Source · Select Committees · Treasury Committee
Recommendation 17
17
Paragraph: 138
We welcome initiatives by the ONS to improve the quality of its regional data, for...
Conclusion
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 the wake of the crisis to assess the impact on different regions and sectors. While the OBR’s and Bank’s remits are primarily national, showing regional variations can enrich users’ understanding of the economy and enable policy makers to better understand the differentiated impact of the coronavirus on various regions and sectors of the UK economy and how best to implement and measure the Government’s “levelling up” strategy.
Paragraph Reference:
138
Government Response
Acknowledged
HM Government
Acknowledged
On your recommendation regarding the OBR’s role in monitoring levelling-up, the OBR have a clearly defined mandate, outlined in the Budget Responsibility and National Audit Act 2011. As part of this, the OBR’s responsibilities are examining and reporting on the sustainability of the public finances at a national level although they do undertake work on a sub-national level; they publish devolved tax and spending forecasts alongside each of their main UK forecasts and provide the Welsh Government with independent scrutiny of its forecasts in the Welsh taxes outlook. There have been three reviews of the OBR to