Economic impact of coronavirus

Treasury Committee Closed Inquiry
Opened: 19 Mar 2020 Closed: 20 Jan 2022 Parliament page
In the first stage of its economic impact of the coronavirus inquiry, the Committee issued a call for evidence on the speed, effectiveness and reach of the Government’s and Bank of England’s immediate financial responses to coronavirus. The Committee highlighted gaps in support to the Treasury. In the second stage, … Read more
35 Recommendations
19 Conclusions
3 Reports
51 Letters
23 Events
Activity timeline 58 events
26 Apr
2021
Report published
14 Apr
2021
Correspondence
17 Feb
2021
Correspondence
15 Feb
2021
Report published
10 Feb
2021
Correspondence
8 Feb
2021
Correspondence
3 Feb
2021
Correspondence
3 Feb
2021
Correspondence
20 Nov
2020
Report published
21 Oct
2020
Correspondence
16 Sep
2020
Correspondence
11 Sep
2020
Report published
Recommendations & Conclusions
54 results
1 Conclusion Accepted
Eighth Report: Economic impact of …
In the first half of this year the UK suffered its worst recession in modern...
In the first half of this year the UK suffered its worst recession in modern history. The latest GDP figures suggest a bounce back has begun. But the path of the economy does not only depend on the course of … Read more
Government Response
The government acknowledges the committee's observation by outlining the extensive ongoing support packages, including extending the Coronavirus Job Retention Scheme and various loan schemes, stating that protecting jobs and livelihoods has been its economic priority.
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2 Conclusion Accepted
Eighth Report: Economic impact of …
Consumption is returning following the lifting of Government restrictions.
Consumption is returning following the lifting of Government restrictions. However, continued consumer caution around re-engaging with the economy, the prospect of more localised outbreaks and a second wave are dampening a full recovery to pre- pandemic levels of consumer spending. … Read more
Government Response
The government acknowledges the report and details its ongoing economic priority to protect jobs and livelihoods through over £200 billion in support. It outlines extensions to schemes like the Coronavirus Job Retention Scheme until March 2021 and various loan schemes until January 2021, along with adjustments to allow loan top-ups.
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3 Recommendation Acknowledged
Eighth Report: Economic impact of …
The Chancellor was right to begin stimulating consumption at the time of the Chancellor’s Plan...
The Chancellor was right to begin stimulating consumption at the time of the Chancellor’s Plan for Jobs, especially in the hospitality and tourism sector, to ensure these businesses, often reliant on summer months, did not start cutting jobs. However the … Read more
Government Response
The government acknowledged the need to consider additional measures, stating it is continuing to monitor consumer spending trends and that its economic response will evolve and adapt as needed, without committing to specific new actions.
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4 Conclusion Accepted
Eighth Report: Economic impact of …
We believe the Chancellor was right to start measures to combat long term unemployment in...
We believe the Chancellor was right to start measures to combat long term unemployment in July. Rising unemployment becoming structural and permanent is a critical risk arising from the crisis.
Government Response
The government highlighted the successful implementation of the Kickstart scheme, detailing the vital role of almost 500 registered gateway organisations in assisting smaller employers. They committed to continuing to respond and adapt the scheme to ensure maximum impact for employers and young people.
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5 Recommendation Acknowledged
Eighth Report: Economic impact of …
As the crisis moves beyond full lock-down, it is important to effectively target assistance to...
As the crisis moves beyond full lock-down, it is important to effectively target assistance to those businesses and individuals who need it. The ability of labour to move from sector to sector will not be a painless process and will … Read more
Government Response
The government acknowledges its commitment to levelling up, citing ongoing work like establishing a Public Value Framework, developing priority outcomes, reviewing the Green Book, and relocating civil service roles, but does not specifically detail a plan for managing the transition to mitigate the crisis and prevent further inequalities as requested.
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6 Recommendation Accepted
Eighth Report: Economic impact of …
A large proportion of businesses in sectors such as hospitality and leisure that are suffering...
A large proportion of businesses in sectors such as hospitality and leisure that are suffering most from social distancing may still have a viable long-term future at the end of October. It is not clear to us that the Job … Read more
Government Response
The government extended the Coronavirus Job Retention Scheme until March 2021 and introduced new targeted grants of up to £3,000 per month for businesses forced to close due to new restrictions. They also provided backdated grants for hospitality/leisure sectors and £1.1 billion funding to local authorities.
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7 Recommendation Accepted
Eighth Report: Economic impact of …
It is vital that workers made redundant have the opportunity to reskill.
