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1646762

registered interest
date	22/06/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation: Coronavirus
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 impact of the Government’s economic policies during the covid-19 pandemic on the economy.
tabling member constituency	Warrington North
tabling member printed	Charlotte Nichols
uin	190899
answer	answer is ministerial correction date of answer 29/06/2023 answer text <p>The Covid-19 pandemic has had a profound effect on the UK economy. Between 2019 Q4 and 2020 Q2, according to the Office for National Statistics the economy contracted by 23% - the steepest recession on record.</p><p> </p><p>The success of the UK’s vaccination campaign led to a strong recovery in GDP, with annual growth of 7.5% in 2021 and 4.1% in 2022. In both these years, GDP growth in the UK was the fastest in the G7.</p><p> </p><p>The Government acted quickly to prevent catastrophic increases in unemployment during the pandemic. The Government provided up to £400 billion of direct support for the economy which helped to safeguard jobs, businesses and public services in every region and nation of the UK.</p><p> </p><p><strong>. </strong></p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 29/06/2023 08:39:31 answering member 4874 label Biography information for Andrew Griffith
tabling member	4799 label Biography information for Charlotte Nichols

1486651

registered interest
date	05/07/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation: Coronavirus
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 rate of economic recovery from the covid-19 outbreak across each of the regions of the UK.
tabling member constituency	Wigan
tabling member printed	Lisa Nandy
uin	31094
answer	answer is ministerial correction date of answer 11/07/2022 answer text <p>Encouraging regional growth is a key part of our ambition to level up opportunities right across the UK, which is why at Spending Review 2021 we announced a comprehensive spending package to boost investment in places in need and improve people’s everyday lives. This included launching the new £1.4bn Global Britain Investment Fund to ensure that economic opportunities are spread more evenly across the UK and ensuring SMEs across the UK can access the finance they need including through British Business Bank programme.</p><p> </p><p>Furthermore, we announced the first 105 places to receive support for regeneration from the £4.8bn Levelling Up Fund, alongside unprecedented investment of £5.7bn in five-year consolidated transport settlements for eight city regions.</p> answering member constituency Middlesbrough South and East Cleveland answering member printed Mr Simon Clarke question first answered 11/07/2022 15:13:19 answering member 4655 label Biography information for Sir Simon Clarke
tabling member	4082 label Biography information for Lisa Nandy

1434598

registered interest
date	23/02/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation: Coronavirus
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate his Department had made of the cost per day of covid-19 lockdowns to the economy.
tabling member constituency	Ealing, Southall
tabling member printed	Mr Virendra Sharma
uin	128228
answer	answer is ministerial correction date of answer 28/02/2022 answer text <p>The pandemic and associated non-pharmaceutical interventions (NPIs) created significant economic disruption and drove the largest recession on record, with the UK economy contracting by 9.4% in 2020.</p><p> </p><p>The government has outlined the impact of restrictions and lockdowns on the economy in the following publications: Analysis of the health, economic and social effects of Covid-19 and the approach to tiering (30 November 2020), Budget 2021 (3 March 2021) and Living with Covid (21 February 2022). These documents can be found below:</p><p> </p><p>https://www.gov.uk/government/publications/the-health-economic-and-social-effects-of-covid-19-and-the-tiered-approach</p><p> </p><p>https://www.gov.uk/government/publications/budget-2021-documents</p><p> </p><p>https://www.gov.uk/government/publications/covid-19-response-living-with-covid-19<br></p><p>Any attempt to estimate the specific economic impacts of precise changes to individual restrictions for a defined period of time would be subject to very wide uncertainty. HM Treasury, as part of its normal activities, carefully monitors the UK economy, and any risks to it, and remains ready to respond to challenges.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 28/02/2022 15:13:30 answering member 4051 label Biography information for John Glen
tabling member	1604 label Biography information for Mr Virendra Sharma

1387220

registered interest
date	13/12/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation: Coronavirus
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will publish forecasts of the economic impact of the covid-19 restrictions announced on 8 December 2021.
tabling member constituency	Wokingham
tabling member printed	John Redwood
uin	91823
answer	answer is ministerial correction date of answer 16/12/2021 answer text <p>On 8 December, the government implemented its Plan B response to managing Covid-19. This was in response to the risks posed by the Omicron variant. The government set out the economic impacts of Plan B in its Autumn and Winter Plan, published in September 2021. Plan B has been designed to help control the spread of the virus while avoiding unduly damaging economic and social restrictions. A full assessment of the measures can be found in the link below.</p><p> </p><p><a href="https://www.gov.uk/government/publications/covid-19-response-autumn-and-winter-plan-2021" target="_blank">https://www.gov.uk/government/publications/covid-19-response-autumn-and-winter-plan-2021</a></p><p> </p><p>HM Treasury does not prepare formal economic forecasts for the UK economy, which are the responsibility of the independent Office for Budget Responsibility (OBR). HM Treasury will continue to conduct macroeconomic analysis to monitor the impacts on the economy from the implementation of Plan B measures.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/12/2021 13:56:08 answering member 4051 label Biography information for John Glen
tabling member	14 label Biography information for Sir John Redwood

