UK Inquiry Tracker

Jobs, growth, and productivity after coronavirus

Treasury Committee Closed Inquiry

Opened: 1 Apr 2021 Closed: 7 Feb 2023 Parliament page

This inquiry will examine how the Government can reduce the impact of the Covid-19 pandemic on economic growth and employment rates. It will look at: What difference government policy can make to economic growth Why the UK’s productivity growth is persistently weak How successful the Government’s response to the pandemic … Read more

7 Recommendations

10 Conclusions

1 Report

4 Letters

6 Events

Activity timeline 12 events

1 Dec
2022

Report published

Third Special Report - Jobs, growth and productivity after coronavirus: Government response to the Committee’s Fourth Report

24 Nov
2022

Correspondence

Correspondence from the Exchequer Secretary to the Treasury relating to the Committee’s report on ‘Jobs, growth and productivity after coro…

24 Nov
2022

Correspondence

Correspondence from the Chair to the Exchequer Secretary to the Treasury relating to the Committee’s report on ‘Jobs, growth and productivi…

23 Nov
2022

Correspondence

Correspondence from the Chair to the Exchequer Secretary to the Treasury relating to the Committee’s report on ‘Jobs, growth and productivi…

23 Nov
2022

Correspondence

Correspondence from the Exchequer Secretary to the Treasury relating to the Committee’s report on ‘Jobs, growth and productivity after coro…

13 Jul
2022

Report published

Fourth Report - Jobs, growth and productivity after coronavirus

11 May
2022

Formal meeting (oral evidence session) · Room 8, Palace of Westminster

Committee event

7 Feb
2022

Formal meeting (oral evidence session) · Room 8, Palace of Westminster

Committee event

13 Dec
2021

Formal meeting (oral evidence session) · Room 15, Palace of Westminster

Committee event

20 Oct
2021

Formal meeting (oral evidence session) · Room 16, Palace of Westminster

Committee event

20 Sep
2021

Formal meeting (oral evidence session) · Room 15, Palace of Westminster

Committee event

12 Jul
2021

Formal meeting (oral evidence session) · Virtual meeting

Committee event

Reports 1 report · click to expand

Title	HC No.	Published	Items	Response
Fourth Report - Jobs, growth and productivity after coronavirus	HC 139	13 Jul 2022	17	Responded

Recommendations & Conclusions

1 result

17 Conclusion Not Addressed

Fourth Report - Jobs, growth and p…

The key points made by witnesses on macroeconomic policy issues were: • Global energy prices...

The key points made by witnesses on macroeconomic policy issues were: • Global energy prices and supply chain disruptions arising from the pandemic are the main factors behind the outbreak of inflation. But second-round effects, in the form of inflation … Read more The key points made by witnesses on macroeconomic policy issues were: • Global energy prices and supply chain disruptions arising from the pandemic are the main factors behind the outbreak of inflation. But second-round effects, in the form of inflation expectations among the public, and domestic factors in the UK, such as a tight labour market, Brexit, and weakness in sterling, could mean that inflation will not go automatically back to the 2 per cent target once energy prices stabilise or fall back. • There were mixed views on whether the Monetary Policy Committee should have raised rates earlier. Some former Monetary Policy Committee members now advocate steeper rises than the current Committee appears to have in mind, and there was concern that the Bank may need to do more to prepare people for the possibility that interest rates rise by more than currently indicated by its forecasts and guidance. Jobs, growth and productivity after coronavirus 65 • Interest rates are currently on a tightening cycle, but there was disagreement in the evidence we received over whether interest rates and inflationary pressures would continue to rise or would return to the low levels of the period between the financial crisis and recession. However, there was a general agreement amongst witnesses that it is desirable to have interest rates away from zero and to have quantitative easing wound down. • There were mixed views on the suitability of the existing 2 per cent inflation target set for the Monetary Policy Committee, but most witnesses felt that it was still suitable. • Witnesses did not express concerns to us about whether the Monetary Policy Committee had acted independently of the Government during and after the pandemic, although some noted the possibility of a perception of such interference. • Some witnesses argued that a looser fiscal policy could have helped lift interest rates off the floor over the period since the financial crisis, and that fiscal policy was too foc Show less

Government Response

The government provides context on the economic situation since the report was published including the impact of global challenges, Putin's invasion of Ukraine, and high energy prices. It notes the high rate of inflation and deteriorating economic outlook.

HM Treasury

View details

Government Response AI assessment · 17 of 7 classified

Accepted 6

Acknowledged 8

Deferred 1

Not Addressed 1

Rejected 1

Total 7 recs + 10 conclusions

Correspondence 4 letters

24 Nov 2022 Correspondence from the Exchequer Secretary to the Treasury relating to the Committee’s report on ‘Jobs, growth and productivity after coronavirus’, dated 23 November

Parliament page

24 Nov 2022 Correspondence from the Chair to the Exchequer Secretary to the Treasury relating to the Committee’s report on ‘Jobs, growth and productivity after coronavirus’, dated 24 November

Parliament page

23 Nov 2022 Correspondence from the Chair to the Exchequer Secretary to the Treasury relating to the Committee’s report on ‘Jobs, growth and productivity after coronavirus’, dated 23 November

Parliament page

23 Nov 2022 Correspondence from the Exchequer Secretary to the Treasury relating to the Committee’s report on ‘Jobs, growth and productivity after coronavirus’, dated 22 November

Parliament page