It is vital that workers made redundant have the opportunity to reskill. We heard evidence that the poor reputation of schemes in the 1980s actually reduced participants’ employment prospects. Even though the Treasury is unlikely to be responsible for delivering … Read more
Government Response
The government agreed with the recommendation to monitor and evaluate reskilling schemes, committing to establish a framework for gathering evidence and evaluating programmes as part of the Spending Review process.
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8 Conclusion Accepted
Eighth Report: Economic impact of …
The Government also needs to make sure that the requirement for employers interested in offering...
The Government also needs to make sure that the requirement for employers interested in offering fewer than 30 Kickstart roles to apply through a representative organisation does not make the scheme inaccessible to SMEs and charities.
Government Response
The government highlights that gateway organisations are already in place and play a vital role in making the Kickstart scheme accessible to smaller employers, with DWP having implemented a new registration system. They state a commitment to continue adapting the scheme for maximum impact.
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9 Recommendation Acknowledged
Eighth Report: Economic impact of …
The crisis has hit different groups of people unequally.
The crisis has hit different groups of people unequally. It is also likely that the differences in hours of paid work carried out between men and women observed during the lockdown may lead to a widening of the gender pay … Read more
Government Response
The government states it will "consider" publishing an updated distributional analysis at an appropriate point but outlines challenges in producing it for wider characteristics. For the request to include unemployment rates, they note that the Office for National Statistics already publishes this data by various protected characteristics.
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10 Recommendation Accepted in Part
Eighth Report: Economic impact of …
The Government has raised Universal Credit and made it easier to access.
The Government has raised Universal Credit and made it easier to access. However these changes are time-limited for a year. The Government should consider extending the measures increasing the generosity and accessibility of Universal Credit put in place in March … Read more
Government Response
The government states that the £20 increase in Universal Credit will continue until April 2021, partially addressing the call for extended generosity. However, it only references existing enhanced Statutory Sick Pay provisions rather than committing to conducting a study on its adequacy and eligibility.
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11 Conclusion Accepted
Eighth Report: Economic impact of …
It remains unclear how the Government expects businesses to pay back loans in the future.
It remains unclear how the Government expects businesses to pay back loans in the future. The crisis and the lockdown of the economy meant that businesses have largely forgone revenue which many are unlikely to make up in the future … Read more
Government Response
The government responded by detailing the Pay as you Grow initiative, which offers businesses flexibility in repaying Bounce Back Loans, including extended repayment terms up to 10 years, interest-only options, or payment pauses.
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12 Recommendation Rejected
Eighth Report: Economic impact of …
We are concerned that there may be a significant lack of capacity and willingness for...
We are concerned that there may be a significant lack of capacity and willingness for the private sector to step in to provide solutions for corporate indebtedness especially amongst small and medium-sized enterprises (SMEs). Viable SMEs struggling with debt will … Read more
Government Response
The government rejects the recommendation to outline a plan for recapitalising SME balance sheets, stating that accredited lenders, not the government, are best placed to support borrowers with government-guaranteed loans. They have considered the proposed interventions but maintain their view.
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13 Recommendation Deferred
Eighth Report: Economic impact of …
The Treasury should evaluate whether there needs to be a new state body or a...
The Treasury should evaluate whether there needs to be a new state body or a remodelling of the British Business Bank, to provide loans at speed in a crisis if required, and to also play a part in recapitalising businesses … Read more
Government Response
The government notes the British Business Bank's key role in the COVID-19 response and states it will consider lessons learned from this experience to inform future recovery phases. It also describes existing mechanisms for supporting strategically important companies.
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14 Conclusion Deferred
Eighth Report: Economic impact of …
One legacy of the crisis will be a sharp rise in the level of public...
One legacy of the crisis will be a sharp rise in the level of public debt and, possibly, an ongoing rise in borrowing. This has been and will be necessary to contain the economic damage from Coronavirus and does not … Read more
Government Response
The government acknowledges the need to ensure the long-term health of public finances but defers setting out a detailed roadmap or revised fiscal framework until "in due course," as the economic and fiscal outlook becomes clearer.
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15 Recommendation Deferred
Eighth Report: Economic impact of …
The Chancellor should, at the next fiscal event, set out an initial roadmap of how...
The Chancellor should, at the next fiscal event, set out an initial roadmap of how he intends to place Government finances on a sustainable footing. The milestones on that roadmap will need to be flexible—tax increases imposed too early are … Read more
Government Response
The government acknowledges the need to ensure the long-term health of public finances but defers setting out a detailed roadmap or revised fiscal framework until "in due course," as the economic and fiscal outlook becomes clearer.
