Recommendations & Conclusions
54 items
1
Conclusion
Eighth Report: Economic impact of coron…
In the first half of this year the UK suffered its worst recession in modern history. The latest GDP figures suggest a bounce back has begun. But the path of the economy does not only depend on the course of the virus and Government restrictions or lockdowns, but on how …
Government response. Thank you for sending a copy of your recent report Economic impact of coronavirus: the challenges of recovery. This letter constitutes HM Treasury’s response on the broad range of issues mentioned in your report. Throughout this crisis, the government’s economic …
HM Treasury
2
Conclusion
Eighth Report: Economic impact of coron…
Consumption is returning following the lifting of Government restrictions. However, continued consumer caution around re-engaging with the economy, the prospect of more localised outbreaks and a second wave are dampening a full recovery to pre- pandemic levels of consumer spending. The Government has to contain the virus as best it …
Government response. Thank you for sending a copy of your recent report Economic impact of coronavirus: the challenges of recovery. This letter constitutes HM Treasury’s response on the broad range of issues mentioned in your report. Throughout this crisis, the government’s economic …
HM Treasury
3
Conclusion
Eighth Report: Economic impact of coron…
The Chancellor was right to begin stimulating consumption at the time of the Chancellor’s Plan for Jobs, especially in the hospitality and tourism sector, to ensure these businesses, often reliant on summer months, did not start cutting jobs. However the Eat Out to Help Out Scheme has now ended and …
Government response. The Treasury is continuing to monitor trends in consumer spending and our economic response will continue to evolve and adapt to ensure the economy gets the support it needs at the right time.
HM Treasury
4
Conclusion
Eighth Report: Economic impact of coron…
We believe the Chancellor was right to start measures to combat long term unemployment in July. Rising unemployment becoming structural and permanent is a critical risk arising from the crisis.
HM Treasury
5
Recommendation
Eighth Report: Economic impact of coron…
As the crisis moves beyond full lock-down, it is important to effectively target assistance to those businesses and individuals who need it. The ability of labour to move from sector to sector will not be a painless process and will be dependent on the growth of sectors matching the shrinkage …
Government response. With regards to your recommendation on levelling up, the government is committed to levelling up opportunity in every region and nation of the UK and levelling up represents a common priority across departments, both in what they do and how …
HM Treasury
6
Conclusion
Eighth Report: Economic impact of coron…
A large proportion of businesses in sectors such as hospitality and leisure that are suffering most from social distancing may still have a viable long-term future at the end of October. It is not clear to us that the Job Retention Bonus, which all businesses are eligible for, is value …
HM Treasury
7
Recommendation
Eighth Report: Economic impact of coron…
It is vital that workers made redundant have the opportunity to reskill. We heard evidence that the poor reputation of schemes in the 1980s actually reduced participants’ employment prospects. Even though the Treasury is unlikely to be responsible for delivering vocational or reskilling schemes, given the role of these schemes …
Government response. The Treasury is continuing to monitor trends in consumer spending and our economic response will continue to evolve and adapt to ensure the economy gets the support it needs at the right time. On your comments on the Treasury’s role …
HM Treasury
8
Conclusion
Eighth Report: Economic impact of coron…
The Government also needs to make sure that the requirement for employers interested in offering fewer than 30 Kickstart roles to apply through a representative organisation does not make the scheme inaccessible to SMEs and charities.
