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Select Committee · Treasury Committee

Economic impact of coronavirus

Status: Closed Opened: 19 Mar 2020 Closed: 20 Jan 2022 35 recommendations 19 conclusions 3 reports

In the first stage of its economic impact of the coronavirus inquiry, the Committee issued a call for evidence on the speed, effectiveness and reach of the Government’s and Bank of England’s immediate financial responses to coronavirus. The Committee highlighted gaps in support to the Treasury. In the second stage, the Committee examined the impact … Show more

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Reports

3 reports
Title HC No. Published Items Response
Eleventh Report - Economic impact of coronavirus: gaps in s… HC 882 15 Feb 2021 24 Responded
Eighth Report: Economic impact of coronavirus: the challeng… HC 271 11 Sep 2020 30 Responded
2nd Report - Economic impact of coronavirus: Gaps in support HC 454 15 Jun 2020 0 Responded

Recommendations & Conclusions

4 items
13 Recommendation Eighth Report: Economic impact of coron… Deferred

The Treasury should evaluate whether there needs to be a new state body or a...

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 … Read more

Government response AI summary
The government notes the British Business Bank's key role in the COVID-19 response and states it will consider lessons learned from this experience to inform future recovery phases. It also describes existing mechanisms for supporting strategically important companies.
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HM Treasury
14 Conclusion Eighth Report: Economic impact of coron… Deferred

One legacy of the crisis will be a sharp rise in the level of public...

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 … Read more

Government response AI summary
The government acknowledges the need to ensure the long-term health of public finances but defers setting out a detailed roadmap or revised fiscal framework until "in due course," as the economic and fiscal outlook becomes clearer.
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HM Treasury
15 Recommendation Eighth Report: Economic impact of coron… Deferred

The Chancellor should, at the next fiscal event, set out an initial roadmap of how...

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 … Read more

Government response AI summary
The government acknowledges the need to ensure the long-term health of public finances but defers setting out a detailed roadmap or revised fiscal framework until "in due course," as the economic and fiscal outlook becomes clearer.
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HM Treasury
17 Conclusion Eighth Report: Economic impact of coron… Deferred

We welcome initiatives by the ONS to improve the quality of its regional data, for...

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 … Read more

Government response AI summary
The government clarifies that the OBR's mandate is primarily national, as defined by the Budget Responsibility and National Audit Act 2011, though it undertakes some sub-national work. This implies that a broader role in monitoring "levelling up" is outside its remit.
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HM Treasury

Correspondence

51 letters
DateDirectionTitle
14 Apr 2021 — Correspondence from the Chief Secretary to HM Treasury, relating to procurement…
17 Feb 2021 To cttee Letter from the Association of Chartered Certified Accountants (ACCA), relating…
10 Feb 2021 From cttee Letter to Chair from Jonathan Athow, Office for National Statistics, regarding …
8 Feb 2021 From cttee Letter to Chair from Caroline Miskin, Technical Manager (Practitioner Support),…
3 Feb 2021 To cttee Letter from Chair to Tom Scholar regarding economic analysis and gaps in suppor…
3 Feb 2021 To cttee Response from Tom Scholar to Chair regarding economic analysis and gaps in supp…
21 Oct 2020 To cttee Letter from the Chancellor relating to the expansion of the Job Support Scheme,…
16 Sep 2020 To cttee Letter from the Chancellor of the Exchequer relating to follow-up from the evid…
4 Sep 2020 To cttee Letter from the Chancellor of the Exchequer re Committee session on 15 July 2020
1 Sep 2020 To cttee Letter from the Office for National Statistics regarding the economic impact of…
23 Jul 2020 — Correspondence from Steve Baker MP to the Chancellor following the Committee’s …
21 Jul 2020 To cttee Letter from the Chancellor of the Exchequer re local lockdown in Leicester, dat…
15 Jul 2020 — Correspondence from Chancellor relating to changes to Stamp Duty Land Tax, date…
15 Jul 2020 — Correspondence from Chancellor relating to responses to correspondence from MPs…
9 Jul 2020 To cttee Letter from the Prime Minister to Chair relating to COVID-19, dated 16 June 2020
9 Jul 2020 To cttee Letter from Governor of the Bank of England relating to the Treasury Committee …
8 Jul 2020 — Chancellor Response regarding COVID19 tests by employers
7 Jul 2020 To cttee Letter from Chair of TSC to Chancellor re COVID-19 tests by employers- taxable …
7 Jul 2020 To cttee Letter from Jon Moulton to Chair relating to Future Fund, dated 22 June 2020
1 Jul 2020 To cttee Letter from Chair to Chancellor regarding local lockdowns, dated 1 July 2020