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16 Recommendation Accepted
Eighth Report: Economic impact of …
In order to prevent “levelling up” becoming an empty slogan, the Government should produce a...
In order to prevent “levelling up” becoming an empty slogan, the Government should produce a strategy underpinning it that defines clear objectives and includes the indicators it will use to gauge success at the next fiscal event. The Government needs … Read more
Government Response
The government is committed to levelling up and is currently developing a new Public Value Framework to link departmental spending to outcomes, defining medium- to long-term priority outcomes and metrics for success, as announced at Budget 2020. They are also reviewing the Green Book and relocating 22,000 civil service roles by 2030.
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17 Conclusion Deferred
Eighth Report: Economic impact of …
We welcome initiatives by the ONS to improve the quality of its regional data, for...
We welcome initiatives by the ONS to improve the quality of its regional data, for instance by producing quarterly regional GDP figures. The Treasury publishing regional data in its March Budget is also a good first step towards increasing the … Read more
Government Response
The government clarifies that the OBR's mandate is primarily national, as defined by the Budget Responsibility and National Audit Act 2011, though it undertakes some sub-national work. This implies that a broader role in monitoring "levelling up" is outside its remit.
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18 Recommendation Not Addressed
Eighth Report: Economic impact of …
The Treasury and the OBR should consider raising the profile of regional data in their...
The Treasury and the OBR should consider raising the profile of regional data in their publications. We also recommend that the Bank of England develop their datasets from their Regional Agents network and Decision Maker panel and endeavour to highlight … Read more
Government Response
The government response copies the recommendation text but only addresses the Bank of England's part, stating the Bank will consider whether more regional data could be published. It does not address the recommendations for the Treasury and OBR to raise the profile of regional data or to review their remits.
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19 Recommendation Accepted
Eighth Report: Economic impact of …
We call on the Government to throw its diplomatic weight behind the global community in...
We call on the Government to throw its diplomatic weight behind the global community in investing in public health systems in developing countries; ensuring that testing, treatment and a vaccine when developed is made as widely available Economic impact of … Read more
Government Response
The government confirms support for vulnerable countries with over £1 billion aid, championed the Debt Service Suspension Initiative, committed £150 million to the IMF's CCRT, pledged a £2.2 billion loan to the PRGT, and committed £1 billion for global COVID-19 vaccine access for low and middle-income countries.
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20 Recommendation Not Addressed
Eighth Report: Economic impact of …
Local authorities are critical in responding to local outbreaks effectively.
Local authorities are critical in responding to local outbreaks effectively. In the forthcoming Spending Review or budget process, local government spending must not be treated as a residual and must be costed based on the submissions put forward by local … Read more
Government Response
The government response provides a general update on its economic support measures during the pandemic, including extensions to the Coronavirus Job Retention Scheme and business loan schemes, but does not address the specific recommendation regarding local government spending and its costing in future reviews.
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21 Recommendation Not Addressed
Eighth Report: Economic impact of …
The Government should as soon as possible set out in a public document the type...
The Government should as soon as possible set out in a public document the type of support available to local authorities in the event of a localised lock-down and how it will work with local authorities to support local businesses.
Government Response
The government provided a general update on national support packages, including the extension of the CJRS and various loan schemes, following new national restrictions. However, it did not specifically set out a public document on support available to local authorities in localised lockdowns or explain how it would work with them.
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22 Conclusion Not Addressed
Eighth Report: Economic impact of …
It is too simplistic to say that a compulsory lockdown is a trade-off between the...
It is too simplistic to say that a compulsory lockdown is a trade-off between the people’s health and the economy. The very presence of the virus, and how people respond to it regardless of what the Government mandates, has an … Read more
Government Response
The government response details its general economic support package during the pandemic, including extensions to the Coronavirus Job Retention Scheme and loan schemes, but does not engage with the committee's nuanced observation on the trade-offs and impacts of lockdowns.
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23 Recommendation Not Addressed
Eighth Report: Economic impact of …
When it imposes and removes social restrictions, the Government needs to be as clear as...
When it imposes and removes social restrictions, the Government needs to be as clear as possible that a) there are harms in restrictions and there is a trade-off between these harms and the harms of the virus spreading; and b) … Read more
Government Response
The government response details its general economic support measures, including extensions to the Coronavirus Job Retention Scheme and business loan schemes, but does not address the recommendation about being clearer on the harms and trade-offs of social restrictions and how decisions are balanced.
