Source · Select Committees · Treasury Committee
Recommendation 22
22
Paragraph: 107
We recommend that in order to provide some certainty to businesses, as well as to...
Recommendation
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 R rate of the virus. We recognise that this would be a contingent plan, based on the stages only being activated after milestones are met, with the Government providing the maximum possible certainty. Alongside this plan, the Treasury should also provide the combined economic and epidemiological modelling to support it, and show how it would best optimise health and economic outcomes.
Paragraph Reference:
107
Government Response
Acknowledged
HM Government
Acknowledged
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 of the British people. It does so by providing security and certainty for the hardest hit sectors and workers across the UK and boosting investment and growth as the economy recovers. Taking into account the significant support confirmed at Spending Review 2020 and the Budget, total support for the economy is £352bn across 2020/21 and 2021/22 (or around 17% of 2020 GDP). Once also accounting for support provided at Spring Budget 2020, which includes a step change in capital investment, total fiscal stimulus comes to £407 billion. The Budget lays the foundations for a strong recovery and greener economy, levelling up the country and spreading prosperity across every part of the UK. The Government’s roadmap sets out a plan for lifting restrictions slowly over the coming months. The vaccine rollout is progressing at pace and vaccination of the most vulnerable groups will allow for life and work to start returning to normal.