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
4 results
Clear
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.
HM Treasury
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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.
HM Treasury
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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.
HM Treasury
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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.
HM Treasury
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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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