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24 Conclusion Not Addressed
Eighth Report: Economic impact of …
It is notable that the synchronisation of the OBR’s analysis and the Government’s announcements appears...
It is notable that the synchronisation of the OBR’s analysis and the Government’s announcements appears to have been challenged in the crisis. The OBR scenario analysis undertaken in the Fiscal Sustainability Report did not include the Government’s measures in its … Read more
Government Response
The government's response did not address the committee's observation regarding the synchronisation challenges between OBR analysis and government announcements during the crisis. Instead, it discussed the OBR's mandate and the risks of expanding its responsibilities.
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25 Recommendation Acknowledged
Eighth Report: Economic impact of …
We suggest that by the next fiscal event the Treasury clarifies its relationship with the...
We suggest that by the next fiscal event the Treasury clarifies its relationship with the OBR, in particular what the process is for declaring a Treasury announcement to be a fiscal event requiring an OBR economic and fiscal forecast.
Government Response
The government acknowledged the recommendation, describing the existing independent role of the OBR in forecasting and their joint macroeconomic model, but did not commit to new clarification on the process for declaring a fiscal event.
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26 Recommendation Rejected
Eighth Report: Economic impact of …
The Treasury’s macroeconomic forecasting ability appears to have eroded since the formation of the OBR.
The Treasury’s macroeconomic forecasting ability appears to have eroded since the formation of the OBR. The Treasury needs to maintain sufficient forecasting capacity outside the OBR so that it can ensure that it can adapt policy responses rapidly to an … Read more
Government Response
The government rejected the recommendation, stating that the Treasury does not produce its own macroeconomic forecasts and instead relies on independent forecasts from the OBR, Bank of England, ONS data, and external sources for policy advice.
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27 Conclusion Acknowledged
Eighth Report: Economic impact of …
We are concerned about the implications of the pandemic for insurance, given that businesses will...
We are concerned about the implications of the pandemic for insurance, given that businesses will need the confidence that insurance cover provides if they are to resume normal activities. (Paragraph 184) 58 Economic impact of coronavirus: the challenges of recovery Read more
Government Response
The government acknowledged concerns about pandemic insurance cover, stating HM Treasury is working closely with insurers, trade bodies, and regulators to understand how the sector can help businesses and to learn lessons for potential future pandemics, while monitoring solvency.
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28 Recommendation Accepted
Eighth Report: Economic impact of …
The Treasury should consider whether Government intervention is required to support the insurance industry in...
The Treasury should consider whether Government intervention is required to support the insurance industry in finding a solution for pandemic insurance cover; and whether such support would be an effective use of public money. We also recommend that the Treasury … Read more
Government Response
The Treasury is actively working with insurers and regulators to understand future pandemic insurance needs and to learn lessons. It also remains in close contact with the Prudential Regulation Authority to monitor the solvency of the insurance sector and will take all necessary steps to maintain financial stability following the test case judgment.
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29 Recommendation
Eighth Report: Economic impact of …
The Government must be willing to be flexible, even on manifesto commitments, in response to...
The Government must be willing to be flexible, even on manifesto commitments, in response to the crisis. Lifting the Triple Lock on pensions next year is a sensible proposal and should be carefully considered.
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30 Recommendation Acknowledged
Eighth Report: Economic impact of …
One of the clear strengths of the Treasury’s response in the initial stages of the...
One of the clear strengths of the Treasury’s response in the initial stages of the crisis has been its willingness to listen and adjust its policies in response to feedback. However, we are disappointed in its refusal to implement recommendations … Read more
Government Response
The government states it remains alert and ready to adapt its approach, continuing to monitor trends and ensuring its economic response evolves to provide necessary support, aligning with the call for continued flexibility.
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1 Conclusion Acknowledged
Eleventh Report - Economic impact …
Though the structure of the UK economy makes it potentially more vulnerable to the present...
Though the structure of the UK economy makes it potentially more vulnerable to the present shock, the Committee notes that comparisons with other countries’ GDP may also be affected by differing measurement methodologies. We therefore caution against over-reliance on the … Read more
Government Response
The government acknowledged the committee's caution regarding over-reliance on GDP comparisons by stating that the Budget featured a commentary on international comparisons of economic performance and GDP measurement issues.
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2 Recommendation Accepted
Eleventh Report - Economic impact …
We recommend that the Treasury and the Office for Budget Responsibility provide a commentary at...
