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1441162

	registered interest
	date	15/03/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Situation
	house id	1
	legislature	25259 pref label House of Commons
	question text	What recent assessment he has made of the strength of the UK economy.
	tabling member constituency	Wallasey
	tabling member printed	Dame Angela Eagle
	uin	906080
	answer	answer is ministerial correction date of answer 15/03/2022 answer text <p>Last year we saw a faster-than-previously-expected economic recovery, with the fastest growth in the G7.</p><p> </p><p>However, the conflict in Ukraine has affected the global economy. The government is closely monitoring developments and the channels which may impact the UK economy. The precise impacts will depend on the size and persistence of any shocks to trade, financial markets, and energy markets, which are highly uncertain.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 15/03/2022 16:41:45 answering member 4051 label Biography information for John Glen
	tabling member	491 label Biography information for Dame Angela Eagle

1399804

	registered interest
	date	05/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Situation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what estimate his Department has made of the size of the economy (a) at the time of the EU referendum on 23 June 2016 (b) on 5 January 2022.
	tabling member constituency	Hendon
	tabling member printed	Dr Matthew Offord
	uin	98263
	answer	answer is ministerial correction date of answer 10/01/2022 answer text The independent Office for National Statistics (ONS) is responsible for measuring the size of the economy. In the second quarter of 2016, the size of the economy as measured by current price – or nominal GDP, was estimated at £502,284 million. The latest data, for the third quarter of 2021 estimate that the size of the economy was £587,198 million. Data for the first quarter of 2022 will be published in May 2022. answering member constituency Salisbury answering member printed John Glen question first answered 10/01/2022 11:14:10 answering member 4051 label Biography information for John Glen
	tabling member	4006 label Biography information for Dr Matthew Offord

1312251

	registered interest
	date	26/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Situation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the effect of the policies of the Wellbeing Economy Governments partnership on the UK's strategy for economic recovery at (a) local, (b) national and (c) global level; and if he will make a statement.
	tabling member constituency	Brighton, Pavilion
	tabling member printed	Caroline Lucas
	uin	187191
	answer	answer is ministerial correction date of answer 29/04/2021 answer text <p>This government has provided an unprecedented package with a cumulative cost of £352 billion to protect people’s jobs and livelihoods and to support businesses and public services across the UK since the start of the pandemic.</p><p> </p><p>The government has consistently erred towards generosity in its support, reflecting the severity of the impact of the pandemic on peoples’ lives.</p><p>To continue to support people on low incomes during the Covid-19 crisis, at Budget the government announced a six-month extension to the temporary £20 per week uplift to the Universal Credit (UC) standard allowance. The government has also announced similar support for eligible Working Tax Credit (WTC) claimants; because of the way the WTC system operates, being provided through a one-off £500 payment in April.</p><p> </p><p>The government's actions to protect lives and livelihoods have been aimed at mitigating the most damaging effects of the pandemic on peoples’ wellbeing, and the government has considered a wide range of data throughout.</p><p> </p><p>This includes National accounts statistics like GDP, which remains one of our most important economic indicators. It is closely correlated with employment, incomes and tax receipts and is comparable across time periods, making it useful for the government and Bank of England when setting economic policy and managing the public finances.</p><p> </p><p>GDP has its limitations and should not be seen as an all-encompassing measure of welfare – something it was never designed to be.</p><p> </p><p>Sir Charles Bean’s 2016 Independent Review of Economic Statistics acknowledged some of these limitations, such as the challenge of capturing activities where no market transaction takes place and the fact that GDP estimates make no allowance for the depletion of natural resources that may be inherent in many forms of economic production.</p><p> </p><p>The government fully supported the recommendations of the Bean review and, to date, has provided the ONS with an additional £25m to help improve UK economic statistics - including through an initiative called “Beyond GDP” that aims to address the limitations in GDP by developing broader measures of welfare and activity.</p><p> </p><p>This includes developing a suite of personal well-being measures, better accounting for unpaid work and developing estimates for natural and human capital.</p> answering member constituency Salisbury answering member printed John Glen question first answered 29/04/2021 08:22:08 answering member 4051 label Biography information for John Glen
	tabling member	3930 label Biography information for Caroline Lucas

