Source · Select Committees · Treasury Committee
Eleventh Report - Economic impact of coronavirus: gaps in support and economic analysis
Treasury Committee
HC 882
Published 15 February 2021
Government response
Sixth Special Report: Economic impact of coronavirus: gaps in support and economic analysis: Government Response to the Committee's Eleventh Report · published 26 Apr 2021
Recommendations & Conclusions
1
Conclusion
Acknowledged
Para 16
Though the structure of the UK economy makes it potentially more vulnerable to the present...
Conclusion
Though the structure of the UK economy makes it potentially more vulnerable to the present shock, the Committee notes that comparisons with other countries’ GDP may also be affected by differing measurement methodologies. We therefore caution against over-reliance on the …
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Government Response Summary
The government acknowledged the committee's caution regarding over-reliance on GDP comparisons by stating that the Budget featured a commentary on international comparisons of economic performance and GDP measurement issues.
HM Treasury
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13
Conclusion
Acknowledged
The first version of the SEISS scheme had to be rolled out at speed in...
Conclusion
The first version of the SEISS scheme had to be rolled out at speed in March
Government Response Summary
The government acknowledges the committee's observation on the early rollout of SEISS/CJRS and notes its previous decision to extend support, further extending both schemes until September and detailing a wide range of other ongoing support measures.
HM Treasury
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17
Recommendation
Acknowledged
Para 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 …
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Government Response Summary
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.
HM Treasury
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