Source · Select Committees · Treasury Committee
Recommendation 3
3
Paragraph: 32
We are concerned at the abolition of, and the lack of a replacement for, the...
Conclusion
We are concerned at the abolition of, and the lack of a replacement for, the Industrial Strategy Council, which provided oversight and evaluation of the Government’s growth strategy, and a suite of detailed metrics against which to judge the success of growth policies. The Council was a force for consistency and long-termism.
Paragraph Reference:
32
Government Response
Acknowledged
HM Government
Acknowledged
This section is addressing recommendations in paragraph 44 and 45 on making the Plan for Growth a successor to the Industrial Strategy, coordinating growth strategy across government, taking feedback and monitoring results to measure success. The Plan for Growth, while led by HM Treasury, is an overarching framework which helps to support a whole-Government approach to delivering long-term growth. The Plan for Growth is supported by a family of strategies, such as the ‘National Infrastructure Strategy’, ‘Skills for Jobs’ and the ‘Innovation Strategy’, each led by respective lead government departments. Outcome Delivery Plans (ODP) are the primary way in which departments’ progress against their core policy objectives and outcomes is measured, including where they are responsible for delivering elements of the Plan for Growth. There are measures across each strategic objective outlined in the Plan for Growth, including boosting connectivity, unleashing innovation and closing the regional attainment gap. Departments are required to report their progress to Cabinet Office and HM Treasury on a quarterly basis. These outcome focused metrics are discussed by departments and their corresponding HM Treasury spending teams and factor into discussions on funding settlement decisions. In addition, projects which are part of the Government Major Projects Portfolio–due to their value, significance, or novel nature–are subject to a regular monitoring regime involving the Infrastructure and Projects Authority, Cabinet Office and HM Treasury. This follows and supplements the usual HM Treasury process for scrutinising proposals, including the Treasury Approval Panels and spending control processes.