1234272

	registered interest
	date	15/09/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Situation
	house id	1
	legislature	25259 pref label House of Commons
	question text	What steps he is taking to support regional economies.
	tabling member constituency	Stockport
	tabling member printed	Navendu Mishra
	uin	906093
	answer	answer is ministerial correction date of answer 15/09/2020 answer text <p>We recognise that every region will be feeling the impacts of this crisis and the Government has responded to the challenges of Covid-19 through unprecedented support for business and workers across the country.</p><p> </p><p>At the Summer Economic Update, the Chancellor announced the Government’s plan to support jobs in every region through upgrades to local infrastructure, boosting skills, and new employment support schemes. This builds on our commitment at Budget to invest in our towns, cities, people and places.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 906079 question first answered 15/09/2020 13:05:20 answering member 4051 label Biography information for John Glen
	tabling member	4811 label Biography information for Navendu Mishra

1234274

	registered interest
	date	15/09/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Situation
	house id	1
	legislature	25259 pref label House of Commons
	question text	What steps he is taking to support regional economies.
	tabling member constituency	Cambridge
	tabling member printed	Daniel Zeichner
	uin	906079
	answer	answer is ministerial correction date of answer 15/09/2020 answer text <p>We recognise that every region will be feeling the impacts of this crisis and the Government has responded to the challenges of Covid-19 through unprecedented support for business and workers across the country.</p><p> </p><p>At the Summer Economic Update, the Chancellor announced the Government’s plan to support jobs in every region through upgrades to local infrastructure, boosting skills, and new employment support schemes. This builds on our commitment at Budget to invest in our towns, cities, people and places.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 906093 question first answered 15/09/2020 13:05:20 answering member 4051 label Biography information for John Glen
	tabling member	4382 label Biography information for Daniel Zeichner

1227049

	registered interest
	date	21/07/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Situation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of appointing a senior minister with responsibility for financial wellbeing.
	tabling member constituency	Feltham and Heston
	tabling member printed	Seema Malhotra
	uin	77628
	answer	answer is ministerial correction date of answer 01/09/2020 answer text <p>The Government aims to ensure that people across the UK have good financial wellbeing. It does this by supporting individuals’ financial capability so they can access the guidance they need and develop the skills and confidence to successfully manage their finances. It is also a priority for the Government to promote financial inclusion and ensure that consumers can access useful and affordable financial products and services, which also contributes to having a positive financial wellbeing.</p><p> </p><p>Within Government, the Economic Secretary to the Treasury has policy responsibility for the financial inclusion, financial education, financial advice, money guidance and debt advice. The Minister for Pensions and Financial Inclusion holds responsibility for pensions and pensions guidance. The Economy Secretary and the Minister for Pensions and Financial Inclusion also co-chair the Government’s Financial Inclusion Policy Forum, which brings together leaders on financial inclusion to ensure collaboration between government and the sector.</p><p> </p><p>Money and pensions guidance is delivered through the Money and Pensions Service (MaPS), an arms-length body of the Department of Work and Pensions. MaPS was established in January 2019, merging the three former organisations providing free-to-use financial guidance to simplify the existing public financial guidance landscape and offer more holistic support to consumers. MaPS also has a statutory function to develop and coordinate the UK’s strategy on financial capability and as such recently published its “National Financial Wellbeing Strategy”, which sets out goals to improve the UK’s financial wellbeing over the next ten years.</p> answering member constituency Salisbury answering member printed John Glen question first answered 01/09/2020 10:54:40 answering member 4051 label Biography information for John Glen
	tabling member	4253 label Biography information for Seema Malhotra

