Fourth Report - Jobs, growth and productivity after coronavirus
Select Committee
Treasury Committee
HC 139
13 July 2022
Recommendations
1 results
5
Accepted
Para 44
In its response to this Report, the Treasury should set out how it is making...
Recommendation
In its response to this Report, the Treasury should set out how it is making the Plan for Growth an effective successor to the Industrial Strategy, given that it is not taking on additional resources for this purpose, and in …
Read more
Government Response Summary
The government states that the Plan for Growth is an overarching framework which helps to support a whole-Government approach to delivering long-term growth, and outlines processes already in place.
HM Treasury
View Details
Conclusions (5) Observations and findings — click to expand
2
Conclusion
Accepted
Para 24
Although witnesses were generally in agreement with the broad aims and priorities in the Plan for Growth, there was some dissatisfaction in both written and oral evidence with other aspects. It was suggested that there was a lack of detail and a lack of collaboration with businesses and regional bodies, …
Government Response Summary
The government states that the Plan for Growth is an overarching framework which helps to support a whole-Government approach to delivering long-term growth, and outlines processes already in place.
3
Conclusion
Accepted
Para 32
We are concerned at the abolition of, and the lack of a replacement for, the Industrial Strategy Council, which provided oversight and evaluation of the Government’s growth strategy, and a suite of detailed metrics against which to judge the success of growth policies. The Council was a force for consistency …
Government Response Summary
The Plan for Growth is an overarching framework which helps to support a whole-Government approach to delivering long-term growth, and progress is measured through Outcome Delivery Plans (ODP) with departments reporting their progress to Cabinet Office and HM Treasury on a quarterly basis.
4
Conclusion
Accepted
Para 43
The Government as a whole is spending a large amount of money and time on devising growth strategies and policies. It is important to have a robust, overarching strategy for this that drives co-ordination across departments. This function may well sit best in the Treasury. However, it is unclear to …
Government Response Summary
The government states that the Plan for Growth is an overarching framework which helps to support a whole-Government approach to delivering long-term growth, and outlines processes already in place.
6
Conclusion
Accepted
We do not believe that the Plan for Growth should necessarily be discontinued, let alone the Industrial Strategy revived, as another wholesale change in policy would exacerbate the lack of long termism and consistency in policymaking. Nonetheless, there needs to be a renewed effort at a co-ordinated growth strategy across …
Government Response Summary
The Plan for Growth is an overarching framework which helps to support a whole-Government approach to delivering long-term growth, and progress is measured through Outcome Delivery Plans (ODP) with departments reporting their progress to Cabinet Office and HM Treasury on a quarterly basis.
13
Conclusion
Accepted
The target to spend 2.4 per cent of GDP on research and development (R&D) is an important aspect of growth policy. We re-iterate our disappointment over the pushing-back of the target to spend £22 billion of public money on R&D and continue to warn against any further slippage. (Paragraph 105) …
Government Response Summary
Government spending on R&D will increase to £20 billion a year by 2024–25, a cash increase of around a third compared to 2021–22.