We recommend that the Treasury and the Office for Budget Responsibility provide a commentary at the time of the Budget on GDP measurement issues and the implications that these measurement issues have for comparisons between the UK and other countries. … Read more
Government Response
The government accepted the recommendation, stating that it had already provided a commentary on GDP measurement issues and international comparisons in pages 11 and 12 of the Budget document.
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3 Conclusion Accepted
Eleventh Report - Economic impact …
Given the economic outlook, we believe that the Government was right to extend both the...
Given the economic outlook, we believe that the Government was right to extend both the Coronavirus Job Retention Scheme and the Self-employment Income Support Scheme to the end of April 2021. However, given the extended duration of restrictions, we believe … Read more
Government Response
The government stated it had already extended the CJRS and SEISS until September, beyond the April 2021 date mentioned, to address the ongoing economic challenges, highlighting the schemes' success and reach.
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4 Recommendation Accepted
Eleventh Report - Economic impact …
The 2019–20 self-assessment income tax returns will provide the Government with additional information that could...
The 2019–20 self-assessment income tax returns will provide the Government with additional information that could allow it to provide support to those who need it but have so far not received it. We therefore strongly urge the Treasury to use … Read more
Government Response
The government accepted the recommendation, announcing that HMRC will use 2019-20 tax returns for the fourth and fifth SEISS grants, potentially allowing over 600,000 newly self-employed individuals to claim support.
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5 Conclusion Rejected
Eleventh Report - Economic impact …
By conspicuously leaving out a large proportion of limited company directors from support altogether, we...
By conspicuously leaving out a large proportion of limited company directors from support altogether, we are concerned that the Government is sending out the wrong message—that it is not adequately supporting entrepreneurs and employers, who have suffered significantly from a … Read more
Government Response
The government responded to concerns about the exclusion of limited company directors by explaining that difficulties in identifying eligible individuals and high fraud risks prevent broader support through schemes like SEISS, while noting other available business support.
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6 Recommendation Accepted
Eleventh Report - Economic impact …
When responding to this report, the Treasury should provide an assessment of the level of...
When responding to this report, the Treasury should provide an assessment of the level of fraud which it believes would arise from the implementation of the DISS scheme.
Government Response
The government provided a draft assessment indicating that the DISS scheme could have a wide error and fraud range, potentially as high as 20%.
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7 Recommendation Rejected
Eleventh Report - Economic impact …
We question whether the Treasury could do more to investigate how to mitigate the fraud...
We question whether the Treasury could do more to investigate how to mitigate the fraud risks inherent in the DISS scheme and similar schemes, and whether the levels of fraud risk merit the Treasury’s position of not providing any support … Read more
Government Response
The government rejected the recommendation to develop new support measures for limited company directors, citing significant difficulties in accurately identifying eligible individuals from HMRC data, high fraud risks associated with self-certification, and the availability of other business support schemes.
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8 Conclusion Rejected
Eleventh Report - Economic impact …
Although we acknowledge the Chancellor’s intention to target the SEISS at those who are most...
Although we acknowledge the Chancellor’s intention to target the SEISS at those who are most dependent on self-employed income, not all of them would have access to the Coronavirus Job Retention Scheme, as we pointed out in our first report … Read more
Government Response
The government defended its SEISS eligibility criteria, particularly the 50% self-employed income test, stating it is designed to target support at those most in need and citing data on other income sources for those who do not qualify.
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9 Recommendation Rejected
Eleventh Report - Economic impact …
We believe that the Government should reconsider the 50 per cent limit in the eligibility...
We believe that the Government should reconsider the 50 per cent limit in the eligibility criteria for the fourth tranche of the SEISS grant so that those who derive less than half of their income through self-employment can receive some … Read more
Government Response
The government rejected the recommendation to reconsider the 50% income limit for SEISS eligibility, stating the design aims to target those most in need and noting that stakeholders had initially supported an even higher threshold.
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10 Recommendation Rejected
Eleventh Report - Economic impact …
There is a striking inconsistency between the way the Government is treating employees earning more...
There is a striking inconsistency between the way the Government is treating employees earning more than £50,000 a year and those who are self-employed and have trading profits above £50,000 a year. Whereas those who are employed can receive support … Read more
Government Response
The government rejects the implicit recommendation to remove the £50,000 cap or introduce a taper for SEISS, stating it is not proportionate due to complexity and the small number of potential beneficiaries, and that SEISS and CJRS are fundamentally different schemes.