Government response. On your comments on the Kickstart scheme, I would highlight that gateway organisations, who collect bids on behalf of employers who require fewer than 30 roles, play a vital role in ensuring smaller employers find the Kickstart process easier to …
HM Treasury
9
Recommendation
Eighth Report: Economic impact of coron…
The crisis has hit different groups of people unequally. It is also likely that the differences in hours of paid work carried out between men and women observed during the lockdown may lead to a widening of the gender pay gap, especially if the differences in hours worked persist in …
Government response. On your recommendation on publishing an updated version of our COVID-19 distributional analysis (published alongside Plan for Jobs), we have taken note and will consider doing so at an appropriate point. The modelling underpinning this analysis was designed to illustrate …
HM Treasury
10
Recommendation
Eighth Report: Economic impact of coron…
The Government has raised Universal Credit and made it easier to access. However these changes are time-limited for a year. The Government should consider extending the measures increasing the generosity and accessibility of Universal Credit put in place in March 2020. The Government should also conduct a study to examine …
Government response. On your recommendation regarding extending the generosity and accessibility of Universal Credit, the government has also been supporting individuals through enhanced welfare provisions, as noted in your report. The £20 increase in the standard Universal Credit award will continue until …
HM Treasury
11
Conclusion
Eighth Report: Economic impact of coron…
It remains unclear how the Government expects businesses to pay back loans in the future. The crisis and the lockdown of the economy meant that businesses have largely forgone revenue which many are unlikely to make up in the future and revenue is also likely to be suppressed in some …
Government response. Even prior to the extension, over 1 million businesses had been supported by the Bounce Back Loan Scheme, many of which have not previously taken out finance. The government has always been clear that these are loans, not grants, but …
HM Treasury
12
Recommendation
Eighth Report: Economic impact of coron…
We are concerned that there may be a significant lack of capacity and willingness for the private sector to step in to provide solutions for corporate indebtedness especially amongst small and medium-sized enterprises (SMEs). Viable SMEs struggling with debt will prolong the recession and so the Government must develop solutions …
Government response. In relation to your comments on recapitalisation of SMEs, the government has always been clear the private sector should be the first port of call for any business looking to refinance or restructure their debt. The government welcomed TheCityUK’s Recapitalisation …
HM Treasury
13
Conclusion
Eighth Report: Economic impact of coron…
The Treasury should evaluate whether there needs to be a new state body or a remodelling of the British Business Bank, to provide loans at speed in a crisis if required, and to also play a part in recapitalising businesses including investing strategically in large businesses. (Paragraph 110) Longer term …
Government response. The British Business Bank (BBB) has also been a key element of the government’s response to the COVID-19 crisis. It has responded swiftly to the economic shock caused by the pandemic and continues to deliver financial support to businesses on …
HM Treasury
14
Conclusion
Eighth Report: Economic impact of coron…
One legacy of the crisis will be a sharp rise in the level of public debt and, possibly, an ongoing rise in borrowing. This has been and will be necessary to contain the economic damage from Coronavirus and does not raise immediate debt sustainability concerns. However, it will make the …
Government response. On your recommendation about setting out a roadmap towards fiscal sustainability, given the unprecedented circumstances, it is right that the government’s economic response has focused on limiting the extent to which there is permanent damage to the economy, which would …
HM Treasury
15
Conclusion
Eighth Report: Economic impact of coron…
The Chancellor should, at the next fiscal event, set out an initial roadmap of how he intends to place Government finances on a sustainable footing. The milestones on that roadmap will need to be flexible—tax increases imposed too early are like to stifle economic recovery. A reassurance that the Government …
Government response. On your recommendation about setting out a roadmap towards fiscal sustainability, given the unprecedented circumstances, it is right that the government’s economic response has focused on limiting the extent to which there is permanent damage to the economy, which would …
HM Treasury
16
Recommendation
Eighth Report: Economic impact of coron…
In order to prevent “levelling up” becoming an empty slogan, the Government should produce a strategy underpinning it that defines clear objectives and includes the indicators it will use to gauge success at the next fiscal event. The Government needs to clarify whether it is planning to close the productivity …
Government response. With regards to your recommendation on levelling up, the government is committed to levelling up opportunity in every region and nation of the UK and levelling up represents a common priority across departments, both in what they do and how …
HM Treasury
17
Conclusion
Eighth Report: Economic impact of coron…
We welcome initiatives by the ONS to improve the quality of its regional data, for instance by producing quarterly regional GDP figures. The Treasury publishing regional data in its March Budget is also a good first step towards increasing the profile of regional data. Such data will be vital in …
Government response. On your recommendation regarding the OBR’s role in monitoring levelling-up, the OBR have a clearly defined mandate, outlined in the Budget Responsibility and National Audit Act 2011. As part of this, the OBR’s responsibilities are examining and reporting on the …
HM Treasury
18
Recommendation
Eighth Report: Economic impact of coron…
The Treasury and the OBR should consider raising the profile of regional data in their publications. We also recommend that the Bank of England develop their datasets from their Regional Agents network and Decision Maker panel and endeavour to highlight disparities in regions in their publications. We recommend that the …
Government response. The Treasury and the OBR should consider raising the profile of regional data in their publications. We also recommend that the Bank of England develop their datasets from their Regional Agents network and Decision Maker panel and endeavour to highlight …
HM Treasury
19
Recommendation
Eighth Report: Economic impact of coron…
We call on the Government to throw its diplomatic weight behind the global community in investing in public health systems in developing countries; ensuring that testing, treatment and a vaccine when developed is made as widely available Economic impact of coronavirus: the challenges of recovery 57 as possible to emerging …
Government response. On your recommendation concerning international support, I can assure you support for the most vulnerable countries suffering from the devastating health and economic impacts of the pandemic remains a key focus for the UK government. We have committed over £1 …
HM Treasury
20
Conclusion
Eighth Report: Economic impact of coron…
Local authorities are critical in responding to local outbreaks effectively. In the forthcoming Spending Review or budget process, local government spending must not be treated as a residual and must be costed based on the submissions put forward by local authorities.