1345689

registered interest
date	12/07/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation: Coronavirus
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he plans to take to monitor the effect on local economies of the potential effect of the easing of covid-19 restrictions on the number of people required to self-isolate.
tabling member constituency	York Central
tabling member printed	Rachael Maskell
uin	31451
answer	answer is ministerial correction date of answer 19/07/2021 answer text <p>From 16 August, double vaccinated individuals and under 18s will no longer need to self-isolate if they are identified as a close contact of someone with Covid-19. Introducing this exemption in August, when more people will be fully vaccinated, will reduce the risk of severe illness.</p><p> </p><p>Throughout the pandemic, the Government has sought to protect people’s jobs and livelihoods while also supporting businesses and public services across the UK. To do this, the Government has put in place an economic package of support totalling £352 billion through the furlough and self-employed income support schemes, support for businesses through grants and loans, and business rates and VAT relief.</p><p> </p><p>At the Budget, the Chancellor announced a generous extension of economic support for businesses and individuals, with many schemes continuing well beyond Step 4 of the Roadmap to accommodate even the most cautious view about the time it might have taken to exit restrictions. This continued support is helping businesses bounce back as restrictions are lifted.</p><p> </p><p>The Treasury monitors the health of local economies as part of its normal activities, and will respond to challenges as necessary. The Government’s economic and fiscal policy response will continue to evolve according to changing economic and health circumstances. So, we will ensure to take the right action at the right time to support individuals and businesses in every region and nation of the United Kingdom.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/07/2021 08:30:33 answering member 4051 label Biography information for John Glen
tabling member	4471 label Biography information for Rachael Maskell

1337303

registered interest
date	16/06/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation: Coronavirus
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions he has had with his G7 counterparts on prioritising environmental issues in the global economic recovery from the covid-19 pandemic.
tabling member constituency	Crewe and Nantwich
tabling member printed	Dr Kieran Mullan
uin	17009
answer	answer is ministerial correction date of answer 23/06/2021 answer text <p>The Chancellor met his G7 Finance Minister counterparts for the first in-person Finance Track meeting in two years on 4-5 June 2021. Climate and environmental issues have been at the heart of the Chancellor’s discussions with his G7 counterparts, paving the way to a truly green global economic recovery.</p><p>As a result result, G7 Finance Ministers have commited to a multi-year effort to meet our net zero commitments and environmental objectives in a way that is positive for jobs, growth, competitiveness and fairness; and to properly embed climate change and biodiversity loss considerations into economic and financial decision-making.</p><p>As part of this joint effort, the Chancellor secured G7 commitment to move towards mandatory climate disclosures just six months after the UK was the first country to commit to do so. This will help to ensure the global financial system plays its part in the transition to net zero.</p> answering member constituency Saffron Walden answering member printed Kemi Badenoch question first answered 23/06/2021 13:29:06 answering member 4597 label Biography information for Kemi Badenoch
tabling member	4860 label Biography information for Dr Kieran Mullan

1334065

registered interest
date	14/06/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation: Coronavirus
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 issuing long-term covid-19 bonds to finance a sustained economic recovery from the covid-19 outbreak.
tabling member constituency	North Down
tabling member printed	Stephen Farry
uin	15448
answer	answer is ministerial correction date of answer 21/06/2021 answer text <p>Since the onset of COVID-19, the Government has announced an extensive package of measures in order to provide the critical support needed by individuals, families, and businesses facing disruption caused by the pandemic. This has significantly increased the Government’s financing requirement in the near term and, as previously announced by the Chancellor, this additional financing will be fully funded via additional borrowing through the Government’s normal debt management operations.</p><p> </p><p>Our core gilt financing programme is the most stable and cost-effective way of raising finance to fund the day-to-day activities of the Government. This includes the significant funding increase required specifically to address the period of economic disruption arising from COVID-19 and the Government’s policy response. The gilt market is deep and liquid, with a good track record in responding smoothly to increases in gilt supply.</p><p> </p><p>At present, the UK Government does not have any plans to introduce long term COVID-19 bonds to help fund the response to the pandemic. The Government remains open to the introduction of new debt instruments but would need to be satisfied that any new instrument would meet value-for-money criteria, enjoy strong and sustained demand in the long term, and be consistent with wider fiscal objectives. The Government recently announced its intention to issue a first sovereign Green Bond in 2021, for example. We keep the introduction of new debt financing instruments under regular review.</p><p> </p><p>The UK already has comfortably the longest average duration to maturity in its debt stock across the G7, at around 15 years. This compares to around 8 years for our closest G7 peer (France) and helps to reduce refinancing risk in the UK. The conventional and index-linked yield curves stretch out to 2071 and 2068, respectively. When setting gilt issuance plans – including on the average duration of issuance – for the year ahead in the spring, HM Treasury and the Debt Management Office (DMO) seek to minimise, over the long term, the costs of meeting the Government’s financing needs, taking into account risk.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 21/06/2021 11:43:18 answering member 4051 label Biography information for John Glen
tabling member	4856 label Biography information for Stephen Farry