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11 Recommendation Rejected
Eleventh Report - Economic impact …
We reiterate our recommendation from our first report in this inquiry that the Government must...
We reiterate our recommendation from our first report in this inquiry that the Government must tackle the cliff edge that exists in the design of the SEISS by removing the £50,000 cap and allowing those with profits just over this … Read more
Government Response
The government rejects the recommendation to remove the £50,000 cap and introduce a taper for SEISS, stating it is not proportionate due to the complexity of administration and the relatively small number of people who would benefit.
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12 Recommendation Accepted in Part
Eleventh Report - Economic impact …
The Treasury should in its response to this report provide: • the number of people...
The Treasury should in its response to this report provide: • the number of people with self-employed income as their main source of income in the 2019–20 financial year; • the proportion of the self-employed who had more than £50,000 … Read more
Government Response
The government provides partial data, giving statistics for 2018-19 and up to October 2020 for some points, and notes when SEISS statistics are updated, but states it does not have an assessment of the costs for implementing the committee's recommendations.
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13 Conclusion Acknowledged
Eleventh Report - Economic impact …
The first version of the SEISS scheme had to be rolled out at speed in...
The first version of the SEISS scheme had to be rolled out at speed in March
Government Response
The government acknowledges the committee's observation on the early rollout of SEISS/CJRS and notes its previous decision to extend support, further extending both schemes until September and detailing a wide range of other ongoing support measures.
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14 Recommendation Rejected
Eleventh Report - Economic impact …
We recognise that it may not have been possible for the Government to help all...
We recognise that it may not have been possible for the Government to help all those who have fallen through the cracks of the support schemes. However, we are disappointed that the Government has so far shown no inclination to … Read more
Government Response
The government stated it had explored alternative support models, including Northern Ireland's Directors' scheme, but concluded they were not viable due to higher fraud risks and practical issues with identifying eligible populations.
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15 Conclusion Accepted
Eleventh Report - Economic impact …
We are disappointed at the lack of analysis provided by the Treasury, despite such analysis...
We are disappointed at the lack of analysis provided by the Treasury, despite such analysis being referenced in the SAGE minutes. Without it, the impression is that the Government is making important decisions without proper regard to all their impacts, … Read more
Government Response
The government acknowledges the concern about economic analysis and asserts that it has published a significant amount of analysis on the health, economic, and social impacts of COVID-19, including analysis underpinning the Roadmap out of lockdown, and has commissioned advice from SAGE.
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16 Recommendation Accepted
Eleventh Report - Economic impact …
We call on the Treasury to be more transparent about the economic analysis which it...
We call on the Treasury to be more transparent about the economic analysis which it undertakes to inform Government decisions in the fight against coronavirus and to publish any such analysis in a timely manner. The House should not be … Read more
Government Response
The government claims it has already published a significant amount of analysis on the health, economic, and social impacts of COVID-19 and public health measures, including for the Roadmap, and commissioned advice from SAGE.
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17 Recommendation Acknowledged
Eleventh Report - Economic impact …
We agree with the Treasury that epi-macro modelling relies on assumptions which may not be...
We agree with the Treasury that epi-macro modelling relies on assumptions which may not be supported by extensive data sets. Nevertheless, we believe it would be a useful exercise for the Treasury to undertake epi-macro modelling to better understand the … Read more
Government Response
The government acknowledges the committee's view on epi-macro modelling, stating it has studied academic literature and benefited from discussions with experts, and that decisions are based on health, economic, and social impacts, and SAGE advice.
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18 Conclusion Not Addressed
Eleventh Report - Economic impact …
The Treasury’s analysis has been criticised for not providing modelling of the alternative to lockdowns.
The Treasury’s analysis has been criticised for not providing modelling of the alternative to lockdowns. There is evidence to suggest that in the absence of lockdown, people would have socially distanced to a large extent through fear of viral transmission … Read more
Government Response
The government provides a general statement about its approach to economic analysis and decision-making regarding COVID-19, but does not specifically address the committee's point about modelling alternatives to lockdowns or the costs of voluntary social distancing.
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19 Recommendation Accepted
Eleventh Report - Economic impact …
We strongly urge the Treasury to provide rigorous analysis of future policy choices which quantifies...
We strongly urge the Treasury to provide rigorous analysis of future policy choices which quantifies the harms and benefits of each of the plausible range of alternative policies. It has always been considered a good practice to publish an impact … Read more
Government Response
The government states it has already taken decisions based on health, economic, and social impacts, studied academic literature, and published significant analysis throughout the pandemic, including for the Roadmap.