Government response. Thank you for sending a copy of your recent report Economic impact of coronavirus: the challenges of recovery. This letter constitutes HM Treasury’s response on the broad range of issues mentioned in your report. Throughout this crisis, the government’s economic …
HM Treasury
21
Recommendation
Eighth Report: Economic impact of coron…
The Government should as soon as possible set out in a public document the type of support available to local authorities in the event of a localised lock-down and how it will work with local authorities to support local businesses.
Government response. Thank you for sending a copy of your recent report Economic impact of coronavirus: the challenges of recovery. This letter constitutes HM Treasury’s response on the broad range of issues mentioned in your report. Throughout this crisis, the government’s economic …
HM Treasury
22
Conclusion
Eighth Report: Economic impact of coron…
It is too simplistic to say that a compulsory lockdown is a trade-off between the people’s health and the economy. The very presence of the virus, and how people respond to it regardless of what the Government mandates, has an economic impact. And lockdowns don’t just affect the economy—they have …
HM Treasury
23
Conclusion
Eighth Report: Economic impact of coron…
When it imposes and removes social restrictions, the Government needs to be as clear as possible that a) there are harms in restrictions and there is a trade-off between these harms and the harms of the virus spreading; and b) how they have made that balance, recognising this is going …
HM Treasury
24
Conclusion
Eighth Report: Economic impact of coron…
It is notable that the synchronisation of the OBR’s analysis and the Government’s announcements appears to have been challenged in the crisis. The OBR scenario analysis undertaken in the Fiscal Sustainability Report did not include the Government’s measures in its Plan for Jobs announced just a week before. This could …
Government response. On your recommendation regarding the OBR’s role in monitoring levelling-up, the OBR have a clearly defined mandate, outlined in the Budget Responsibility and National Audit Act 2011. As part of this, the OBR’s responsibilities are examining and reporting on the …
HM Treasury
25
Conclusion
Eighth Report: Economic impact of coron…
We suggest that by the next fiscal event the Treasury clarifies its relationship with the OBR, in particular what the process is for declaring a Treasury announcement to be a fiscal event requiring an OBR economic and fiscal forecast.
Government response. Finally, on your recommendation on the Treasury’s relationship with the OBR and its role in macro-forecasting, the OBR produces independent forecasts for the Government. The Treasury does not produce forecasts for the economy or public finances. The Treasury and the …
HM Treasury
26
Conclusion
Eighth Report: Economic impact of coron…
The Treasury’s macroeconomic forecasting ability appears to have eroded since the formation of the OBR. The Treasury needs to maintain sufficient forecasting capacity outside the OBR so that it can ensure that it can adapt policy responses rapidly to an urgent situation. In its response to this report, the Treasury …
Government response. Finally, on your recommendation on the Treasury’s relationship with the OBR and its role in macro-forecasting, the OBR produces independent forecasts for the Government. The Treasury does not produce forecasts for the economy or public finances. The Treasury and the …
HM Treasury
27
Conclusion
Eighth Report: Economic impact of coron…
We are concerned about the implications of the pandemic for insurance, given that businesses will need the confidence that insurance cover provides if they are to resume normal activities. (Paragraph 184) 58 Economic impact of coronavirus: the challenges of recovery
Government response. On your suggestion regarding pandemic insurance cover, HM Treasury is working closely with insurers, trade bodies and the regulators to understand what more the sector can do to help businesses and support the immediate economic recovery, as well as to …
HM Treasury
28
Conclusion
Eighth Report: Economic impact of coron…
The Treasury should consider whether Government intervention is required to support the insurance industry in finding a solution for pandemic insurance cover; and whether such support would be an effective use of public money. We also recommend that the Treasury investigates whether it needs to mitigate the risk of insolvencies …
Government response. On your suggestion regarding pandemic insurance cover, HM Treasury is working closely with insurers, trade bodies and the regulators to understand what more the sector can do to help businesses and support the immediate economic recovery, as well as to …
HM Treasury
29
Recommendation
Eighth Report: Economic impact of coron…
The Government must be willing to be flexible, even on manifesto commitments, in response to the crisis. Lifting the Triple Lock on pensions next year is a sensible proposal and should be carefully considered.
