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
10 results
Clear
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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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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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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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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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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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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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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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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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
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17 Feb 2021 To committee Letter from the Association of Chartered Certified Accountants (ACCA), relating to gaps in support, dated 3 February 2021
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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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