Source · Select Committees · Treasury Committee
Fourth Report - Jobs, growth and productivity after coronavirus
Treasury Committee
HC 139
Published 13 July 2022
Recommendations
5
Accepted
Para 44
In its response to this Report, the Treasury should set out how it is making...
Recommendation
In its response to this Report, the Treasury should set out how it is making the Plan for Growth an effective successor to the Industrial Strategy, given that it is not taking on additional resources for this purpose, and in …
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Government Response Summary
The government states that the Plan for Growth is an overarching framework which helps to support a whole-Government approach to delivering long-term growth, and outlines processes already in place.
HM Treasury
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Conclusions (3)
2
Conclusion
Accepted
Para 24
Although witnesses were generally in agreement with the broad aims and priorities in the Plan for Growth, there was some dissatisfaction in both written and oral evidence with other aspects. It was suggested that there was a lack of detail and a lack of collaboration with businesses and regional bodies, …
Government Response Summary
The government states that the Plan for Growth is an overarching framework which helps to support a whole-Government approach to delivering long-term growth, and outlines processes already in place.
4
Conclusion
Accepted
Para 43
The Government as a whole is spending a large amount of money and time on devising growth strategies and policies. It is important to have a robust, overarching strategy for this that drives co-ordination across departments. This function may well sit best in the Treasury. However, it is unclear to …
Government Response Summary
The government states that the Plan for Growth is an overarching framework which helps to support a whole-Government approach to delivering long-term growth, and outlines processes already in place.
13
Conclusion
Accepted
The target to spend 2.4 per cent of GDP on research and development (R&D) is an important aspect of growth policy. We re-iterate our disappointment over the pushing-back of the target to spend £22 billion of public money on R&D and continue to warn against any further slippage. (Paragraph 105) …
Government Response Summary
Government spending on R&D will increase to £20 billion a year by 2024–25, a cash increase of around a third compared to 2021–22.