Source · Select Committees · Treasury Committee
Recommendation 17
17
Acknowledged
Paragraph: 90
We agree with the Treasury that epi-macro modelling relies on assumptions which may not be...
Recommendation
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 and benefits of such social restrictions.
Government response summary AI-generated
The government acknowledges the committee's view on epi-macro modelling, stating it has studied academic literature and benefited from discussions with experts, and that decisions are based on health, economic, and social impacts, and SAGE advice.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
90
Government Response
Acknowledged
HM Government · verbatim extract
Acknowledged
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 associated public health measures. The Government has also studied the outputs of the academic literature on epi-macro modelling and benefited from discussions with leading academics. The Government has published a significant amount of analysis of the health, economic and social impact of COVID-19 and public health measures throughout the pandemic. This includes the analysis that underpinned the steps announced as part of the Government’s Roadmap out of lockdown. For the economy, this included the impacts on GVA and jobs in those sectors affected by restrictions over the last year, as well as information about the distribution of those impacts. The Government also commissioned advice and modelling from SAGE and its sub-groups in order to inform the pace and sequencing of the Roadmap.4
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