HM Treasury
30
Conclusion
Eighth Report: Economic impact of coron…
One of the clear strengths of the Treasury’s response in the initial stages of the crisis has been its willingness to listen and adjust its policies in response to feedback. However, we are disappointed in its refusal to implement recommendations from our first Report and hope that this does not …
HM Treasury
1
Conclusion
Eleventh Report - Economic impact of co…
Though the structure of the UK economy makes it potentially more vulnerable to the present shock, the Committee notes that comparisons with other countries’ GDP may also be affected by differing measurement methodologies. We therefore caution against over-reliance on the UK’s GDP performance in comparison to other countries, as a …
Government response. In your report, you recommend that the Treasury and the Office for Budget Responsibility provide a commentary at the time of the Budget on the use of GDP as a measure of the impact of COVID-19, and the implications that …
HM Treasury
2
Recommendation
Eleventh Report - Economic impact of co…
We recommend that the Treasury and the Office for Budget Responsibility provide a commentary at the time of the Budget on GDP measurement issues and the implications that these measurement issues have for comparisons between the UK and other countries. (Paragraph 17) Gaps in support
Government response. In your report, you recommend that the Treasury and the Office for Budget Responsibility provide a commentary at the time of the Budget on the use of GDP as a measure of the impact of COVID-19, and the implications that …
HM Treasury
3
Conclusion
Eleventh Report - Economic impact of co…
Given the economic outlook, we believe that the Government was right to extend both the Coronavirus Job Retention Scheme and the Self-employment Income Support Scheme to the end of April 2021. However, given the extended duration of restrictions, we believe the Government was wrong not to address gaps in support.
Government response. On your recommendation regarding the Coronavirus Job Retention Scheme (CJRS) and the Self-employment Income Support Scheme (SEISS), you noted that the Government had made the right decision to extend this support to April 2021. The Government recognises that it will …
HM Treasury
4
Recommendation
Eleventh Report - Economic impact of co…
The 2019–20 self-assessment income tax returns will provide the Government with additional information that could allow it to provide support to those who need it but have so far not received it. We therefore strongly urge the Treasury to use the data from 2019–20 tax returns to help the newly …
Government response. Under the CJRS and SEISS extensions, more people will be able to access support. The Government has moved the cut-off date on which employees need to be with their employer to be eligible for the CJRS. For claims starting on …
HM Treasury
5
Conclusion
Eleventh Report - Economic impact of co…
By conspicuously leaving out a large proportion of limited company directors from support altogether, we are concerned that the Government is sending out the wrong message—that it is not adequately supporting entrepreneurs and employers, who have suffered significantly from a lack of support. However, we recognise that there are administrative …
Government response. With regards to your recommendations on support for limited company directors, the principles underlying the Government’s approach to CJRS and the SEISS are to target support to those who need it most and protect taxpayers’ money against error and fraud, …
HM Treasury
6
Conclusion
Eleventh Report - Economic impact of co…
When responding to this report, the Treasury should provide an assessment of the level of fraud which it believes would arise from the implementation of the DISS scheme.
Government response. You have also asked the Government to provide an assessment of the level of fraud which it believes would arise from the implementation of the DISS. The Government often considers fraud and error together where it makes sense to do …
HM Treasury
7
Recommendation
Eleventh Report - Economic impact of co…
We question whether the Treasury could do more to investigate how to mitigate the fraud risks inherent in the DISS scheme and similar schemes, and whether the levels of fraud risk merit the Treasury’s position of not providing any support at all. We urge the Treasury to develop measures to …
Government response. With regards to your recommendations on support for limited company directors, the principles underlying the Government’s approach to CJRS and the SEISS are to target support to those who need it most and protect taxpayers’ money against error and fraud, …
HM Treasury
8
Conclusion
Eleventh Report - Economic impact of co…
Although we acknowledge the Chancellor’s intention to target the SEISS at those who are most dependent on self-employed income, not all of them would have access to the Coronavirus Job Retention Scheme, as we pointed out in our first report of this inquiry.
