Source · Select Committees · Treasury Committee
Recommendation 6
6
We do not believe that the Plan for Growth should necessarily be discontinued, let alone...
Conclusion
We do not believe that the Plan for Growth should necessarily be discontinued, let alone the Industrial Strategy revived, as another wholesale change in policy would exacerbate the lack of long termism and consistency in policymaking. Nonetheless, there needs to be a renewed effort at a co-ordinated growth strategy across Government, with clear lines of accountability and co-ordination across departments, and with clearly defined and measurable metrics for success. Government should think about Jobs, growth and productivity after coronavirus 63 how to build institutional approaches that will embed its strategy across departments for the long term. It should also put in place an effective mechanism for carrying out oversight and evaluation of its growth strategy. (Paragraph 45) Productivity after Coronavirus—The key challenges facing the UK
Government Response
Acknowledged
HM Government
Acknowledged
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.