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1489777

registered interest
date	15/07/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the effects of total global debt reaching 352 per cent of Gross Domestic Product in the first quarter of this year; and what steps they will take in response.
tabling member printed	Baroness Bennett of Manor Castle
uin	HL1789
answer	answer is ministerial correction date of answer 22/07/2022 answer text <p>HM Government continually monitors developments in the global economy, including public and private debt levels, interest rates and the growth outlook, among other macroeconomic indicators.</p><p> </p><p>Total global debt increased following the onset of the pandemic in 2020, reflecting a rise in public and private debt. Public debt increased as governments introduced fiscal support to mitigate the impact of the pandemic on livelihoods, whilst revenues fell in line with the broader decline in economic activity. This fiscal support helped maintain living standards and support global growth. Private debt has also increased, with government policies helping to maintain private access to credit to mitigate a more severe downturn.</p><p> </p><p>Higher global debt levels can increase financial fragilities and lower growth by reducing investment. Against a backdrop of higher debt levels, rapidly rising global interest rates and higher energy and food prices may worsen balance of payment and fiscal pressures and increase risks of debt distress, particularly for some emerging and developing economies.</p><p> </p><p>HMG works closely with major international organisations, including the IMF, World Bank, to understand how debt levels are changing, and on necessary international policy responses, including appropriate support for economies experiencing debt distress. For example, the UK has committed to channelling circa up to 20% of its allocation of Special Drawing Rights (SDRs) from the IMF’s 2021 general allocation of SDRs to those countries most in need; and is driving forward the implementation of the G20/Paris Club Common Framework for debt treatment to support eligible low-income countries with unsustainable debt.</p><p> </p><p>In the April World Economic Outlook the IMF emphasised the need for guaranteeing an orderly system for resolving debt, including the continued application of the Common Framework, where liquidity support alone is not sufficient. In the UK, public debt increased during the pandemic, in line with other countries around the world. In recognition of the risks of high debt, the UK government has already made responsible decisions which return public debt levels to a sustainable path, supported by fiscal rules which require debt to fall as a proportion of GDP over the medium-term.</p> answering member printed Baroness Penn question first answered 22/07/2022 09:55:38 answering member 4726 label Biography information for Baroness Penn
tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1470480

registered interest
date	14/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the Organisation for Economic Co-operation and Development (OECD) report OECD Economic Outlook, published on 8 June; and what assessment they have made of the prediction in that report that Britain will experience zero economic growth in 2023.
tabling member printed	Lord Truscott
uin	HL972
answer	answer is ministerial correction date of answer 23/06/2022 answer text <p>The OECD’s latest Economic Outlook underlines the uncertainty around the global economic outlook. The OECD forecast global growth will slow sharply this year and to remain at a subdued pace in 2023 linked to the effects of Russia’s invasion of Ukraine, inflationary pressures across many economies and continuing effects of the Covid-19 pandemic. The OECD estimates global growth of 3.0% in 2022 and 2.8% in 2023.</p><p> </p><p>The OECD forecast that the UK economy will grow by 3.6% this year, the second fastest in the G7, while growth in 2021 was the highest of the G7 (7.4%). Looking ahead, we face challenges across the global economy – common challenges with other countries including high inflation. This is why we are taking significant action to support households with the cost of living totalling around £37bn this year. We also continue to make progress against our plan for growth to support the economy, including a landmark capital uplift in the Spending Review 2021, the creation of the UK Infrastructure Bank, more funding for apprenticeships and skills training, a commitment to double public investment in R&amp;D, and the launch of the UK-wide Help to Grow scheme.</p> answering member printed Baroness Penn question first answered 23/06/2022 14:31:09 answering member 4726 label Biography information for Baroness Penn
tabling member	3682 label Biography information for Lord Truscott

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

1440634

registered interest
date	14/03/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what recent assessment they have made of the strength of the UK economy.
tabling member printed	Baroness Ritchie of Downpatrick
uin	HL6943
answer	answer is ministerial correction date of answer 28/03/2022 answer text <p>Last year the UK saw a faster-than-previously-expected economic recovery, with the fastest growth in the G7 and unemployment was lower than expected. But there are significant headwinds and uncertainty ahead.</p><p> </p><p>The Office of Budget Responsibility (OBR) has published an updated forecast for the UK economy on 23 March alongside the Spring Statement. While the forecast includes the initial effect of the Russian invasion of Ukraine, the OBR have acknowledged that “given the unfolding situation in Ukraine, there is unusually high uncertainty around this outlook.” The OBR expect growth of 3.8% in 2022.</p> answering member printed Baroness Penn question first answered 28/03/2022 12:06:38 answering member 4726 label Biography information for Baroness Penn
tabling member	4130 label Biography information for Baroness Ritchie of Downpatrick

1416173

registered interest
date	24/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what recent assessment they have made of the strength of the UK economy.
tabling member printed	Baroness Ritchie of Downpatrick
uin	HL5642
answer	answer is ministerial correction date of answer 07/02/2022 answer text <p>Last year we saw a faster-than-previously-expected economic recovery, with output in November above pre-crisis levels for the first time, and, in their latest forecast, the IMF expect the UK to be the fastest growing G7 economy this year. Our Plan for Jobs is working.</p><p> </p><p>However, global supply chain disruptions and higher energy prices represent challenges that are driving higher inflation. These are global problems which we are working with our international partners on, and we are supporting households with the cost of living, providing support worth around £12bn this financial year and next alongside an announced £9.1bn package to help households with rising energy bills in 2022-23.</p> answering member printed Baroness Penn question first answered 07/02/2022 17:51:29 answering member 4726 label Biography information for Baroness Penn
tabling member	4130 label Biography information for Baroness Ritchie of Downpatrick

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

1382265

registered interest
date	25/11/2021
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, whether his Department has made an assessment of the potential merits of introducing a Genuine Progress Indicator as a method of measuring economic and social progress in the UK.
tabling member constituency	Putney
tabling member printed	Fleur Anderson
uin	82106
answer	answer is ministerial correction date of answer 02/12/2021 answer text The department has made no such assessment. HM Treasury makes use of a range of data and indicators when analysing the economy and setting economic policy. answering member constituency Middlesbrough South and East Cleveland answering member printed Mr Simon Clarke question first answered 02/12/2021 14:26:33 answering member 4655 label Biography information for Sir Simon Clarke
tabling member	4788 label Biography information for Fleur Anderson

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