Government response. Your report makes several recommendations regarding eligibility criteria for SEISS. You have recommended that the Government should reconsider the criteria that requires applicants to have trading profits that are at least equal to their non-trading income, in order to widen …
HM Treasury
9
Recommendation
Eleventh Report - Economic impact of co…
We believe that the Government should reconsider the 50 per cent limit in the eligibility criteria for the fourth tranche of the SEISS grant so that those who derive less than half of their income through self-employment can receive some level of support.
Government response. Your report makes several recommendations regarding eligibility criteria for SEISS. You have recommended that the Government should reconsider the criteria that requires applicants to have trading profits that are at least equal to their non-trading income, in order to widen …
HM Treasury
10
Conclusion
Eleventh Report - Economic impact of co…
There is a striking inconsistency between the way the Government is treating employees earning more than £50,000 a year and those who are self-employed and have trading profits above £50,000 a year. Whereas those who are employed can receive support from the Government up to a maximum wage amount of …
Government response. Your report makes several recommendations regarding eligibility criteria for SEISS. You have recommended the removal of the £50,000 threshold criteria and introduce a taper up to the total monthly support cap of £2,500. The existing arrangement is designed to target …
HM Treasury
11
Recommendation
Eleventh Report - Economic impact of co…
We reiterate our recommendation from our first report in this inquiry that the Government must tackle the cliff edge that exists in the design of the SEISS by removing the £50,000 cap and allowing those with profits just over this cap access to some financial support up to the total …
Government response. Your report makes several recommendations regarding eligibility criteria for SEISS. You have recommended the removal of the £50,000 threshold criteria and introduce a taper up to the total monthly support cap of £2,500. The existing arrangement is designed to target …
HM Treasury
12
Conclusion
Eleventh Report - Economic impact of co…
The Treasury should in its response to this report provide: • the number of people with self-employed income as their main source of income in the 2019–20 financial year; • the proportion of the self-employed who had more than £50,000 trading profits in the 2019–20 financial year; • the median …
Government response. Your report makes several recommendations regarding eligibility criteria for SEISS. The report requests that the Treasury provides several statistics in relation to these recommendations. Regarding those requests: • HMRC periodically publishes comprehensive statistics on the Self Employment Income Support Scheme …
HM Treasury
13
Conclusion
Eleventh Report - Economic impact of co…
The first version of the SEISS scheme had to be rolled out at speed in March
Government response. On your recommendation regarding the Coronavirus Job Retention Scheme (CJRS) and the Self-employment Income Support Scheme (SEISS), you noted that the Government had made the right decision to extend this support to April 2021. The Government recognises that it will …
HM Treasury
14
Recommendation
Eleventh Report - Economic impact of co…
We recognise that it may not have been possible for the Government to help all those who have fallen through the cracks of the support schemes. However, we are disappointed that the Government has so far shown no inclination to expand or provide alternatives to the SEISS, which is providing …
Government response. Your report makes several recommendations regarding eligibility criteria for SEISS. On your recommendation that the Government look at alternative models to SEISS used by the devolved administrations, the UK Government continues to work closely with stakeholders to explore how we …
HM Treasury
15
Conclusion
Eleventh Report - Economic impact of co…
We are disappointed at the lack of analysis provided by the Treasury, despite such analysis being referenced in the SAGE minutes. Without it, the impression is that the Government is making important decisions without proper regard to all their impacts, both on health and the economy. The lack of such …
Government response. Your report makes a number of recommendations regarding the Government’s economic analysis relating to the impact of COVID-19. Since the onset of the pandemic, the Government has taken decisions based on the health, economic and social impact of COVID-19 and …
HM Treasury
16
Recommendation
Eleventh Report - Economic impact of co…
We call on the Treasury to be more transparent about the economic analysis which it undertakes to inform Government decisions in the fight against coronavirus and to publish any such analysis in a timely manner. The House should not be asked to take a view on proposals which have far-reaching …
Government response. Your report makes a number of recommendations regarding the Government’s economic analysis relating to the impact of COVID-19. Since the onset of the pandemic, the Government has taken decisions based on the health, economic and social impact of COVID-19 and …
