Asked by: Baroness Moyo (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government, in light of the Chancellor of the Exchequer's call for a public sector productivity review, and findings in the recent report by Mario Draghi on The future of European competitiveness, what plans they have for a wider assessment of productivity across the UK economy, including the impact of AI.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The government will establish a new approach to public service reform to drive greater productivity in the public sector. Over the coming months the Treasury will continue to work with departments to improve productivity and efficiency. More detail on this work will be provided in the upcoming Autumn Budget and the next multi-year Spending Review, due to conclude in Spring 2025.
The Government engages regularly with key organisations such as the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD) and the Office for National Statistics (ONS) to understand key structural factors and barriers affecting UK productivity growth.
Estimates from the IMF show that while the exact economic impact hinges on the wider development and adoption of AI, and realisation could be gradual, the UK could ultimately see productivity gains of up to 1.5 percent annually.
Asked by: Baroness Moyo (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what steps they are taking to encourage more British companies to list in the UK instead of abroad.
Answered by Baroness Vere of Norbiton
The UK’s vibrant and dynamic capital markets are some of the strongest and deepest globally and the UK remains Europe’s leading hub for investment. Despite market turbulence globally in 2023, companies raised more capital in the UK than the next two highest European exchanges – Frankfurt and Amsterdam – combined.
The government is building on this, with an ambitious programme of reforms to boost IPOs and improve the competitiveness of UK markets. This includes delivering on the recommendations of Lord Hill’s UK Listing Review, and the commitments in the Chancellor’s Mansion House and Edinburgh reforms.
These reforms will make it easier for firms to list and raise more capital quickly in the UK. These reforms have been welcomed by industry and will ensure that the UK continues to support innovative firms to list and grow on UK markets.