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20 Conclusion Accepted
Eleventh Report - Economic impact …
While death rates from coronavirus are high, the rationale for Government decisions on social restrictions...
While death rates from coronavirus are high, the rationale for Government decisions on social restrictions is well understood by the public. As the vaccines roll-out proceeds and death rates fall, Government decisions on whether or not to lift restrictions will … Read more
Government Response
The government asserts that it already makes decisions based on the health, economic, and social impacts of COVID-19, utilizing academic literature and SAGE advice to inform its policies and the Roadmap out of lockdown.
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21 Conclusion Accepted
Eleventh Report - Economic impact …
After almost a year of restrictions on social and economic activity, the general public and...
After almost a year of restrictions on social and economic activity, the general public and the business sector need confidence that the Government has as clear and as certain a route out of the crisis as possible.
Government Response
The government states that since the report, it has published its roadmap for the economy's cautious reopening and announced the Budget, which together aim to provide the necessary security and certainty to the public and businesses.
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22 Recommendation Accepted
Eleventh Report - Economic impact …
We recommend that in order to provide some certainty to businesses, as well as to...
We recommend that in order to provide some certainty to businesses, as well as to the general public, the forthcoming Government plan for taking the country out of lockdown should set out criteria of how and when it will lift … Read more
Government Response
The government states that since the report, it has published its roadmap for reopening the economy, fulfilling the recommendation to provide a plan for lifting restrictions, and also announced the Budget for economic support.
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23 Recommendation Accepted
Eleventh Report - Economic impact …
It is vital that economists work together with epidemiologists and health experts to make decisions...
It is vital that economists work together with epidemiologists and health experts to make decisions on social restrictions, and that the output of their work should be made public. We propose that the Government use a more multi-disciplinary approach to … Read more
Government Response
The government states it has already taken decisions based on multi-disciplinary factors (health, economic, social) and published significant analysis, including commissioning SAGE advice, to inform its COVID-19 response.
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24 Recommendation Not Addressed
Eleventh Report - Economic impact …
We strongly believe that the Treasury needs to retain greater modelling capacity outside the OBR,...
We strongly believe that the Treasury needs to retain greater modelling capacity outside the OBR, so that it can model the implications of different policies. It should also ensure that it has sufficient capacity to modify or use new types … Read more
Government Response
The government provides a general description of its existing approach to economic analysis, including studying academic literature and commissioning SAGE advice, but does not address the specific recommendation to produce a policy document on its independent modelling capacity.
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Government Response AI assessment · 53 of 35 classified
Accepted 21
Accepted in Part 2
Acknowledged 9
Deferred 4
Not Addressed 8
Rejected 9
Total 35 recs + 19 conclusions
Correspondence 51 letters
14 Apr 2021 Correspondence from the Chief Secretary to HM Treasury, relating to procurement during the pandemic
Parliament page
17 Feb 2021 To committee Letter from the Association of Chartered Certified Accountants (ACCA), relating to gaps in support, dated 3 February 2021
Parliament page
10 Feb 2021 From committee Letter to Chair from Jonathan Athow, Office for National Statistics, regarding the comparability of GDP figures between countries, dated 1 February 2021
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8 Feb 2021 From committee Letter to Chair from Caroline Miskin, Technical Manager (Practitioner Support), ICAEW Tax Faculty, following up from oral evidence, dated 22 January 2021
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3 Feb 2021 To committee Letter from Chair to Tom Scholar regarding economic analysis and gaps in support, dated 11 January 2021
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3 Feb 2021 To committee Response from Tom Scholar to Chair regarding economic analysis and gaps in support, dated 26 January 2021
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21 Oct 2020 To committee Letter from the Chancellor relating to the expansion of the Job Support Scheme, dated 9 October 2020
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16 Sep 2020 To committee Letter from the Chancellor of the Exchequer relating to follow-up from the evidence session on 15 July, dated 13 August 2020
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4 Sep 2020 To committee Letter from the Chancellor of the Exchequer re Committee session on 15 July 2020
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1 Sep 2020 To committee Letter from the Office for National Statistics regarding the economic impact of coronavirus, 28 April 2020
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23 Jul 2020 Correspondence from Steve Baker MP to the Chancellor following the Committee’s evidence session, dated 21 July 2020
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21 Jul 2020 To committee Letter from the Chancellor of the Exchequer re local lockdown in Leicester, dated 15 July 2020
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15 Jul 2020 Correspondence from Chancellor relating to changes to Stamp Duty Land Tax, dated 7 July 2020
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15 Jul 2020 Correspondence from Chancellor relating to responses to correspondence from MPs, dated 6 July 2020
