusses Brexit and the economy, modest growth at the bottom of the G7 and G20. Hammond was optimistic in his speech about employment and the economy, Pryce questions how low paid these jobs are and supporting these with benefit payments. The fall in the pound and the Bank of England's expenditure to ensure that banks are lending has kept the economy going, but productivity has suffered. Sones asks about whether the country could have got to this point without austerity, Pryce argues that we need higher productivity and growth in many industries, the UK has undertaken the wrong 'type' of austerity. Sones asks about a World Trade Organisation/Hard Brexit, Pryce cites evidence that the UK would not be able to adequately trade especially as WTO Rules do not cover the service industry. Pryce is optimistic that Brexit will be a success and a 'soft' Brexit, despite losing 2% of GDP.