Show Search Form

Search Results

registered interest	true false
date	exactly: or between: and
answering body
answering dept id
answering dept short name
answering dept sort name
hansard heading
house id
legislature	pref label
question text
tabling member constituency
tabling member printed
uin
answer	is ministerial correction true false date of answer exactly: or between: and answer text answering member constituency answering member printed grouped question UIN question first answered answering member label
tabling member	label

Search

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

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