1171852

	registered interest
	date	20/01/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Situation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the potential effect of the decision to spend official development assistance on a collaboration with the City of London on efforts to rebalance the UK economy, particularly in the field of international investment services.
	tabling member constituency	Carmarthen East and Dinefwr
	tabling member printed	Jonathan Edwards
	uin	5388
	answer	answer is ministerial correction date of answer 28/01/2020 answer text <p>The Government has recently announced a number of initiatives which will support billions of pounds of private sector investment in Africa – essential to delivering the Sustainable Development Goals by 2030. Initiatives announced include a collaboration with the City of London on a competition for fund managers to identify new investment products for Africa, making it easier and more appealing for global investors to put money into African projects at scale. This and other initiatives build on the City’s role as a global hub for development finance, supporting jobs and growth abroad, as well as in the UK.</p> answering member constituency Salisbury answering member printed John Glen question first answered 28/01/2020 14:00:59 answering member 4051 label Biography information for John Glen
	tabling member	3943 label Biography information for Jonathan Edwards

1156176

	registered interest
	date	24/10/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Situation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent assessment he has made of the benefits to the UK's economy over the next 10 years of the UK leaving the EU.
	tabling member constituency	Mid Sussex
	tabling member printed	Sir Nicholas Soames
	uin	4909
	answer	answer is ministerial correction date of answer 29/10/2019 answer text <p>Agreeing the Withdrawal Agreement is self-evidently in our economic interest. It would bring an end to the damaging uncertainty and delay of the past years, and allow businesses to get on with taking decisions, including around recruitment and investment.</p><p> </p><p>Approving the Withdrawal Agreement would also allow us to get on with the process of agreeing a mutually beneficial new trading relationship with our European friends - a comprehensive and ambitious free trade agreement (FTA). Leaving the Customs Union and Single Market allows the UK to pursue an ambitious FTA with the EU as sovereign equals, as well as striking trade deals with other international partners.</p><p> </p><p>The specifics of our own agreement will be the subject of the next phase of negotiations. We will keep Parliament updated throughout those discussions and provide analysis at appropriate points.</p><p> </p><p>The OBR will, of course, continue to take Government policy – including the UK’s future relationship with the EU – as the basis for its economic and fiscal forecasts, and will provide its usual comprehensive analysis as part of these.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 29/10/2019 13:51:35 answering member 4051 label Biography information for John Glen
	tabling member	116 label Biography information for Lord Soames of Fletching

1147743

	registered interest
	date	02/10/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Situation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent assessment his Department has made of economic effect of the UK leaving the EU without a deal; and whether that assessment has changed compared with assessments made before 29 March 2019.
	tabling member constituency	York Central
	tabling member printed	Rachael Maskell
	uin	293648
	answer	answer is ministerial correction date of answer 07/10/2019 answer text <p>We would prefer to leave with a deal, and we continue to work in an energetic and determined way to get that better deal.</p><p> </p><p>The Government is turbocharging preparations to ensure we are ready to leave with or without a deal on 31 October, and all necessary funds will be made available.</p><p> </p><p>The fundamentals of the British economy are strong – real wages are growing; employment is at a record high and the unemployment rate is at a historic low.</p><p> </p><p>Short-term forecasting is undertaken by the Office for Budget Responsibility in line with its statutory duty. In line with its remit, the OBR’s forecasts include the economic and fiscal impact of government policy on EU exit where the effects can be quantified with reasonable accuracy.</p><p> </p><p>The Bank of England has provided analysis of the EU exit impacts on the UK economy consistent with its responsibilities on monetary policy.</p><p><strong> </strong></p><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 07/10/2019 14:08:05 answering member 4051 label Biography information for John Glen
	tabling member	4471 label Biography information for Rachael Maskell

1136090

	registered interest
	date	02/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Situation
	house id	1
	legislature	25259 pref label House of Commons
	question text	What recent assessment his Department has made of the short-term economic effect of the UK leaving the EU without a deal.
	tabling member constituency	Bethnal Green and Bow
	tabling member printed	Rushanara Ali
	uin	911690
	answer	answer is ministerial correction date of answer 02/07/2019 answer text <p>The Government has prepared extensively for a range of Brexit scenarios.</p><p> </p><p>But even with these preparations, leaving with “No Deal” would entail significant disruption in the short term. And in the long-term, the government’s analysis shows clearly that regions, nations and sectors of the UK would have lower economic output compared to today’s arrangements.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 02/07/2019 14:11:29 answering member 4051 label Biography information for John Glen
	tabling member	4138 label Biography information for Rushanara Ali