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
8 results
Clear
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.
HM Treasury
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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.
HM Treasury
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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.
HM Treasury
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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.
HM Treasury
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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.
HM Treasury
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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.
HM Treasury
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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.
HM Treasury
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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.
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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