HM Treasury
17
Conclusion
Eleventh Report - Economic impact of co…
We agree with the Treasury that epi-macro modelling relies on assumptions which may not be supported by extensive data sets. Nevertheless, we believe it would be a useful exercise for the Treasury to undertake epi-macro modelling to better understand the implications of Government-imposed social restrictions and to evaluate the costs …
Government response. Your report makes a number of recommendations regarding the Government’s economic analysis relating to the impact of COVID-19. Since the onset of the pandemic, the Government has taken decisions based on the health, economic and social impact of COVID-19 and …
HM Treasury
18
Conclusion
Eleventh Report - Economic impact of co…
The Treasury’s analysis has been criticised for not providing modelling of the alternative to lockdowns. There is evidence to suggest that in the absence of lockdown, people would have socially distanced to a large extent through fear of viral transmission and infection. As such, while a lockdown is a significant …
Government response. Your report makes a number of recommendations regarding the Government’s economic analysis relating to the impact of COVID-19. Since the onset of the pandemic, the Government has taken decisions based on the health, economic and social impact of COVID-19 and …
HM Treasury
19
Conclusion
Eleventh Report - Economic impact of co…
We strongly urge the Treasury to provide rigorous analysis of future policy choices which quantifies the harms and benefits of each of the plausible range of alternative policies. It has always been considered a good practice to publish an impact assessment for every measure that the Government proposes.
Government response. Your report makes a number of recommendations regarding the Government’s economic analysis relating to the impact of COVID-19. Since the onset of the pandemic, the Government has taken decisions based on the health, economic and social impact of COVID-19 and …
HM Treasury
20
Conclusion
Eleventh Report - Economic impact of co…
While death rates from coronavirus are high, the rationale for Government decisions on social restrictions is well understood by the public. As the vaccines roll-out proceeds and death rates fall, Government decisions on whether or not to lift restrictions will become more finely balanced. We believe that economic analysis and …
Government response. Your report makes a number of recommendations regarding the Government’s economic analysis relating to the impact of COVID-19. Since the onset of the pandemic, the Government has taken decisions based on the health, economic and social impact of COVID-19 and …
HM Treasury
21
Conclusion
Eleventh Report - Economic impact of co…
After almost a year of restrictions on social and economic activity, the general public and the business sector need confidence that the Government has as clear and as certain a route out of the crisis as possible.
Government response. Since the publication of your report, the Government has published its roadmap for the cautious reopening of the economy. It has also announced the Budget, which sets out the next phase of economic support to protect the jobs and livelihoods …
HM Treasury
22
Recommendation
Eleventh Report - Economic impact of co…
We recommend that in order to provide some certainty to businesses, as well as to the general public, the forthcoming Government plan for taking the country out of lockdown should set out criteria of how and when it will lift restrictions— this could be in terms of the prevalence and …
Government response. Since the publication of your report, the Government has published its roadmap for the cautious reopening of the economy. It has also announced the Budget, which sets out the next phase of economic support to protect the jobs and livelihoods …
HM Treasury
23
Recommendation
Eleventh Report - Economic impact of co…
It is vital that economists work together with epidemiologists and health experts to make decisions on social restrictions, and that the output of their work should be made public. We propose that the Government use a more multi-disciplinary approach to examine the health and economic costs of social restrictions without …
Government response. Your report makes a number of recommendations regarding the Government’s economic analysis relating to the impact of COVID-19. Since the onset of the pandemic, the Government has taken decisions based on the health, economic and social impact of COVID-19 and …
HM Treasury
24
Recommendation
Eleventh Report - Economic impact of co…
We strongly believe that the Treasury needs to retain greater modelling capacity outside the OBR, so that it can model the implications of different policies. It should also ensure that it has sufficient capacity to modify or use new types of modelling techniques where necessary. We recommend that the Treasury …
Government response. Your report makes a number of recommendations regarding the Government’s economic analysis relating to the impact of COVID-19. Since the onset of the pandemic, the Government has taken decisions based on the health, economic and social impact of COVID-19 and …
HM Treasury