Diseases: Impact Assessments
To ask His Majesty's Government what are the process and criteria for triggering an economic impact assessment of a new disease in the Treasury; and whether they are undertaking an assessment of the suitability of that process and criteria against long Covid, as a condition that did not exist five years ago.
Government answer
HM Treasury has a comprehensive framework for assessing and managing potential risks to the economic and fiscal outlook, including those posed by new diseases. This framework involves systematic monitoring through internal risk monitors, risk governance forums, and collaboration with other government departments such as the Cabinet Office and the Department of Health and Social Care (DHSC). In escalatory scenarios, such as where a new disease with high transmission rates emerges, HM Treasury is prepared to conduct economic impact assessments to inform policy and response plans.
During the COVID-19 pandemic, HM Treasury officials engaged with other Government departments to consider the implications of long COVID, including assisting with preparations for the DHSC long COVID Oversight Board. HM Treasury will provide more information on its efforts to understand the economic implications of long COVID-19 to the ongoing COVID-19 inquiry.