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9 Jul 2020 To committee Letter from the Prime Minister to Chair relating to COVID-19, dated 16 June 2020
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9 Jul 2020 To committee Letter from Governor of the Bank of England relating to the Treasury Committee oral evidence session on 20 May, dated 29 June 2020
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8 Jul 2020 Chancellor Response regarding COVID19 tests by employers
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7 Jul 2020 To committee Letter from Chair of TSC to Chancellor re COVID-19 tests by employers- taxable benefit in kind
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7 Jul 2020 To committee Letter from Jon Moulton to Chair relating to Future Fund, dated 22 June 2020
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1 Jul 2020 To committee Letter from Chair to Chancellor regarding local lockdowns, dated 1 July 2020
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30 Jun 2020 To committee Letter from Chair of TSC to Governor relating to TSC oral evidence session on 20 May 2020, dated 10 June 2020
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15 Jun 2020 To committee Letter from the Chancellor of the Exchequer relating to Covid Lending Data, dated 5 June
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10 Jun 2020 To committee Letter from HM Treasury following the Treasury Committee evidence session on 29 April, dated 22 May 2020
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9 Jun 2020 Correspondence from Jim Harra to the Chair re the number of people who had self-employed income
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20 May 2020 To committee Letter from Chief Executive of Barclays UK relating to Bounce Back Loan Scheme (BBLS) website, dated 12 May 2020
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20 May 2020 FCA response to Covid-19 Inquiry phase 1 follow-up questions, dated 12 May 2020
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20 May 2020 Additional information received from HMRC, 14 May 2020, following the committee hearing with Jim Harra (HMRC Permanent Secretary and CEO) on 8 April 2020 about coronavirus support schemes and the impacts on HMRC
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5 May 2020 From committee Letter to Chair from HSBC regarding bank lending data
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5 May 2020 From committee Letter to Chair from RBS regarding bank lending data
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5 May 2020 From committee Letter to Chair from Bank of Ireland UK regarding bank lending data
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5 May 2020 To committee Letter from the Chancellor regarding COVID-19 lending data
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5 May 2020 From committee Letter to Chair from Responsible Finance regarding bank lending data
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5 May 2020 Financial Secretary to the Treasury, HM, Treasury, to the Chair, relating to the Independent Loan Charge Review
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5 May 2020 From committee Letter to Chair from Santander regarding bank lending data
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5 May 2020 From committee Letter to Chair from Secure Trust Bank regarding bank lending data
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5 May 2020 To committee Letter from Stephen Jones, CEO, UK Finance to the Chair, relating to data on lending through the various government loan guarantee schemes, dated 23 April
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5 May 2020 From committee Letter to Chair from Starling Bank regarding bank lending data
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5 May 2020 Email to Committee from Newable Limited regarding bank lending data
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5 May 2020 From committee Letter to Chair from Cynergy Bank regarding bank lending data
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5 May 2020 Email to Committee from the Coventry and Warwickshire Reinvestment Trust regarding bank lending data
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5 May 2020 Jim Harra, Chief Executive and First Permanent Secretary, HMRC, to the Chair, relating to Independent Review of analytical and quality assurance processes underpinning HMRC’s Official Statistics
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5 May 2020 To committee Letter from the British Business Bank regarding bank lending data
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5 May 2020 To committee Letter from Chair to Stephen Jones, CEO, UK Finance, relating to data on lending through the various government loan guarantee schemes, dated 30 April
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5 May 2020 From committee Letter to Chair from Virgin Money regarding bank lending data
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5 May 2020 From committee Letter to Chair from Funding Circle regarding bank lending data
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4 May 2020 From committee Letter to Chair from Metro Bank regarding bank lending data
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30 Apr 2020 To committee Letter from Chancellor of the Exchequer, relating to COVID-19 interventions, dated 6 April 2020
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30 Apr 2020 To committee Letter from the Financial Secretary relating to the delay of the reform to the off-payroll working rules, dated 18 March 2020
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30 Apr 2020 To committee Letter from the Chancellor of the Exchequer, relating to the creation of the Coronavirus Large Business Interruption Loan Scheme, dated 3 April 2020
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30 Apr 2020 Further summary of evidence to the Economic impact of Coronavirus inquiry
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30 Apr 2020 Chair to the Chancellor of the Exchequer, relating to issues raised in written evidence to the Committee, dated 8 April 2020
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