1275853

registered interest
date	12/01/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation: Coronavirus
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to his oral contribution of 11 January 2021, Official Report column 26, if he will publish the evidence from the Office for Budget Responsibility and Office for National Statistics which found that the UK’s economic performance is in line with comparable countries when corrected for measurement of public sector output.
tabling member constituency	Oxford East
tabling member printed	Anneliese Dodds
uin	136603
answer	answer is ministerial correction date of answer 18/01/2021 answer text <p>The UK, along with the rest of the world, continues to face significant economic disruption in the wake of the Covid-19 pandemic – no major economy avoided a dramatic fall in GDP earlier in the year.</p><p> </p><p>International comparisons of economic performance are challenging, particularly given the different approaches that countries take to measuring the contribution of public services to GDP. The Office for National Statistics stated in the December Quarterly National Accounts that <em>“international comparisons should be made with care if the estimates being compared are based on different approaches to measuring the volume of non-market output”. </em></p><p> </p><p>Further, the Office for Budget Responsibility (OBR) set out in their November Economic and Fiscal Outlook that “<em>some countries, including the UK, use direct measures of some public sector output but others assume that it is given by the associated inputs. If the latter approach were still used in the UK, then the fall in GDP the second quarter would have been around 4 percentage points smaller</em>.”</p><p> </p><p>This represents around a fifth of the overall reported fall in UK GDP in the first half of 2020 and, if adjusted for, would leave the UK’s performance over this period closer in line with other advanced economies.</p> answering member constituency Salisbury answering member printed John Glen question first answered 18/01/2021 14:02:29 answering member 4051 label Biography information for John Glen
tabling member	4657 label Biography information for Anneliese Dodds

1256941

registered interest
date	01/12/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation: Coronavirus
house id	1
legislature	25259 pref label House of Commons
question text	What assessment he has made of the effect of the Spending Review 2020 on economic recovery during the covid-19 outbreak.
tabling member constituency	York Central
tabling member printed	Rachael Maskell
uin	909615
answer	answer is ministerial correction date of answer 01/12/2020 answer text <p>Spending Review 2020 (SR20) prioritises funding to support the government’s response to Covid-19 and invest in the UK’s recovery across the UK.</p><p>SR20 confirms a further £38bn to tackle Covid-10 this year and provides a further £55bn for departments to respond to Covid-19 next year</p><p>SR20 also announces the next phase of our infrastructure revolution to kickstart the UK’s economic recovery with £100bn of capital investment next year.</p><p>This builds on the unprecedented level of support this government has provided to support the economy’s recovery during the Covid-19 outbreak.</p><p> </p><p> </p> answering member constituency North East Cambridgeshire answering member printed Steve Barclay question first answered 01/12/2020 16:52:28 answering member 4095 label Biography information for Steve Barclay
tabling member	4471 label Biography information for Rachael Maskell

1257418

registered interest
date	01/12/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation: Coronavirus
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 effect of the Spending Review 2020 on the UK’s economic recovery from the COVID-19 pandemic.
tabling member printed	Baroness Ritchie of Downpatrick
uin	HL10984
answer	answer is ministerial correction date of answer 15/12/2020 answer text <p>The OBR set out their latest forecasts of the economy and public finances in in their November Economic and Fiscal Outlook<sup><sup>[1]</sup></sup>. The forecasts take into account the effect of measures announced in Spending Review 2020.</p><p> </p><p>The OBR note that “real GDP would have taken a materially-weaker near-term path”<sup><sup>[2]</sup></sup> in the absence of measures announced since the Summer Economic Update. They also note that “in the medium term, the economic recovery is supported by the strong growth in public investment announced in the March Budget”<sup><sup>[3]</sup></sup>.</p><p> </p><p>[1] OBR Economic and Fiscal Outlook November 2020 <a href="https://obr.uk/efo/economic-and-fiscal-outlook-november-2020/" target="_blank">https://obr.uk/efo/economic-and-fiscal-outlook-november-2020/</a></p><p> </p><p>[2] Page 32, Box 2.1: The impact of fiscal policy on GDP growth and unemployment</p><p>[3] Page 12, paragraph 1.24</p> answering member printed Lord Agnew of Oulton question first answered 15/12/2020 17:01:55 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4130 label Biography information for Baroness Ritchie of Downpatrick